Keep Track Of Your Hourly Wage, Even If You're Salaried

Keep Track of Your Hourly Wage, Even If You're Salaried

If you're lucky enough to have a salaried job, you probably don't think about how much you make per hour. But film producer Christopher Pollock says your hourly wage is more important than your annual earnings, no matter what. Picture: Marcin Wichary.

In a (very good) Quora post, Pollock lists 10 lessons everyone should know about personal finance. They're all great, and many are lessons we've talked about before -- but this one caught our eye:

Your hourly earnings are important. Your annual earnings are not. Someone making $US50,000 a year at $US500 an hour has more of their time (meaning their life) than someone making $US100,000 at $US50 an hour. This is the single most important concept in understanding who is rich and who is not.Someone is not living an enriched life because they have amassed wealth and material possessions. Someone is living an enriched life because they have the freedom to spend their time how they wish!

Only you can really decide what balance is best for your life, but the general takeaway applies to us all: Being rich is about more than money. You have a limited number of hours in your life, and that's an important part of the equation.

Check out his full list of lessons at the link below.

What Are the Ten Most Important Things About Personal Finance a Non Finance Background Person Must Know? [Quora]


Comments

    This. This is so much of what needs to change in the modern office environment. We need to fundamentally change how we view our time and value. What's the point of earning x amount of money when all it does is sit in an account. Earn what you need to make you happy and find a way of negotiating the time you need to actually live. The 9-5 mentality needs to die sooner rather than later.

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