The one thing Tim Ferriss buys to make his life easier

On Farnoosh Torabi’s So Money podcast, entrepreneur and author Tim Ferriss shared the one purchase that makes his life easier or better:

“Paying for wash-and-fold laundry and housecleaning,” he said.

Torabi then pointed out that many listeners of her show ask her about whether it’s worth outsourcing certain tasks, and Ferriss provided his formula to help answer the question:

If you assume that you work 40 hours a week roughly, you can take your annual income, let’s say it’s $US50,000, you chop the last three zeroes off so you end up with 50. You cut that in half, that’s 25. That’s how much you make per hour. You make $US25 an hour.

So, if you can hire someone for you know, $US5 an hour or $US10 an hour to do something you hate or that consumes a ton of your time or half of your weekend, then that is very oftentimes a very smart decision … if you look at it is almost impossible to find anyone who has made millions of dollars who doesn’t delegate at least a handful of time-consuming things in some fashion.

He also adds that since the word “outsourcing” conjures up visions of a call center for many people, he prefers to think of these expenses as “delegating” — and sometimes, it’s very worth it.

Find out what other successful people buy to make their lives easier or better.

Listen to the interview with Tim Ferriss.

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