The True Cost of Expired Milk – How Does it Impact Your Finances?
Before getting into this article, I want to announce that I have made it as a guest blogger on Yaro Starak’s Entrepreneur’s Journey blog, a blog that has over 100,000 readers and an Alexa of 7,000+. Yaro has been online for over a decade and generates over $500,000 USD from his blog annually working 2-4 hours (ideal blogger lifestyle). I would appreciate your support for my first high profile guest post. You can check it out here.
So last night I ran out and got some milk from the nearest Kroger only to reach back home and get yelled at by the boss lady. I bought a gallon that was schedule to expire in 5 days. What a joke.
My wife and I are the only ones in our house, and there is no way we could consume a gallon in 5 days. I felt cheated. But no, that is what stores are in business for – buying and selling. It’s not their fault I picked the short end of the stick.
What does any of this have to do with making more money, or creating the freedom and flexibility to live life the way you way? Let me explain.
I was angry when I saw the expiry date on that gallon. If it wasn’t food, I would have thrown it out without mercy. But no, I was taught not to disrespect God’s blessing. But what’s the big deal? The gallon cost me $3!
The big deal is not so much in the cost of the actual milk, but rather the time it takes to go out and get another one 5 days later. Had I gotten one that expired 14 days out, I wouldn’t have had to make another milk trip until that much longer. Yes – I am big into batching tasks, especially routine and necessary errands like groceries.
As a successful working professional, time is your most valuable resource. Think about it, how much do you earn per hour if you were to break down your salary? You are earning big bucks for each hour that you work, likely more than most of the population in this world. What is your free time worth to you?
Because time is your MOST valuable resource, you can use it the way you want to get what you want. You work because you want the big bucks. You spend your spare time exercising because fitness is important to you. Or you invest the time working as a freelancer or building a side business, both ways that help you get ahead in life financially.
The point is that your time is valuable, and you must use it toward your most important priorities, and I am sure a second milk run is not on that list either is it? Not long ago I wrote in a bit more depth about when you shouldn’t spend your spare time making money.
The premise of the discussion was exactly the point of this article. Understand what your time is worth, so you can distinguish between activities that are worth your time engaging in.
To conclude, there is always something positive to be taken away from any experience. Last night I learned from my wife to reach out all the way in the back when picking out dairy products like milk, eggs, yogurt, etc. I am sure this lesson doesn’t only apply to dairy, and I will continue to ponder ways I can grow to become more effective and efficient.
Do you have similar blunder stories with valuable KEY takeaways? Let’s hear them. Learning from our mistakes while laughing about it is a great way to teach and learn.
Sunil
Always Learning
Next: Are You an Unhappy Corporate Employee? Don’t Lie to Yourself
15 Responses to “The True Cost of Expired Milk – How Does it Impact Your Finances?”
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I heard about you on Yaro’s blog and I must say you are such an inspiration. Love your passion to succeed.
To relate your article to my business I’ve managed to not waste my time on things that give me doesn’t grow my business or helps me get close to my goal. I’ve learnt they key to success is to priorities my task and work on profit building things. The Frank Covey system of prioritizing my day has made a tremendous impact on the way I run my task each day.
I cluster my clients and batch process me calls. My time is worth more that formatting documents, editing videos and formatting emails so I’ve outsource this to my VA.
So now the question is how much is your time worth? If you would pay someone $10 per hour to work 10 hours to get your administrative task done that means it cost you $100 and if you consult with a client for $1000 for 7 hours that mean your hourly rate is almost $150, so where should you be spending most of your precious time. I would say working with clients and if you don’t have any right now we need to spend our time getting clients.
Joyce,
Good point. I’d gladly pay someone $20 for an hour of work because I can make three times as much for an hour of my time.
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Sudharsan,
You can sign up on the top right – and also get a free copy of my report “How to Go from $0 to $1,000 Monthly Residual Income in Just 180 Days” – All in your spare time!
I recently played a game of billiards and was inspired to write a staff post about investing, so I understand your article completey!
http://www.passivefamilyincome.com/billiards-a-personal-finance-lesson-in-disguise
LAMF – Great insights on looking few steps ahead and thinking big picture
Sounds like something I would write about 🙂
I know exactly where you are coming from, I love to batch my driving chores. I usually come at it from the cost of gas per each drive, but the cost of wasted time is another great point!
Congrats on the guest post! That’s awesome!!!
MR – I can justify the few pennies lost in gas to make an extra turn or drive 3 miles out of way, but I cannot justify loss of time. There have been several clinical studies quantifying the true loss of time each time you are interrupted from your routine of working on a task (any task). Even if the interruption is as simple as checking email for less than a minute. I will write about this soon – the results are astounding
thank you. I like your article. It helped me to appreciate the value of time and how to use it for financial endeavors. Please continue to write more relevant articles to encourage peole like me.
Ephraim,
Welcome first of all and Thank You for your encouraging thoughts. I’d like to know what topics / discussions you are most interested in and you’d like to hear more about. This will help me shape up the direction of this blog further.
Hope to continue to see your comments and input
It’s funny, I thought about this just yesterday when I dropped my dog off at the groomer’s for a bath, ear cleaning, and nail clipping. I paid $32 with tax for the service. During the 2 hours that it took, I had breakfast, cleared up a bank error, shopped for a snow blower, picked up a shirt on clearance, cleaned the car, and picked up dog treats. Was it worth it to me? Absolutely! I got a lot done.
Sandy,
Welcome. Curious, what did the bank goof up on? I have been seeing more goof ups than ever on my BofA statements. Other accounts with smaller institutions surprisingly have been ok…
Great analogy Sunil I absolutely love your rationale and thought process. Your posts are very powerful and I can tell that there is a lot of life experience imbibed in each one of them. There is a lot I am learning and I am sure there is a lot more to be learned. I am looking forward to more great insights from you. Please keep it up Sunil
Ashley,
Welcome first off, and thank you for your kind thoughts. In the About Me section above, I talk about the reason I started this blog. My first post was about the Genesis of this Blog. In this I talk about my previous experiences, and the blog being a means to document my experiences. It is my “capstone” project and I am very delighted to see the support from folks like yourself.
I look forward to continue seeing you here and interacting more.
BTW – was looking forward to viewing your website?