Economics question

[Kat Kid]

What is the marginal value of working more?  For most of the salaried masses that populate this site, there are many things to ponder when attempting to calculate the marginal analysis of working greater or fewer hours at our current profession.  For an office drone that has found a wonderful goEMAW honeysuckle during the afternoon hours, the marginal cost of leaving early may be too great as it would likely depress his future earnings, and if he did it enough his current prospects for continued employment.  But what about those on here that enjoy their work, are fulfilled by it but do not do very much of it?  I'm speaking of course of myself.  What should I do?

So on a daily basis I have the opportunity to work additional hours at my job for some minimal pay (below my already modest wage) but because I value my own time, this is probably a poor use of resources and I should just return home.  Particularly when factoring in potential child care costs that would further increase the value of my time.

Day
Hour - Hourly Wage - Value of Time
Hour 1 - $24 - $1
Hour 2 - $24 - $2
Hour 3 - $24 - $3
Hour 4 - $24 - $6
Hour 5 - $24 - $8
Hour 6 - $24 - $10
Hour 7 - $24 - $14
Hour 8 - $24 - $20
Hour 9 - $17.50 - $24
Hour 10 - $X - $30
Hour 11 - $X - $30
Hour 12 - $X - $30

However, taking the long view:

I work 190 days (1,520 hrs) at $24, I work 120 hours at $17.50 and 60 hours at $27.  I also have 10 days off to subtract from the 190 days if I choose to use them.

So over the course of the year I have 175 days that are almost entirely free of responsibility.  What value should I place on those hours?  Determining that value is essential to guiding my life choices going forward.

Should I find a second job with relatively low compensation?  Should I enjoy the time off for its own sake?  Should I be more deliberate about maximizing my utility by prioritizing and scheduling my free time with activities I enjoy?  Or should I pursue a productive hobby that may well satisfy both an hourly wage and the value I place on my time?

I leave it to you goEMAW.

[Trim]

Fundraiser.

[ChiComCat]

I would vote for productive hobby that provides some compensation.  Since it is not income that you absolutely need in order to provide for your family, you have an opportunity to take your time and find a position that you truly enjoy. 

[Dugout DickStone]

I say quit that crappy job.

[Kat Kid]

Hours 10, 11, 12 are kind of difficult to say whether or not they benefit me much.  I would say they may at the margins, but it is really, really hard to predict what tangible return would be gained so I would assume close to a few dollars but I left it as an unknown.

[steve dave]

that baby lols and this

[Kat Kid]

I say quit that crappy job.

Did someone bring their butthurt in their briefcase today?

[Kat Kid]

that baby lols and this

PRODUCTIVE HOBBY!

[Rage Against the McKee]

You shouldn't look at it in terms of hours spent and dollars per hour. You should put together a list of things you want to accomplish outside of the workplace, the amount of time you need to accomplish those goals, and the amount of money you will need to accomplish those goals while still having enough to retire. Then, you will have a better picture of how many hours you either need to or can afford to spend at work.

[ChiComCat]

By productive hobby, I meant a RP book. I would pay for that

[Kat Kid]

You shouldn't look at it in terms of hours spent and dollars per hour. You should put together a list of things you want to accomplish outside of the workplace, the amount of time you need to accomplish those goals, and the amount of money you will need to accomplish those goals while still having enough to retire. Then, you will have a better picture of how many hours you either need to or can afford to spend at work.

That is good advice.  I'm having a hard time figuring out some of those "things" though.  Like how many hours does it take to raise a well adjusted child?  How many hours does it take to be happy?  Economics is beginning to fail me, any philosophers handy?

[Trim]

any philosophers handy?

Do whatever you want.

[Rage Against the McKee]

You shouldn't look at it in terms of hours spent and dollars per hour. You should put together a list of things you want to accomplish outside of the workplace, the amount of time you need to accomplish those goals, and the amount of money you will need to accomplish those goals while still having enough to retire. Then, you will have a better picture of how many hours you either need to or can afford to spend at work.

That is good advice.  I'm having a hard time figuring out some of those "things" though.  Like how many hours does it take to raise a well adjusted child?  How many hours does it take to be happy?  Economics is beginning to fail me, any philosophers handy?

You can't really assign an amount of hours to either of those things. It depends on how good you are with the kids, how good your wife is, how many hours she can spend with them, and it also has a lot to do with the child.

With happiness, I would say that in my experience, it's the things I do with the hours that make me happy, not the hours themselves. It seems like I usually accomplish more with less free time than I do with more.

[Dugout DickStone]

I say quit that crappy job.

Did someone bring their butthurt in their briefcase today?

I was actually trying to give a good suggestion.  Sounds like you could make much better money elsewhere.

[Dugout DickStone]

You shouldn't look at it in terms of hours spent and dollars per hour. You should put together a list of things you want to accomplish outside of the workplace, the amount of time you need to accomplish those goals, and the amount of money you will need to accomplish those goals while still having enough to retire. Then, you will have a better picture of how many hours you either need to or can afford to spend at work.

That is good advice.  I'm having a hard time figuring out some of those "things" though.  Like how many hours does it take to raise a well adjusted child?  How many hours does it take to be happy?  Economics is beginning to fail me, any philosophers handy?

You can't really assign an amount of hours to either of those things. It depends on how good you are with the kids, how good your wife is, how many hours she can spend with them, and it also has a lot to do with the child.

With happiness, I would say that in my experience, it's the things I do with the hours that make me happy, not the hours themselves. It seems like I usually accomplish more with less free time than I do with more.

This is actually very true.