Have you ever thought about the value of the regular oil change maintenance service for your car? What do you think it's worth?

I know, you roll up to your local Speedee-Lube place and tell 'em you'd like to rotate out the old grungy greasy stuff that's "in there somewhere" for some new greasy stuff... the cost is about $25. Some places and times it's a little higher and others it's a bit lower.

But is that the value?

How long would it take you to swap out your own greasy stuff? What's the value of your time and the materials you'd use getting the job done? Don't forget to factor in the cost of any tools you'll need and the clothes you might ruin. You might even need to buy a repair manual to find out how to do the job.

I'll bet by the time you add it all up you're out more than the $25. The fact that you're reading this blog about investing says you probably make a decent wage; and I'll use that fact to wager your time spent is worth more than the $25. That's time you could put to use earning income or investing in yourself to earn an even higher income in the future. What's the value of your time spent earning, or learning?

But is that even the real value of the oil change? Suppose you make a mistake resulting in a thousand dollar repair bill. I personally know of someone who this happened to. It cost him his $35,000 car. I'd argue that to him an oil change was worth more than the value of his car. It cost him not only his invested time and materials, but also whatever earnings he might have accrued while ruining his car, plus the $32,000 car.

We should all think about how we spend our time and money. Invest both commodities for the greatest return. Know the value of your time and factor risk of failure into your decisions.