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Old 11-14-2018, 11:26 AM
 
27,048 posts, read 38,303,229 times
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Quote:
Originally Posted by chahunt View Post
What do you consider "a lot of money" to be hourly?
Before I retired I was making $100/hr. It was okay money, but not "a lot of money".

 
Old 11-14-2018, 12:14 PM
 
Location: Las Vegas
663 posts, read 461,183 times
Reputation: 588
Quote:
Originally Posted by Tek_Freek View Post
Before I retired I was making $100/hr. It was okay money, but not "a lot of money".
Doing what if you don't mind me asking? What line of work was that in. May PM if you'd rather. I'm intrigued.
 
Old 11-14-2018, 12:38 PM
EA
 
Location: Las Vegas
5,539 posts, read 4,715,556 times
Reputation: 5986
Thinking hourly is a bad way to go about it. The goal should be to make money even when you're sleeping. Thinking hourly is how to stress yourself out.
 
Old 11-14-2018, 01:05 PM
 
Location: Las Vegas
663 posts, read 461,183 times
Reputation: 588
Quote:
Originally Posted by EA View Post
Thinking hourly is a bad way to go about it. The goal should be to make money even when you're sleeping. Thinking hourly is how to stress yourself out.
Your alternative then, would be?
 
Old 11-14-2018, 01:36 PM
EA
 
Location: Las Vegas
5,539 posts, read 4,715,556 times
Reputation: 5986
I think monthly. I want a certain monthly income. I have a ways to go but I want to get to thinking yearly. Long term.

I have an online store and a fab shop. Some hours I can make 300-400 an hour. Some hours I make 0. Some hours I make negative money.

If I focused on 300 an hour, I'd freak out because I don't make 300 most hours.
If I focused on the 0 hours, I'd go berserk.
If I focused on the negative hours, I'd just kill myself with panic. But stepping back and looking at what I make over the month keeps me calm and better able to manage my time.

With my store, for example, some days I sell 5 or 6 things in a row. Some days I sell nothing.

With the fab shop. I was getting close to done with one car and didn't have something lined up.
Got a bit worried but another customer brought his car in.

And with that, I only get about half up front. It can take months to build a car. Waiting on parts can take weeks.
A roll cage takes a full 40 hours easy. That half up front basically covers most of the costs. So I don't actually get paid til the car is done. So I have to mitigate expenses til I get done.
It's super easy to freak out when thinking about hourly pay.


I'll give another example. When I was in the carpenters union, it was a bit slow. There was a lot of down time.
The pay rate is 40 an hour, which sounds great, but if you're working 0 hours, 40 doesn't mean anything.
When you have holidays back to back and only work 4 days instead of 5 it's 1280 (before tax) instead of 1600 (before tax)

I switched to driving for Lyft. Some hours you might only clear 10 bucks. Other hours you clear 40. Sometimes you get 100 dollar tips or 400 dollar kickbacks.
If you focus on the 10 dollar hours it seems hopeless. If you focus on the monthly, it's a whole lot better. Monthly I ended up making more than I did working 160 hours with the union.
So monthly is what I worry about. My bills are 3600 a month. If I make 3600 an hour but only work half an hour, it's not enough. If I make 30 an hour for 150 hours, I'm golden. Hourly thinking is for poor people.
 
Old 11-14-2018, 03:07 PM
 
27,048 posts, read 38,303,229 times
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Quote:
Originally Posted by chahunt View Post
Doing what if you don't mind me asking? What line of work was that in. May PM if you'd rather. I'm intrigued.
One man computer consultant company. My office was down the hall from my bedroom. Except for emergencies I set my own hours. If I didn't like a client I didn't work for them. I would recommend someone else that was "better" at solving their problem, or I would use a trick a friend taught me: Quote way more than anyone else. That allows the client to make the decision.

Best job I ever had. My boss was a wonderful, caring, understanding person. I got paid to play with other people's toys. I got to work with those I chose to work with, not some manager that didn't care except for the money I brought in. My stress level dropped so fast that my wife told me within a month that it showed in my attitude, my features, the way I related with others, etc.

I didn't get excited if I didn't bring in some magical number every hour, day, or month. It all balanced out. Some months would suck. Usually November and December because everyone was spending money on Christmas presents. Then right after New Years I was so busy I had trouble keeping up because of the Christmas presents, lol.

I would probably still be doing it if I hadn't had some serious health issues.

That was not here. I wouldn't do computer work here. Can't make enough money to be worthwhile.
 
Old 11-14-2018, 03:52 PM
 
Location: Las Vegas
663 posts, read 461,183 times
Reputation: 588
EA, if those jobs work for you, that's great, more power to you.
For someone like me, that works shift-work in the hospitals, I am more focused on my hourly rate. I have steady, reliable, and constant income. So it's a better option for me.
 
Old 11-14-2018, 03:59 PM
 
Location: Las Vegas
663 posts, read 461,183 times
Reputation: 588
Quote:
Originally Posted by Tek_Freek View Post
One man computer consultant company. My office was down the hall from my bedroom. Except for emergencies I set my own hours.
Sounds like one hell of a job. What are the qualifications do be a computer consultant? Degree required? I will have to google more about what they do.

Quote:
Originally Posted by Tek_Freek View Post
Best job I ever had. My boss was a wonderful, caring, understanding person. I got paid to play with other people's toys. I got to work with those I chose to work with, not some manager that didn't care except for the money I brought in. My stress level dropped so fast that my wife told me within a month that it showed in my attitude, my features, the way I related with others, etc.
That does sound amazing, particularly about it being better stress-wise. Not to mention all the other perks from working at home and being your own boss. Did someone have to teach you how to do a start-up on your own? I'm guessing that part is rather complicated.

Quote:
Originally Posted by Tek_Freek View Post
I didn't get excited if I didn't bring in some magical number every hour, day, or month. It all balanced out. Some months would suck. Usually November and December because everyone was spending money on Christmas presents. Then right after New Years I was so busy I had trouble keeping up because of the Christmas presents, lol.

I would probably still be doing it if I hadn't had some serious health issues.

That was not here. I wouldn't do computer work here. Can't make enough money to be worthwhile.
So, would you recommend it to someone possibly considering a career change, (or 2nd career)? Why would you not do it here in Vegas? Or why can computer consultants not make that amount of money here in NV? If you work for self, can't you just set your own rates wherever? Or maybe the overall rates in Vegas for that industry are lower as a whole.
 
Old 11-14-2018, 04:15 PM
EA
 
Location: Las Vegas
5,539 posts, read 4,715,556 times
Reputation: 5986
Quote:
Originally Posted by chahunt View Post
EA, if those jobs work for you, that's great, more power to you.
For someone like me, that works shift-work in the hospitals, I am more focused on my hourly rate. I have steady, reliable, and constant income. So it's a better option for me.



But your bills are monthly, right? Start thinking monthly instead of hourly.

I have no idea what you make, I'm just going to use 10 for easy math.

If you make 10 an hour and focus on that, it's hard to think long term.
But if you think monthly instead, you can set goals and budget better.
Instead of thinking about 10 you think about 1600.
Your bills are 1200 and you'll bring home 1600. You know you have 400 to play with. So you can plan accordingly. Take 100 a week out of each check and put it in savings.


That's my approach anyway.
 
Old 11-14-2018, 05:12 PM
 
Location: Las Vegas
663 posts, read 461,183 times
Reputation: 588
Quote:
Originally Posted by EA View Post
But your bills are monthly, right? Start thinking monthly instead of hourly.

I have no idea what you make, I'm just going to use 10 for easy math.

If you make 10 an hour and focus on that, it's hard to think long term.
But if you think monthly instead, you can set goals and budget better.
Instead of thinking about 10 you think about 1600.
Your bills are 1200 and you'll bring home 1600. You know you have 400 to play with. So you can plan accordingly. Take 100 a week out of each check and put it in savings.


That's my approach anyway.
Thanks, EA. I am pretty great at saving right now and will definitely continue. Nice to hear your thoughts. Gives a different perspective to chew on.
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