A short follow up to yesterday's post on the nature of self-economics.
I am not sure what a plumbing house call runs these days. It cannot be less than $75 (That is what we paid when we had our home warranty). That, of course, typically discounts any additional hourly work or parts.
Now to be fair, a plumber would have dealt with the issue much quicker than I did - after all, I sort of instinctively thought I knew how the parts went together, but I had to experiment a great deal. So let us say an hour of labor to disassemble and reassemble the sink - or at least, that is what I would have been charged for.
What is the hourly rate? Not sure - but let us use that $75 number as I suspect it is closer to the truth than I would like to think.
Now parts. I paid about $25 in parts. There is always markup in parts - 20% is (I think) standard for the auto repair business, so we will use that. That is $30.
So to recap: to have it repaired could have cost in the area of $180. In point of fact I paid $25. That is (in case you are math challenged as I am) a savings of $155.
It did cost me three hours of my time. So if I look at that number, it appears I "made" $51.66 an hour by do it myself. (This is the part that is always hard for me: I never "make" that money, I just did not spend it. I understand cost avoidance, it just never feels as satisfying actual cash). That is not a bad hourly wage.
It helps -and it is something I need to get more in the habit of. Work because not quite as boring or not engaging when you do it this way: how much am I actually saving by doing this? How much money is not leaving my bank account because I surrendered 3 hours to refitting the sink?
And, of course, the self confidence - which is priceless. I have actual abiding sense of competence at the moment. I looked at something I had never done before and puzzled it out in a way that worked - and saved me money.
Not a bad return overall for three hours of labor.