Saturday, January 16, 2010

My Billing Rates

FreelanceSwitch Hourly Rate Calculator

This is a cool and very thorough calculator, that helps you figure out, if you work for yourself, how much you need to charge per hour, to break even, and then again how much you need to charge per hour to reach a certain profit goal.  it's very detailed in gathering info about your expenses and outgoing costs, figuring in not only business expenses, but living expenses, entertainment budget, and so on so forth.

I used it a slightly different way,  I made the assumption that I had gotten a job somewhere.  Assuming average rent with enoguh bedrooms for my family, assuming a food budget only slightly higher than what welfare gives us, assuming we don't pay for any medical insurance.  I need to earn a little over $22/hr to support my family.  this does include covering something that others might consider "luxury" items,  such as an internet connection and one cell-phone for the family to share.

Currently Federal minimum wage is $7.25/hr
Michigan State Minimum wage as of July 24, 2009 is $7.40/hr

So in essence, most entry level jobs, are a good $10/hr + away from me getting my family to live on it's own, and off welfare.




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