{"id":7702,"date":"2010-01-11T05:00:48","date_gmt":"2010-01-11T12:00:48","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/?p=7702"},"modified":"2020-12-12T21:58:34","modified_gmt":"2020-12-13T05:58:34","slug":"9-sneaky-expenses-that-eat-away-at-your-income","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/9-sneaky-expenses-that-eat-away-at-your-income\/","title":{"rendered":"9 Sneaky Expenses That Eat Away at Your Income"},"content":{"rendered":"
<\/a>Few concepts have had as great an impact on my family’s financial decision-making as learning how to calculate our real hourly wage<\/a>. The concept was introduced by (or at least popularized by) the amazing book, Your Money or Your Life<\/b><\/i><\/a>.\u00a0This book has had a dramatic influence over our financial turn-around (just as it did for J.D.).<\/p>\n The authors focus early in the book on ensuring that readers are aware of the true costs associated with their jobs and incomes \u2014 including accounting for the time<\/em> we spend on activities that are often forgotten.<\/p>\n When Courtney and I first sat down to figure out just how many different expenses were associated with our income opportunities, it was an eye-opening experience.\u00a0It unveiled a new layer of consciousness towards both our work and our spending. In one case we shifted from, “I make $42,000 per year<\/em>” to “That really only results in $22,000 net after all<\/strong> expenses are considered.”<\/em><\/p>\n The hardest part of figuring your real hourly wage is accounting for those sneaky <\/em>costs (in both time and money<\/a>) that eat away at your income streams. Your Money or Your Life<\/i> does a great job of listing sample expenses, from which we adapted a customized list that I still keep updated to compare opportunities.<\/p>\n Here are the adjusted categories we use to figure our own real hourly wages:<\/p>\n Look, I know this is a lot to think about. But this exercise isn’t meant to discourage. Just the opposite! Remember, there are usually other benefits to your income, as well. This post only features one side of the coin.<\/p>\n However, figuring your real hourly wage is an awesome tool when trying to compare two income opportunities that aren’t similar to begin with. It may help encourage you to start a part-time business<\/a> or may simply remind you of just how beneficial your current employment really is.<\/p>\n If you haven’t run your own numbers, I’d strongly recommend it.\u00a0 It worked wonders for us!<\/p>\n What sneaky expenses have you caught eating away at your<\/i> income?<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" <\/a>Few concepts have had as great an impact on my family’s financial decision-making as learning how to calculate our real hourly wage<\/a>. The concept was introduced by (or at least popularized by) the amazing book, Your Money or Your Life<\/b><\/i><\/a>.\u00a0This book has had a dramatic influence over our financial turn-around (just as it did for J.D.).<\/p>\n The authors focus early in the book on ensuring that readers are aware of the true costs associated with their jobs and incomes \u2014 including accounting for the time<\/em> we spend on activities that are often forgotten.<\/p>\n When Courtney and I first sat down to figure out just how many different expenses were associated with our income opportunities, it was an eye-opening experience.\u00a0It unveiled a new layer of consciousness towards both our work and our spending. In one case we shifted from, “I make $42,000 per year<\/em>” to “That really only results in $22,000 net after all<\/strong> expenses are considered.”<\/em><\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[479],"acf":[],"_links":{"self":[{"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/posts\/7702"}],"collection":[{"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/comments?post=7702"}],"version-history":[{"count":0,"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/posts\/7702\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/media?parent=7702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/categories?post=7702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n