Comments on: 31 Days To Fix Your Finances, Day 4: How Much Did You Earn Last Year? http://www.thesimpledollar.com/2007/01/04/31-days-to-fix-your-finances-day-4-how-much-did-you-earn-last-year/ Simple, applicable personal finance advice for the modern world Sat, 21 Nov 2009 21:40:50 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Jessica http://www.thesimpledollar.com/2007/01/04/31-days-to-fix-your-finances-day-4-how-much-did-you-earn-last-year/comment-page-1/#comment-603688 Jessica Tue, 31 Mar 2009 22:37:12 +0000 http://www.thesimpledollar.com/2007/01/04/31-days-to-fix-your-finances-day-4-how-much-did-you-earn-last-year/#comment-603688 The exercise was not as painful as I originally though. When taking into account my company retirement benefits(which I never did before)and subtracting the expenditure related to work, my take home salary is the same as what my usual salary is(without subtracting the expenditure related to work). Therefore I can conclude that my retirement benefits are actually paying my work clothes, my commute, the drinks with my colleagues, my colleagues gifts and cards and my lunches... Day 4 and still going strong! Woo hoo! The exercise was not as painful as I originally though. When taking into account my company retirement benefits(which I never did before)and subtracting the expenditure related to work, my take home salary is the same as what my usual salary is(without subtracting the expenditure related to work). Therefore I can conclude that my retirement benefits are actually paying my work clothes, my commute, the drinks with my colleagues, my colleagues gifts and cards and my lunches…

Day 4 and still going strong! Woo hoo!

]]> By: GEoff http://www.thesimpledollar.com/2007/01/04/31-days-to-fix-your-finances-day-4-how-much-did-you-earn-last-year/comment-page-1/#comment-379414 GEoff Mon, 22 Sep 2008 13:50:30 +0000 http://www.thesimpledollar.com/2007/01/04/31-days-to-fix-your-finances-day-4-how-much-did-you-earn-last-year/#comment-379414 For me a big "work expense" is dry cleaning. $10-15 a week, every week. It may seem like an indulgence, but I'm simply not good at ironing. It would honestly take me an hour to iron a shirt and it still wouldn't look as good as having it done professionally (spent weeks trying to learn to iron, finally gave up). So I'd be paying myself $1.25 an hour for ironing (the cost of having one shirt professionally cleaned and pressed). Still a cost I would not have with a different job. For me a big “work expense” is dry cleaning. $10-15 a week, every week.

It may seem like an indulgence, but I’m simply not good at ironing. It would honestly take me an hour to iron a shirt and it still wouldn’t look as good as having it done professionally (spent weeks trying to learn to iron, finally gave up). So I’d be paying myself $1.25 an hour for ironing (the cost of having one shirt professionally cleaned and pressed).

Still a cost I would not have with a different job.

]]> By: 52 Faces http://www.thesimpledollar.com/2007/01/04/31-days-to-fix-your-finances-day-4-how-much-did-you-earn-last-year/comment-page-1/#comment-341314 52 Faces Tue, 29 Jul 2008 23:40:14 +0000 http://www.thesimpledollar.com/2007/01/04/31-days-to-fix-your-finances-day-4-how-much-did-you-earn-last-year/#comment-341314 I'm loving this plan - just discovered it. This step is tough, however, because I have always been either a freelancer or student with part-time jobs so my income is unpredictable and has a high variance from year to year. I can only calculate it for these figures for the last year but it may not help me as I have no idea how much I will make in the upcoming year. I’m loving this plan – just discovered it.

This step is tough, however, because I have always been either a freelancer or student with part-time jobs so my income is unpredictable and has a high variance from year to year. I can only calculate it for these figures for the last year but it may not help me as I have no idea how much I will make in the upcoming year.

]]> By: Lazy Man and Money http://www.thesimpledollar.com/2007/01/04/31-days-to-fix-your-finances-day-4-how-much-did-you-earn-last-year/comment-page-1/#comment-2691 Lazy Man and Money Sat, 06 Jan 2007 19:40:37 +0000 http://www.thesimpledollar.com/2007/01/04/31-days-to-fix-your-finances-day-4-how-much-did-you-earn-last-year/#comment-2691 Hmm, my job gets a good boost with free lunch and dinner (if I stay later). The casual atmosphere means that don't need addition wardrobe. Office supplies are provided, so it's really just the driving to work and maintenance. With a 20 mile drive it's lot better than I original thought. Hmm, my job gets a good boost with free lunch and dinner (if I stay later). The casual atmosphere means that don’t need addition wardrobe. Office supplies are provided, so it’s really just the driving to work and maintenance. With a 20 mile drive it’s lot better than I original thought.

]]> By: Ralph Morgan http://www.thesimpledollar.com/2007/01/04/31-days-to-fix-your-finances-day-4-how-much-did-you-earn-last-year/comment-page-1/#comment-2669 Ralph Morgan Sat, 06 Jan 2007 09:51:49 +0000 http://www.thesimpledollar.com/2007/01/04/31-days-to-fix-your-finances-day-4-how-much-did-you-earn-last-year/#comment-2669 One of the key things to notice from this figure is that ANY increase in salary can have a huge impact on your disposable income, and hence your ability to save and get ahead. For example, if you earnt $65K pretax and this left $40K take-home pay after taxes, and it costs you $15K to earn you income, then you have $25K of disposable income to spend on food, housing, insurance, education etc. and budget to save a bit (maybe $5K). If you manage to get a promotion or change jobs so that you earn just an extra $1K after tax (2.5%), you can boost your savings by 20%! So doing some overtime, or some extra effort to get a promotion, or a change of jobs, can have a much bigger positive impact on your NW than would seem at first glance. One of the key things to notice from this figure is that ANY increase in salary can have a huge impact on your disposable income, and hence your ability to save and get ahead. For example, if you earnt $65K pretax and this left $40K take-home pay after taxes, and it costs you $15K to earn you income, then you have $25K of disposable income to spend on food, housing, insurance, education etc. and budget to save a bit (maybe $5K).

If you manage to get a promotion or change jobs so that you earn just an extra $1K after tax (2.5%), you can boost your savings by 20%! So doing some overtime, or some extra effort to get a promotion, or a change of jobs, can have a much bigger positive impact on your NW than would seem at first glance.

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