In this episode, we'll discuss the concept of your true hourly wage and why it's important to know.

We'll also provide some tips on how to calculate your true hourly wage and use it to make better financial decisions.

 

What Is Your True Hourly Wage?

• Your true hourly wage is the amount of money you earn per hour after you subtract all of your work-related expenses, such as transportation, clothing, and meals.

• Many people only consider their hourly wage or salary when calculating their earnings, but this can be misleading.
• By factoring in your work-related expenses, you can get a more accurate picture of your true earnings and how much your time is really worth.

 

Why Does Your True Hourly Wage Matter?

 

• Knowing your true hourly wage can help you make better financial decisions, such as whether to take on extra work or overtime.
• It can also help you determine whether certain expenses, such as eating out or buying a new outfit for work, are really worth the cost.
• By understanding the true value of your time, you can prioritize your spending and focus on what really matters to you.

 

How to Calculate Your True Hourly Wage

 

• To calculate your true hourly wage, start by adding up all of your work-related expenses for a given period, such as a week or a month.
• Next, subtract this amount from your total earnings for that period to get your true earnings.
• Finally, divide your true earnings by the number of hours you worked during that period to get your true hourly wage.
• Download the True Hourly Wage Calculator to simplify this part!

 

Tips for Using Your True Hourly Wage to Make Better Financial Decisions

 

• Once you know your true hourly wage, you can use it to prioritize your spending and focus on what really matters to you.
• Consider using your true hourly wage to set financial goals, such as saving for a vacation or paying off debt.
• You can also use it to determine whether certain expenses are really worth the cost, such as eating out or buying a new outfit for work.

 

As always, if you've got questions or comments on anything covered in the podcast, reach out at [email protected]