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For exempt employees, if you are going to count the additional hours worked over 40...
then you have to also deduct the hours when (they take some time off)
So long as everyone KNOW's what the base or par number of hours is or should be...
then that becomes little more than a minor accounting task. (aka Comp Time)
The issues and problems arise when that base is never actually described...
which in the current job market has become the norm rather than being the exception.
Too often it leads to abuse.
In the extreme it leads to not hiring the additional needed people.
I work for one of the Big Four and every now and then when I get a moment to reflect I wonder if it's really worth it. I started right out of school seven years ago and for the last seven years I have been totally immersed in my job. Things that I used to enjoy doing I no longer even think about anymore. Even keeping in touch with my extended family feels like a chore - not because I don't care about them (I do a great deal), but because my time is so limited I don't have time for everyone. I keep telling myself that at some point I will do something else, but you get more and more ingrained and it gets harder to see yourself doing anything different.
The one thing that I think I've been smart about is keeping my expenses very low and saving a lot. I think people in these types of jobs tend to get themselves trapped into them by continually upping their lifestlyes to a level whereby this kind of work is required to make ends meet - I am living fairly lean so that one day soon I will at least have the realistic option of cutting back with no real lifestyle hit.
My one other thought is that there just aren't a lot of jobs where you can make $100k 7 or 8 years out of school. So while the pay per hour may not be that great, it's hard to complian too much as most of us in this type of work environment are doing pretty well all things considered.
Exactly the right thing to do, save like mad so you have options down the line to cut back and relax or cut back and do what you like. Work hard now so you work at what you like later even if it's for less pay, it'll make life more enjoyable but the only way to have that future option is to save/invest which gives you options. Plus face it, like one poster just said, companies are just abusing their people by overworking them, and without savings you have to take the abuse just like a spouse or significant other who depends on someone else might have to stay with an abusive a-hole for economic purposes but by focusing on living way below your means so you can do way more saving/investing you can one day leave abusive employers and do what you like.
It will differ company to company industry by industry, but usually the seniors will demand a very outrageous cost to the customer, something along the lines of 200-300/hr, or course that senior employee only sees about 20-30% of it.
It will differ company to company industry by industry,
but usually the seniors will demand ...something along the lines of 200-300/hr,
or course that senior employee only sees about 20-30% of it.
What do you think happens at the lower levels?
f'rinstance that $100/hr rate for that the plumber or HVAC mechanic.
How much of that $100 do you think trickles down to their paycheck?
Try it out from the other end.... like with Joe who wants to be paid $20 per hour.
How much more than $20 will it cost the company to have him there all year?
How many of the 2080 hours will the company be able to bill out?
What other operating expenses have to ALSO come out of their billing rate?
What do you think happens at the lower levels?
f'rinstance that $100/hr rate for that the plumber or HVAC mechanic.
How much of that $100 do you think trickles down to their paycheck?
Try it out from the other end.... like with Joe who wants to be paid $20 per hour.
How much more than $20 will it cost the company to have him there all year?
How many of the 2080 hours will the company be able to bill out?
What other operating expenses have to ALSO come out of their billing rate?
I agree with your questions, and as a former project manager, I understand this completely. I was simply stating the rule of 3rds. 1/3 to pay the employee, 1/3 overhead, 1/3 admin. The interesting part of this is companies out there now are lessening their cost of admin and overhead. I used to work at a company that had an office and decided to go to work from home, they saved a lot of money just getting rid of the office rent and energy bill. The employees enjoyed it much more and the employer was able to pay them more. Technology is your friend.
I work anywhere from 40 to 65 hours a week depending if work is busy or not. Even when it's busy (i.e. the company is working) I am still not very busy typically. I just need to be present in case any issues arise. I make around 140-150k per year. I am salaried, but do earn a little extra on the weekends if I have to come in (not enough to make me "want" to work them, though). I am 25 which sometimes I still see all my friends are out partying, etc. all the time which can get a little disheartening.
Because I make as much as I do, my gf doesn't work, or occasionally works part time. So she does everything while I'm at work. She: Makes my breakfast, packs my lunch, makes dinner, does all the laundry, cleaning, groceries, errand running, etc. etc. She is able to do all of that while I'm at work, or getting ready for work in the morning, so as soon as I'm home we have 100% "free" time basically, whether it's go to the gym, movies, malls, dinners, weekend trips, etc.
When I was single, I did all that stuff myself and still managed to have a good social life, work out, eat right, date, etc.
It's all about time management and what you choose to do. when I work 50 hours I take home around $2150/wk, so it still comes out to $43/hr after taxes.. Once I get to 60 and 70 hours, it drops dramatically lol.
150k - 32k fed tax - 7254 ss - 2175 medi = 108k do you not have any other deductions? You should be maxing out a 401k making 150k and while your girlfriend being your personal assistant is a lifestyle choice I think it's a huge mistake. Being so young and I'd assume able bodied you should both be working and saving as much as possible
150k - 32k fed tax - 7254 ss - 2175 medi = 108k do you not have any other deductions? You should be maxing out a 401k making 150k and while your girlfriend being your personal assistant is a lifestyle choice I think it's a huge mistake. Being so young and I'd assume able bodied you should both be working and saving as much as possible
Not really sure how you did that but I receive per diems, truck allowances, etc. so my income is not on just a standard tax rate.
I'm not maxing out my 401k because my companies match is garbage and I've been paying off a lot of debt. I've paid off 25k in student loans in the last 18 months, while saving another 22k, and paying cash for a car.
I do agree with the investing portion to an extent, but right now I'm trying to minimize my monthly payments so i can stop traveling, take a pay cut with a permanent non-traveling job, so my gf can go back to school. If I can knock out my student loans and truck debt have a good deposit for a house (like 25%) then I can take that pay cut on not be effected by it.. I'll probably open a roth IRA for 2014 and max that out.
Not really sure how you did that but I receive per diems, truck allowances, etc. so my income is not on just a standard tax rate.
I'm not maxing out my 401k because my companies match is garbage and I've been paying off a lot of debt. I've paid off 25k in student loans in the last 18 months, while saving another 22k, and paying cash for a car.
I do agree with the investing portion to an extent, but right now I'm trying to minimize my monthly payments so i can stop traveling, take a pay cut with a permanent non-traveling job, so my gf can go back to school. If I can knock out my student loans and truck debt have a good deposit for a house (like 25%) then I can take that pay cut on not be effected by it.. I'll probably open a roth IRA for 2014 and max that out.
I didn't realize that upwards of 40% of your income was nontaxable which is somewhat uncommon
You will spend a third of your life sleeping, and a third of it working (or preparing to work, commuting, etc.), The remaining 25 years or so is yours, to do with as you please. You may exchange those years, days, hours, for money. But some day, you will have lots of money and no hours at all left. Then what?
I know you don't want to listen to the advice of an old geezer, like Mark Twain, who said "In your last days, you will not regret anything you did, only the things you did not do."
Don't let anybody tell you that when you are 65, you will enjoy your life of leisure. You won't, no matter how much money you have.
The oft-belittled French people do it right- they retire before 60 on average. C'est la bonne vie.
The oft-belittled French people do it right- they retire before 60 on average.
There are other approaches that work too.
Try 40 wks x 50 hrs vs 50wks x 40hrs and then having 12 weeks a year for you.
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