It’s not a pretty sight.

I do not take a lunch break, which helps to extra fuel costs as well as the costs associated with the temptation to go out and eat somewhere.
In order to receive the monthly updates, all three boxes must be checked in the Terms, Privacy Policy, and Consent section. For me, the answer was “no”, and I began to reduce my spending. Enter the average amount you spend on work-related dining-out per workday. (D) Total Hours Allocated to Earning Income: This would include time spent working, unpaid breaks, getting ready for work, unwinding from work, commuting to and from work, escaping from work, etc. (6 hours worked x $24 per hour = $144 total wages, which is close enough.).

Pat, now you’re just being mean! There's often a big difference between what you see before and after adjusting for inflation. This is one of the best personal finance formulas around and you DEFINITELY have to take account for your fixed expenses before determining your discretionary income per hour. Hehe! Based on this analysis, new cars, impressive houses, and cable TV fell far down our list of worthy expenditures. While I do research each calculator's subject prior to creating and upgrading them, because I don't work in those fields on a regular basis, I eventually forget what I learned during my research. You could even say money equals life energy.

JD, How has this affected your buying decisions? Basically, should we subtract those hours spent on youtube, NYtimes.com or sketching cars (I’m an industrial designer, but not in the auto industry) from the “hours spent on work-related tasks?”. The bottom line is this. The idea is that yes, I *can* save a lot of money on X pieces of Y, and I use, say 3X per year.

Thanks for visiting! Use this calculator to determine your equivalent annual salary when given what you get paid per hour - it may surprise you what you make on a yearly basis. Planning a move or just curious about the cost of living in your area? This is result of dividing your monthly net profit by the number of hours you are allocating to work each month. Taking a lower paying job with less associated costs might be great for the short-term, but if there is no long-term growth opportunities, you will find yourself further behind going forward. On the other hand, replacing the Focus with the Mini would decrease certain expenses, so my actual cost might be less than I think. Enter the average number of days you work per pay period. How about those magazines I buy at 4-6 dollars a pop versus the time worked to buy them?
I had already known I was broke, it just made me cry to realize HOW broke I was! Holy crap! How to use the

Knowing and staying fully aware of your RHW will help you to more accurately forecast the emotional revenues and expenses of your decisions before you make them. The formula for a winning company culture. I gave up trying to support other web browsers because they seem to thumb their noses at widely accepted standards. You may also want to convert an annual salary to an hourly wage. Minimum wage is hard enough to live on even without all of the extra job costs. He points out that not every dollar can be counted as disposable income: I don't like to think about how many hours I worked for an item I want to buy because it makes the item seem too cheap…A better way to think about it is to subtract fixed expenses from pay first. Let's say we have a friend named Joe and that he's a plumber.

This is your calculated monthly take-home pay.

Fresh market data paired with robust analytics.

The calculator will calculate your cost at 55-cents per mile. This approach also strongly illustrates that if you want to change your financial situation, you have to change your fixed costs so they are a lower percentage of income. If you reset the calculator before opening this form, please re-enter the entries that didn't work and click the Get Data button. Also include any minutes spent unwinding/changing once you get home from work. At that time, I was spending a lot of money on comic books. He's right. We also have to add wear & tear on the equipement, electric used at home, time driving, filming & editing, supplies. It helps me resist temptation when I know that I would have to spend a full work week to obtain the particular item. how many hours would your mini cooper cost, do you think? A confession: A few weeks ago I purchased a new iPod Classic just as the economic… Read more », But a car would be part of my fixed cost. Add PayScale's salary calculator to your site: Whether you're relocating to a new town, considering a new position, or negotiating a raise, knowing how much you're worth as a professional can help you make sure you're compensated fairly for the work you do. Leaving that aside, I also teach Legal Research and Writing at the local law school, for which I am paid $8k from October through June.

Don’t get me wrong, I love my son more than anything, but the short time back at work has done wonders for my mood.… Read more », I think it’s important to evaluate your worth per hour beyond your employment. You should only have to subtract the clothing wear/tear DIFFERENCE (versus not having a job), and same with food. This “real hourly wage” is also a great tool for comparing prospective jobs, especially when there are a lot of variables. If you are chasing after monetary profits, it's likely at the expense of your happiness profits. If you can look past the unfortunate terminology, there's a lot of power to this concept. The authors write: Money is something we choose to trade our life energy for.

I know this sounds a little hokey. From this money, you must pay taxes, purchase housing and transportation, buy food and insurance, and more. Definitely not a new concept to me, something I’ve always considered when weighing the odds of this offer compared to that offer. Do I not take a job till January and get the severance check, but risk being on unemployment for a while? I think this is why many businesses don’t succeed. I know you’re focusing on accounting costs here, but thought I’d raise another related point.

But that amount paled when compared to the money I spent on unneeded purchases in my visits to the mall (all on super-sale items), the money I’ll have to spend to take off the weight I put on puttering around the kitchen till noon every day, and the therapy sessions to help me through my depressions from being fat and unemployed. Note: If Joe really did earn $250,000 a year, and all our other assumptions remained the same, the iPod would only cost him an hour-and-a-half of his life energy.

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I think this is a terrific post and everyone should know their “real” hourly wage, as opposed to the one they think they’re making.

See, as I’m writing this I’m at work, I’m not working. Not bad, but still much lower than the $24 per hour he thinks he's earning. Based on these figures, if Joe the Plumber decides to buy an iPod nano ($150), he's exchanging about six hours of his time for it.

If you gave the calculator less than "A", please help me improve the calculator by telling me what I would need to do for it to earn an "A". Sorry, I didn’t mean to burst your mini-cooper bubble, because I honestly want one too (actually, my fiancee does). The exception is payroll taxes, which takes away about 23% of my wages. If we make the arbitrary assumption that your fixed expenses (including savings) consume 80% of your pay, your actual disposable income would be $3.44 per hour.

Possibly much less. Joe is spending about 2500 hours per year to earn $43,000.

For example, one opportunity might pay more than the other, but require more gas and commute time. Sales & Marketing: Selling your talents, abilities and skills to employers or customers. p87) and add 3% (for inflation). Several times each year, he has to buy new work clothes because the old ones keep wearing out.

@ easy Good points man. Maybe the iPod is not so great an example.

Even if he stayed home, he’d still eat lunch. What Dominguez and Robin are actually saying is that time is money. I clean other people’s houses.

I’ll experiment to find a healthy medium between reminding myself of this fact… Read more », Something like an iPod is essential to my work and wellbeing.


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