Evaluating your life in terms of $$ / hr

[stigmata]

A logical way to approach the problem:

If a time saving device costs less than my equivalent earn at the poker table, and the saved time would have been less fun than playing poker, then it's worth doing. e.g. it is +EV in terms of both earning and enjoyement.

This is my justification for hiring a cleaner, anyhow [img]/images/graemlins/cool.gif[/img] It would also justify getting taxi's, ordering food etc.

Obviously life is a little more complex....

[sternroolz]

Yeah, same thing for me sort of. I can drive the 15 miles to work. It costs me $10.50 per day to do this due to gas and parking costs. I park directly at work and it takes me 20 seconds to get from my car to my cubicle. Average commute is 20 minutes to work and about 35 minutes home. Or I can have my employer subsidize my way on the subway. That costs me nothing. But I have to get in my car, drive to the station, wait for the subway, wait at each stop, and walk 4 blocks to work. Total time from my front door to my cubicle is 50 minutes to work and 1 hour 15 minutes home. Needless to say, that hour plus is well worth the $10.50 it costs. A bit of a pain in the butt to put out $200 a month towards this, but worth it.

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I pay $1,300/month for an apartment in the city just to save two hours a day.

Seriously, buying time on this earth is one of the best investments you can make. It is a scarce resource.

P.S. I do the same analysis no matter what my job. When I was playing poker in college I spent somewhat freely, now that I work at a really tough job for less money I won't even pay $4 for those cookies I want.

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[stoxtrader]

opportunity cost is definitely an important consideration when trying to measure utility. Maximizing EV in terms of dollars is just one step towards maximizing utility - which is a depressing clinical way to say i try to get the most happiness and fulfillment out of my life.

it is also by looking at utility, that you can justify vactions/time off/ movies, etc. etc....

Orgy...$1000 in lost income

Playing on a laptop during your kid's school play....priceless

<ul type="square"> [/list]

Like most others stated here, I usually think in terms of opportunity cost (I'm an economist and capitalist, what can I say.) You'd be surprised at how many people don't. I know a guy who used to run a Mail Boxes Etc. and he sold stamps. He'd sell 37 cent stamps for 40 cents. Typical markup to make a profit, right? You wouldn’t believe how many people will not buy that one stamp because “you can’t charge 40 cents for a 37 cent stamp!” Well, what’s the alternative? Drive to a post office or somewhere and buy one stamp, which will save you a whopping three cents…and cost you ten minutes and more than three cents in gas. Same logic goes for driving across town to save 20 cents on a gallon of milk. What a waste of time! But as stated, don’t get carried away with this “poker earn rate vs. other activity” comparison. You may miss out on a lot of fun stuff.

ScottieK

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You may miss out on a lot of fun stuff.

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Bingo! Flamin' trip 7's! Royal Flush!

Pay this man.

[bearly]

who would play poker if they knew what every person on earth did? imagine what that would be worth, properly marketed. well maybe you have had a few daydreams about what half a dozen people think and do. same thing---this is a poker forum....................b

[LImitPlayer]

Heres a thought, buy a laptop and play poker while you are waiting for the bus

[Pog0]

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Heres a thought, buy a laptop and play poker while you are waiting for the bus

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I mean, I guess eventually we'll all have wireless access everywhere.