Should You Delegate Everything?

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Should You Delegate Everything?

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When Your Budget Says Wait

January 12, 2020

For many years I have had the opportunity to coach and train numerous financial advisors and high net worth entrepreneurs. One of the biggest challenges is helping them calculate what an hour of their time is worth. Truly understanding this concept is incredibly valuable for executives. 

Something all these successful folks have in common is the keen ability to delegate. Successful people are productive because they are able to spend their time on mission critical activities. In order to accomplish this, they need to pass off some of the more tedious, but necessary work. If you are an incredibly busy and productive individual but you spend two hours a day driving to the office, it may make sense to hire a driver. Maybe you’re realizing how long you spend maintaining your house each weekend, for a small expense you could consider hiring a maid, and free up that valuable time.

My family has given me a hard time over the years making fun of me for my “delegate everything” mantra. To me it’s simple, figure out what your time is worth, and if you can afford to delegate it to someone on your team, do so.

There are some interesting best-selling books out there that take this to an extreme, Andrew Ferris’s Book, The Four-Hour Work Week is a great example.

Give it a try, figure out what your true hourly rate is, because in the end, time along with health are the most valuable assets. Ask yourself how this strategy could help your family drive their top line revenue and be more profitable by delegating vs. doing.

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Five Financial New Year’s Resolutions For 2020

About the author

a man wearing a suit and tie

Mark Scribner

Managing Director, Boston

Mark F. Scribner is the Managing Director of oXYGen Financial, Boston Office. Mark grew up in Melrose, MA and now lives in Boston. He has an amazing wife Michelle, who supports all of his crazy endurance endeavors, including a solo attempt to swim the English Channel! Mark is the father of four children - Mark, Bella, Olivia and Emma. He loves being an assistant NFL photographer and cancer fundraiser, along with creating and running various companies.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation.

Background and qualification information is available at FINRA's BrokerCheck website.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

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