Comments on: Maximizing That Hourly Rate: Figuring Out How to Best Utilize My Working Time http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/ Simple, applicable personal finance advice for the modern world Thu, 18 Mar 2010 00:59:28 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Jason http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-133002 Jason Sat, 15 Dec 2007 19:38:45 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-133002 I have to size a project I'm doing on the side to setup a database for a local college's office. It will be a relatively simple MS Access application with some VBA scripting. Should I consider the difficulty of the project in determining my rate, or simply increase/decrease my hours estimate? I tend to hate to overpromise in terms of delivery because things always tend to crop up and slide that end date out. I have to size a project I’m doing on the side to setup a database for a local college’s office. It will be a relatively simple MS Access application with some VBA scripting. Should I consider the difficulty of the project in determining my rate, or simply increase/decrease my hours estimate? I tend to hate to overpromise in terms of delivery because things always tend to crop up and slide that end date out.

]]> By: Sarah http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-132434 Sarah Sat, 15 Dec 2007 01:43:37 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-132434 On maximizing gas mileage: My husband has a long commute to his job - using about a gallon of gas each way. He started following the strategies at hypermiling.com to improve his gas mileage... it has helped quite a bit, although even better is carpooling where he pays our neighbor 1/2 of what the gas would have cost him (everyone wins there). Hypermiling is great, but driving less is the way to go. :) On maximizing gas mileage: My husband has a long commute to his job – using about a gallon of gas each way. He started following the strategies at hypermiling.com to improve his gas mileage… it has helped quite a bit, although even better is carpooling where he pays our neighbor 1/2 of what the gas would have cost him (everyone wins there). Hypermiling is great, but driving less is the way to go. :)

]]> By: Chris Conley http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-132285 Chris Conley Fri, 14 Dec 2007 21:14:39 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-132285 I'm sure a lot of people of would be interested in a book; especially me(although this blog might be too good of a free source to spring for a book!) Calculating your true hourly can be really eye opening. It can be highly motivating, but as you alluded to, can be deceiving in making the jump to something else. Even though you could make a higher wage elsewhere, you still to make sure you're working enough hours. I'd love to make the jump into full time web development and design, where I could make a significant increase in my hourly wage. But for now, there's no way I could bring in enough work to support it full time. One thing you've taught me though is to have a little more patience. If you're doing good things; better things will naturally come your way if you keep at it. I’m sure a lot of people of would be interested in a book; especially me(although this blog might be too good of a free source to spring for a book!)

Calculating your true hourly can be really eye opening. It can be highly motivating, but as you alluded to, can be deceiving in making the jump to something else. Even though you could make a higher wage elsewhere, you still to make sure you’re working enough hours.

I’d love to make the jump into full time web development and design, where I could make a significant increase in my hourly wage. But for now, there’s no way I could bring in enough work to support it full time.

One thing you’ve taught me though is to have a little more patience. If you’re doing good things; better things will naturally come your way if you keep at it.

]]> By: sara http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-132252 sara Fri, 14 Dec 2007 19:55:43 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-132252 yes! i was going to email you with some questions about making a profitable blog, i'd be very interested in an ebook with your thoughts yes! i was going to email you with some questions about making a profitable blog, i’d be very interested in an ebook with your thoughts

]]> By: sandspiral http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-132195 sandspiral Fri, 14 Dec 2007 17:45:34 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-132195 Hi, Trent--I "third" TheFrugalPlace's recommendation! Being a newbie about to embark on a blogging adventure, I could definitely use such advice. And thanks for the post--very interesting! Hi, Trent–I “third” TheFrugalPlace’s recommendation! Being a newbie about to embark on a blogging adventure, I could definitely use such advice.

And thanks for the post–very interesting!

]]> By: Marjorie http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-132150 Marjorie Fri, 14 Dec 2007 16:00:58 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-132150 Dear Trent, I second TheFrugalPlace's recommendation for an eBook. I would certainly buy it. I'm impressed that you're able to limit your work on this blog to 3 hours on average each day. I hope that I can do the same in a few months, but for now I'm in the same position that you were in at the beginning, i.e., spending lots of time just writing and marketing yourself. I do love what I write about, though, which makes the "work" doesn't seem like so. Salut, Marjorie Dear Trent,

I second TheFrugalPlace’s recommendation for an eBook. I would certainly buy it.

I’m impressed that you’re able to limit your work on this blog to 3 hours on average each day. I hope that I can do the same in a few months, but for now I’m in the same position that you were in at the beginning, i.e., spending lots of time just writing and marketing yourself.

I do love what I write about, though, which makes the “work” doesn’t seem like so.

Salut,
Marjorie

]]> By: TheFrugalPlace http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-132105 TheFrugalPlace Fri, 14 Dec 2007 14:30:18 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-132105 I was thinking more about thos post last night - why not write an eBook on how to write and monitize a blog for newbies. That would generate a good income stream for you that is very passive and you could market it through both your own blog and Clickbank. I was thinking more about thos post last night – why not write an eBook on how to write and monitize a blog for newbies. That would generate a good income stream for you that is very passive and you could market it through both your own blog and Clickbank.

]]> By: Deborah http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-131853 Deborah Fri, 14 Dec 2007 04:12:58 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-131853 I can't wait for you to start your cooking blog (one look at my blog should tell you 60% or why). This post has a lot of great info for people who are looking to create a web presence with the idea of making money. I can’t wait for you to start your cooking blog (one look at my blog should tell you 60% or why). This post has a lot of great info for people who are looking to create a web presence with the idea of making money.

]]> By: Jason http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-131832 Jason Fri, 14 Dec 2007 03:22:32 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-131832 Trent, I've been a fan of yours for the last year or so (when I first discovered your blog). I was home recovering from shoulder surgery and surfing around. I think I spent the first day or two at home reading through all your articles...just incredible! Keep up the great work, and continue to inspire the rest of out here to find some active/passive income ideas for becoming debt free and building wealth! Trent, I’ve been a fan of yours for the last year or so (when I first discovered your blog). I was home recovering from shoulder surgery and surfing around. I think I spent the first day or two at home reading through all your articles…just incredible!

Keep up the great work, and continue to inspire the rest of out here to find some active/passive income ideas for becoming debt free and building wealth!

]]> By: Mitchell Up In Canada http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-131822 Mitchell Up In Canada Fri, 14 Dec 2007 03:02:33 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-131822 Hi Trent, I'd be curious to know for each of your jobs how much lower your true hourly wage is compared to your nominal wage? In my case (I work as a computer consultant with one full time client) I find that my true hourly wage is about half (53%) my billabe rate. Commute time, admin time and such add almost 30% to my hours and expenses/taxes take away about 33% of my income. I enjoy your posts. Mitchell Hi Trent,

I’d be curious to know for each of your jobs how much lower your true hourly wage is compared to your nominal wage?

In my case (I work as a computer consultant with one full time client) I find that my true hourly wage is about half (53%) my billabe rate. Commute time, admin time and such add almost 30% to my hours and expenses/taxes take away about 33% of my income.

I enjoy your posts.
Mitchell

]]> By: Amanda (Me vs Debt) http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-131807 Amanda (Me vs Debt) Fri, 14 Dec 2007 02:33:34 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-131807 Hi Trent. Its nice to know that you can make a decent return without being obnoxious about advertising. Simple is sophisticated. I really enjoy the content of your current blog and look forward to checking out the cooking blog! Good luck with that :) Hi Trent. Its nice to know that you can make a decent return without being obnoxious about advertising. Simple is sophisticated. I really enjoy the content of your current blog and look forward to checking out the cooking blog! Good luck with that :)

]]> By: Trent http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-131806 Trent Fri, 14 Dec 2007 02:32:04 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-131806 I spend about half of those three hours purely writing and editing. The rest are spent on email, brainstorming, and reading. Yes, I include my extra benefits from work. I spend about half of those three hours purely writing and editing. The rest are spent on email, brainstorming, and reading.

Yes, I include my extra benefits from work.

]]> By: Peter http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-131802 Peter Fri, 14 Dec 2007 02:24:26 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-131802 Trent, I'm wondering if you included benefits in your hourly rate at work (e.g. 401K, health insurance, etc.)? Trent,

I’m wondering if you included benefits in your hourly rate at work (e.g. 401K, health insurance, etc.)?

]]> By: TheFruagalPlace http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-131793 TheFruagalPlace Fri, 14 Dec 2007 02:11:20 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-131793 Why don't you consider your blog and consulting to be "real work." Actually, if you think about it they are more "work" than the day job can tend to be... :) Why don’t you consider your blog and consulting to be “real work.” Actually, if you think about it they are more “work” than the day job can tend to be… :)

]]> By: Marjorie http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-131771 Marjorie Fri, 14 Dec 2007 01:32:34 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-131771 Dear Trent, I too would be curious about how you spend those 3 hours on average per day on the blog. Does that include research and reading two books a week? Lately I've found that I've been spending about that much on my own blog, but I don't really include other "auxiliary" but equally important tasks like visiting related blogs and commenting on them, not just to meet other bloggers but also to promote my own. That can take at least an hour or so a day alone. Thank you! Salut, Marjorie Dear Trent,

I too would be curious about how you spend those 3 hours on average per day on the blog. Does that include research and reading two books a week? Lately I’ve found that I’ve been spending about that much on my own blog, but I don’t really include other “auxiliary” but equally important tasks like visiting related blogs and commenting on them, not just to meet other bloggers but also to promote my own. That can take at least an hour or so a day alone.

Thank you!

Salut,
Marjorie

]]> By: FinanceAndFat http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-131737 FinanceAndFat Fri, 14 Dec 2007 00:17:25 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-131737 Very interesting article! I'm doing just about all of the things you are so it's really interesting to see it from someone who has been at it for a while. Regarding your consulting biz- I've found over 90% of my freelance work simply by word of mouth and I never lost business by lowering my rates. You need to start low, but once you have 1 or 2 pleased clients, start boosting the price. If you do a great job, people will happily pay a higher price. Very interesting article! I’m doing just about all of the things you are so it’s really interesting to see it from someone who has been at it for a while.

Regarding your consulting biz- I’ve found over 90% of my freelance work simply by word of mouth and I never lost business by lowering my rates. You need to start low, but once you have 1 or 2 pleased clients, start boosting the price. If you do a great job, people will happily pay a higher price.

]]> By: Harris http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-131726 Harris Thu, 13 Dec 2007 23:57:12 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-131726 I think your site actually already has a lot of advertising, the kind that most intelligent people would never click on. You can probably remove that and get some good affiliate like msn money or something and keep a clean look on your site. I think your site actually already has a lot of advertising, the kind that most intelligent people would never click on. You can probably remove that and get some good affiliate like msn money or something and keep a clean look on your site.

]]> By: silver http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-131716 silver Thu, 13 Dec 2007 23:31:20 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-131716 You say that "something isn’t clicking" regarding your promotion of your computer consulting service. But I think your expectations are too high. That's the just nature of the thing. When I was in graduate school, I was part of a student group that had frequent campus events. We would hand 2-5,000 flyers and would be lucky if we got 20-50 people show up. You say that “something isn’t clicking” regarding your promotion of your computer consulting service. But I think your expectations are too high. That’s the just nature of the thing. When I was in graduate school, I was part of a student group that had frequent campus events. We would hand 2-5,000 flyers and would be lucky if we got 20-50 people show up.

]]> By: John Jenkins http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-131709 John Jenkins Thu, 13 Dec 2007 23:08:32 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-131709 You are the victim of some pretty clear signaling regarding your computer consulting. You are violating people's expectations with low prices, so they assume that is sending a signal about quality. You should raise the listed rates, just for the signaling effects. Then, if you choose, you can offer a reduced rate and make the customer even happier because everyone likes a bargain. You are the victim of some pretty clear signaling regarding your computer consulting. You are violating people’s expectations with low prices, so they assume that is sending a signal about quality. You should raise the listed rates, just for the signaling effects. Then, if you choose, you can offer a reduced rate and make the customer even happier because everyone likes a bargain.

]]> By: The Saving Freak http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/comment-page-1/#comment-131708 The Saving Freak Thu, 13 Dec 2007 23:07:01 +0000 http://www.thesimpledollar.com/2007/12/13/maximizing-that-hourly-rate-figuring-out-how-to-best-utilize-my-working-time/#comment-131708 An interesting question would be to see how the hours you put in at the beginning translate into the current traffic and thus financial gains you are experiencing now. It would make a good tutorial for learning how to make a blog popular and profitable. An interesting question would be to see how the hours you put in at the beginning translate into the current traffic and thus financial gains you are experiencing now. It would make a good tutorial for learning how to make a blog popular and profitable.

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