Everyone is looking for work. But have you ever thought about the number of work hours in a year?
You see, questions like this can make you rethink your whole life. If you spend too much to earn pennies, you are wasting your time away.
Instead, think about how to increase your hourly rate. That way, you can improve your work and life alike.
Work Hours in a Year
Often, people think about their pay in terms of salary. They say that they earn a certain amount of money per year.
However, that may not be the best way to calculate your income and finances. Instead, count that sum by the work hours.
Calculating your salary by work hours can help you to improve your finances.
It gives you a precise calculation about how much more you need to earn to reach a specific goal.
That way, you can find a way to supplement your income and reach that goal.
Before you can do that math, you have to know how many work hours are in a year.
How Many Work Hours is in a Year?
Let’s start with some general data. There are 52 weeks in a year, and an average employee works 40 hours per week.
When you multiply these two, you get that there are 2080 hours of work in a year.
However, there are also federal holidays.
And, you can add or subtract workdays by occasion.
For example, you may not work during sick leave.
But, for an average calculation, you can count that there are 2080 working hours each year.
Even with federal holidays, sick leave, and weekdays, you can subtract that number by around 200 hours.
That leaves about 1800 hours of work. That number is relevant in the final calculation when you get an estimate of your future finances.
How to Calculate Hourly Rate?
The next thing you want to do is to calculate your hourly rate. That is the actual amount of money you earn per year.
We have a bunch of posts covering different ways of calculating how much money you are earning per hour, based on the yearly salary.
Take a look at these below:
- $42,000 a year is how much an hour
- $60,000 a year is how much an hour
- $40,000 a year is how much an hour
- $30,000 a year is how much an hour
- $35 an hour is how much a year
Once you know your hourly rate, you multiply it by work hours and get your earning potential.
For example, you may want to take a loan to buy a house. For any loan, the bank calculates and estimates your yearly income. If it is lower than 50.000$, you have a low chance to apply for an excellent deal for a loan.
You see, that is why it is valuable to think about work hours in a year. With that information, you can think of additional ways to organize your finances and earn more money.
Maybe you want to become an entrepreneur? Or just find a side hustle that’s worth your time.
Finding a side hustle might be a lot easier, but try not to fall for the usual scams and get-rich-quick schemes. We reviewed a bunch of these, so make sure to check some of the more noteworthy ones like:
If you stay away from anything that sounds too good to be true, you will be fine. Find platforms that pay for doing actual work, like freelance writing on different platforms (Upwork, Writers Work).
There are also other ways to earn money from the current stuff you are doing.
Increasing Hourly Rate
Luckily, there are dozens of ways to increase your hourly rate.
For example, you can learn new skills, get better clients, or find another gig. Each route requires an entrepreneurial spirit and a growth mindset.
That means that you have to spend additional time improving your finances.
The difficulty of the task depends on your job and skill set. If you are a web designer, increasing your hourly rate is a matter of work experience.
You can expect an increase in salary in about a year of work.
However, you can get a new job at another company. Or, you can freelance and set your own rates for specific projects.
The options to increase your income are endless. All you have to do is to keep executing and thinking about new ways to earn money.
Learning New Skills
Whatever you do, you want to learn new skills.
That could mean that you polish up existing skills or learn another set. Regardless of the industry, you can never go wrong with improving your soft skills. Also, the same applies to sales and negotiation skills.
Of course, there are industry-specific skills you could learn. For this, you have to consider how you want to improve your job.
To decide that, think about how you want to change your career. If you have to work alone, you need an elementary set of skills. However, you can specialize in a specific role and look for employment in the field.
Getting Better Clients
Each choice can lead you to better clients. At least, if you think about better clients as high-paying clients.
Also, this is the fastest way to increase the hourly rate. If you are earning 40.000$ per year, find a job that pays 50.000$. While you may not progress at your current job, you can get a new one.
Of course, job hunting comes with its challenges. You have to stay active and look for opportunities wherever you can. And, consider that you have to move and pay for those costs upfront.
Get Another Gig
Now, there is another method to increase your hourly rate. It is a complex undertaking that requires a specific approach to business.
However, it is an approach that can help you reach your financial goals in a short amount of time.
Salaries on jobs have a limit. Freelancing and building your enterprises have no limits.
Now, all that is left is to find a way to get those gigs.
For that, you have to contact businesses or people and offer your services.
Ensure that you have a portfolio before you pitch.
You can combine the two to increase your income even further.
Increasing your income requires a lot of work. But, it is an effort that pays off when you look at your credit report.
Also, it is an effort you can recognize in your day-to-day life. With more income, the possibilities in your life increase as well.
Increase Your Income
That is a worthwhile pursuit. At least when you consider what quality of life you want to achieve.
If you think you can live a complete life with 40.000$ a year. Then you can find a regular job. However, if you want to do something more than that, work on that hourly rate. That can change your life a lot.