1 00:00:00,080 --> 00:00:02,840 Speaker 1: Welcome to How the Money. I'm Joel and I'm Matt, 2 00:00:02,920 --> 00:00:06,280 Speaker 1: and today we're discussing the benefits of knowing your hourly rate. 3 00:00:25,000 --> 00:00:28,120 Speaker 1: That's right, my plaid wearing buddy, we are. When you 4 00:00:28,160 --> 00:00:30,560 Speaker 1: know your hourly rates, you can make more informed decisions 5 00:00:30,600 --> 00:00:33,400 Speaker 1: regarding your time and money and how that applies to 6 00:00:33,640 --> 00:00:36,360 Speaker 1: lots of areas in life, like your job, whether to 7 00:00:36,520 --> 00:00:38,640 Speaker 1: d I Y a project or not, and even finding 8 00:00:38,640 --> 00:00:41,400 Speaker 1: a good deal. Dude, I am wearing plaid and I 9 00:00:41,600 --> 00:00:43,680 Speaker 1: like called you out and this. I wear a lot 10 00:00:43,720 --> 00:00:46,479 Speaker 1: of plaid and no hate though, no, I think, in 11 00:00:46,479 --> 00:00:48,160 Speaker 1: my opinion, I think we should all be wearing plaid 12 00:00:48,159 --> 00:00:50,919 Speaker 1: all the time. But this shirt in particular, man, I 13 00:00:50,920 --> 00:00:53,239 Speaker 1: have had for quite a long time. It's an old 14 00:00:53,280 --> 00:00:55,880 Speaker 1: school thirst Store shirt. I just actually was thinking this 15 00:00:55,920 --> 00:00:58,080 Speaker 1: morning after I put this on. I have a lot 16 00:00:58,160 --> 00:01:00,880 Speaker 1: of these old plaid thirst Store shirt and some of 17 00:01:00,960 --> 00:01:03,040 Speaker 1: them are starting to get holes. Are afraid just a 18 00:01:03,080 --> 00:01:05,360 Speaker 1: bit you can tell them? Oh yeah, some of my 19 00:01:05,440 --> 00:01:07,920 Speaker 1: linings on doing and the edge of where the buttons where, 20 00:01:07,959 --> 00:01:09,960 Speaker 1: buttons up a little bits, get a little threadbare. Yeah, 21 00:01:10,080 --> 00:01:12,399 Speaker 1: the old school shirts like that, they last, right, Like 22 00:01:12,440 --> 00:01:14,680 Speaker 1: that's one of the great things about spending time in 23 00:01:14,720 --> 00:01:17,280 Speaker 1: a thrift store. Is that likely it serves somebody really well, 24 00:01:17,360 --> 00:01:19,320 Speaker 1: probably some old guy in his eighties, right, and then 25 00:01:19,360 --> 00:01:21,000 Speaker 1: we swoop in there and pick it up and wear 26 00:01:21,000 --> 00:01:23,600 Speaker 1: it for another five even ten years. Yeah. I feel 27 00:01:23,600 --> 00:01:26,160 Speaker 1: like those pieces are just We're made so much better 28 00:01:26,240 --> 00:01:28,800 Speaker 1: than today's fast fashion, right than like an H and 29 00:01:28,920 --> 00:01:31,040 Speaker 1: M shirt that last for a season and just looks 30 00:01:31,319 --> 00:01:33,800 Speaker 1: terrible at the end. And it's something we've discussed on 31 00:01:33,800 --> 00:01:36,080 Speaker 1: the show before. I think when we are able to 32 00:01:36,160 --> 00:01:38,920 Speaker 1: allocate maybe a little bit more money towards something brand 33 00:01:38,959 --> 00:01:40,680 Speaker 1: new that we would buy that is going to last 34 00:01:40,680 --> 00:01:42,840 Speaker 1: a little bit longer, or if we're able to go 35 00:01:42,880 --> 00:01:45,600 Speaker 1: to the thrift store and and buy something that was 36 00:01:45,720 --> 00:01:48,240 Speaker 1: made maybe a while back, but stands the test of 37 00:01:48,280 --> 00:01:51,680 Speaker 1: time when it comes to usability and how long it's 38 00:01:51,680 --> 00:01:54,200 Speaker 1: gonna last. I mean this, who who knows when this 39 00:01:54,240 --> 00:01:56,000 Speaker 1: shirt was made? I need to see if I can 40 00:01:56,000 --> 00:01:57,920 Speaker 1: find out on my tag. I probably can't, but I 41 00:01:57,920 --> 00:01:59,880 Speaker 1: bet this is like thirty years old. I've had it 42 00:01:59,880 --> 00:02:02,000 Speaker 1: for are probably twelve, and someone else wore for probably 43 00:02:02,000 --> 00:02:06,520 Speaker 1: fifteen or twenty, and you know, I got maybe maybe maybe, 44 00:02:06,720 --> 00:02:09,440 Speaker 1: And it's funny my neighbor behind me. It was super 45 00:02:09,480 --> 00:02:11,720 Speaker 1: sad he recently passed away. I'm gonna miss miss my 46 00:02:11,720 --> 00:02:14,680 Speaker 1: friend Benny. He was in his eighties, but he would 47 00:02:14,800 --> 00:02:18,080 Speaker 1: give me occasionally his old shirts because he loved this 48 00:02:18,160 --> 00:02:20,840 Speaker 1: style too. He dressed like an eighties something your old 49 00:02:20,840 --> 00:02:22,760 Speaker 1: man I guess he would wear. It was not joking 50 00:02:22,760 --> 00:02:24,880 Speaker 1: about wearing eighty year old clothes, right, Yeah, So he 51 00:02:24,880 --> 00:02:27,040 Speaker 1: would seriously give me some of his hand me downs, 52 00:02:27,200 --> 00:02:30,160 Speaker 1: his long sleeve plaid shirts, like with the with the 53 00:02:30,160 --> 00:02:33,079 Speaker 1: snap pearl buttons. So those are good memories. I feel 54 00:02:33,080 --> 00:02:34,639 Speaker 1: like a mark of some of those older shirts too, 55 00:02:34,680 --> 00:02:37,040 Speaker 1: is that they have like codes printed on the tails 56 00:02:37,080 --> 00:02:39,120 Speaker 1: of them, typically in the front. And I think the 57 00:02:39,160 --> 00:02:40,640 Speaker 1: idea was that you would always tuck your shirt in 58 00:02:40,919 --> 00:02:43,839 Speaker 1: because that's what they did twenty to forty years ago. Yeah, 59 00:02:43,840 --> 00:02:46,240 Speaker 1: people didn't go untucked. And now there's a company that 60 00:02:46,320 --> 00:02:50,600 Speaker 1: makes shirts specifically for people who want to wear untucked shirts. Really, 61 00:02:50,680 --> 00:02:54,040 Speaker 1: I think it's called untucked. Yeah seriously, Well that's just 62 00:02:54,080 --> 00:02:56,280 Speaker 1: how we live life anyway. Yeah. It's just funny because 63 00:02:56,280 --> 00:02:57,800 Speaker 1: you see those codes and I think I don't know 64 00:02:57,840 --> 00:03:00,440 Speaker 1: what they're from, like whether it be from I dry cleaner, 65 00:03:00,520 --> 00:03:02,760 Speaker 1: or that's just how they made their shirts. But it's weird. 66 00:03:02,800 --> 00:03:05,560 Speaker 1: It's like a code that stamped on there, and every 67 00:03:05,560 --> 00:03:06,959 Speaker 1: time I see that kind of cracks me up because 68 00:03:07,000 --> 00:03:08,840 Speaker 1: I think this was never intended to be seen. But 69 00:03:08,960 --> 00:03:11,160 Speaker 1: that's just that's just how we wear. Yeah, and I 70 00:03:11,200 --> 00:03:13,040 Speaker 1: can't tell you the last time I've tucked in a shirt, 71 00:03:13,120 --> 00:03:15,639 Speaker 1: so I stay away from those whom at the thrift store. 72 00:03:16,040 --> 00:03:18,240 Speaker 1: And Matt, speaking of used clothes, I wanted to to 73 00:03:18,320 --> 00:03:20,880 Speaker 1: mention that, you know, you and I were drawing near 74 00:03:21,000 --> 00:03:23,320 Speaker 1: to the do dates for our wives. Both our wives 75 00:03:23,360 --> 00:03:26,400 Speaker 1: are pregnant and both crazy. Yeah, both do with baby 76 00:03:26,440 --> 00:03:29,040 Speaker 1: boys in like two and a half months. Uh so, yeah, 77 00:03:29,040 --> 00:03:31,320 Speaker 1: it's getting exciting, getting real. I want to say that 78 00:03:31,360 --> 00:03:34,960 Speaker 1: Emily and I we went last weekend to a store 79 00:03:34,960 --> 00:03:37,680 Speaker 1: to that cells use baby clothes and use baby items, 80 00:03:37,960 --> 00:03:40,280 Speaker 1: and we sold a bunch of our old girl stuff 81 00:03:40,320 --> 00:03:42,280 Speaker 1: because we're having a boy now and we're like, I 82 00:03:42,320 --> 00:03:43,800 Speaker 1: don't know, this might be the end of the road 83 00:03:43,840 --> 00:03:46,560 Speaker 1: for having babies. We're not sure, but we sold a 84 00:03:46,560 --> 00:03:49,800 Speaker 1: bunch of old clothes. We made a hundred and seventy bucks. Sweet. 85 00:03:49,840 --> 00:03:51,360 Speaker 1: We were able to at the same time buy some 86 00:03:51,440 --> 00:03:56,560 Speaker 1: really cool and cute used baby boy clothes for super cheap. 87 00:03:57,040 --> 00:03:59,040 Speaker 1: And you know, we're We've also got our eyes on 88 00:03:59,080 --> 00:04:02,520 Speaker 1: a used roller there that we might bring home with us. 89 00:04:02,520 --> 00:04:04,400 Speaker 1: We'll see so and but I think it's cool that 90 00:04:04,440 --> 00:04:07,320 Speaker 1: those exist. It's a great place to take your old stuff. 91 00:04:07,360 --> 00:04:10,240 Speaker 1: These things exist for adults to like. Buffalo Exchange is 92 00:04:10,320 --> 00:04:12,880 Speaker 1: kind of antial. Yeah, yeah, I can't think of the 93 00:04:12,960 --> 00:04:14,520 Speaker 1: name brought top of my head. It's close to my 94 00:04:14,520 --> 00:04:17,040 Speaker 1: parents house. I was impressed at the prices where we 95 00:04:17,080 --> 00:04:19,320 Speaker 1: could get some really nice stuff for you know, our 96 00:04:19,560 --> 00:04:22,120 Speaker 1: upcoming upcoming baby boy and get some stuff for our 97 00:04:22,360 --> 00:04:24,760 Speaker 1: girls do at the same time. So yeah, just really cool. 98 00:04:24,800 --> 00:04:26,200 Speaker 1: You know what we need to get is a new 99 00:04:26,480 --> 00:04:28,960 Speaker 1: baby car seat because the one that we had used 100 00:04:29,040 --> 00:04:32,359 Speaker 1: for all three of our girls expired. Uh, so we 101 00:04:32,400 --> 00:04:33,680 Speaker 1: have We've got to get a new one. And I'm 102 00:04:33,680 --> 00:04:35,480 Speaker 1: waiting to hear back from a friend of ours to 103 00:04:35,480 --> 00:04:37,159 Speaker 1: see if we can borrow there is because I think 104 00:04:37,200 --> 00:04:39,839 Speaker 1: they might be done having babies at this point, but 105 00:04:39,920 --> 00:04:42,400 Speaker 1: borrow or you know, get it from some friends. Yeah, 106 00:04:42,400 --> 00:04:44,719 Speaker 1: and I know people are super weird about car seats 107 00:04:44,720 --> 00:04:46,919 Speaker 1: because of the expiration date and all that kind of stuff. 108 00:04:47,000 --> 00:04:48,919 Speaker 1: As long as you trust them. I trust you, Pat. 109 00:04:50,320 --> 00:04:51,960 Speaker 1: All right, let's let's move on to our beer for 110 00:04:52,120 --> 00:04:55,960 Speaker 1: this episode. Man, we are drinking a Seismic Positivity, which 111 00:04:56,040 --> 00:04:58,919 Speaker 1: is a pretty cool name, Seismic Positivity. I just like 112 00:04:59,000 --> 00:05:02,400 Speaker 1: saying that that's you think of an earthquake, the seismic action. 113 00:05:02,640 --> 00:05:05,080 Speaker 1: This is from Pipe Works Brewing Company out of Chicago, 114 00:05:05,480 --> 00:05:08,000 Speaker 1: and this one was donated to us by Russ. Yeah, 115 00:05:08,080 --> 00:05:09,839 Speaker 1: Russ didn't even live in Chicago, but he picked us 116 00:05:09,880 --> 00:05:12,120 Speaker 1: up while he was there. He thought of us and 117 00:05:12,120 --> 00:05:14,560 Speaker 1: and send us some beers. So Russ, that's really kind 118 00:05:14,560 --> 00:05:17,080 Speaker 1: of man. Sweet, thanks for donating this beer to the show. 119 00:05:17,240 --> 00:05:19,640 Speaker 1: I'm looking forward to drinking this. We'll talk about it 120 00:05:19,680 --> 00:05:22,640 Speaker 1: at the end of the episode alright, But onto the 121 00:05:22,720 --> 00:05:25,680 Speaker 1: topic of hand, my friend. The benefits of knowing your 122 00:05:25,720 --> 00:05:28,880 Speaker 1: hourly rate, and the reason I think this is an 123 00:05:28,920 --> 00:05:31,440 Speaker 1: important episode for us to cover is that most of 124 00:05:31,520 --> 00:05:34,200 Speaker 1: us we don't consider how much our time is worth. 125 00:05:34,560 --> 00:05:36,880 Speaker 1: We make poor decisions about how do we spend our time, 126 00:05:37,200 --> 00:05:39,760 Speaker 1: the work that we do, uh, and the d i 127 00:05:39,880 --> 00:05:41,960 Speaker 1: y stuff we tackle around the house because we don't 128 00:05:41,960 --> 00:05:44,120 Speaker 1: know our hourly rate. So it can be really good 129 00:05:44,200 --> 00:05:46,280 Speaker 1: for us to stand back and assess how we spend 130 00:05:46,279 --> 00:05:49,360 Speaker 1: our time and what projects we pursue. And quick example, 131 00:05:49,440 --> 00:05:51,600 Speaker 1: Matt from my life was when I first got my 132 00:05:51,680 --> 00:05:55,080 Speaker 1: niece on Leaf and I wanted to keep my electricity bill. 133 00:05:55,120 --> 00:05:57,799 Speaker 1: I wanted to keep my charging costs as low as possible. 134 00:05:58,080 --> 00:06:01,200 Speaker 1: And back then this is like you right, and back then, 135 00:06:01,240 --> 00:06:04,000 Speaker 1: this was over five years ago. Free charging stations were 136 00:06:04,040 --> 00:06:07,600 Speaker 1: kind of a thing because store owners in different municipalities 137 00:06:07,839 --> 00:06:12,040 Speaker 1: were installing them trying to incentivize electric vehicle driving. Well 138 00:06:12,080 --> 00:06:14,640 Speaker 1: that's kind of completely changed and actually free chargers or 139 00:06:14,640 --> 00:06:18,479 Speaker 1: either getting ripped out or getting turned into pay charges charge. 140 00:06:18,800 --> 00:06:21,440 Speaker 1: But I remember when I first got my Leaf, there 141 00:06:21,520 --> 00:06:24,119 Speaker 1: was a free charging station really close to my work, 142 00:06:24,279 --> 00:06:26,040 Speaker 1: and so this was before I was biking to work, 143 00:06:26,320 --> 00:06:29,720 Speaker 1: and I would hit up this charging station. I would 144 00:06:29,760 --> 00:06:32,800 Speaker 1: wait in line sometimes because everybody that had a Leaf 145 00:06:33,000 --> 00:06:34,840 Speaker 1: wanted to hit up this charging gas free it feels 146 00:06:34,839 --> 00:06:37,120 Speaker 1: like free gases, what it feels like basically exactly. And 147 00:06:37,120 --> 00:06:39,320 Speaker 1: it was this kind of like addictive kind of experience, 148 00:06:39,360 --> 00:06:41,120 Speaker 1: like I can get this free charge, It's gonna be 149 00:06:41,160 --> 00:06:43,640 Speaker 1: so great. But really, when it came down to it, 150 00:06:43,680 --> 00:06:46,680 Speaker 1: if I had factored in my hourly rate, and how 151 00:06:46,760 --> 00:06:50,200 Speaker 1: much time I was spending and really wasting waiting in 152 00:06:50,240 --> 00:06:53,640 Speaker 1: line and then actually going through with getting my car charged. 153 00:06:54,040 --> 00:06:56,560 Speaker 1: It was it was a complete waste of time because 154 00:06:56,600 --> 00:06:58,960 Speaker 1: it really saved me very very little money when it 155 00:06:59,000 --> 00:07:01,520 Speaker 1: came down to it. Yeah, actual cost of electricity. If 156 00:07:01,520 --> 00:07:03,200 Speaker 1: you do the math, I mean you're talking about pennies 157 00:07:03,400 --> 00:07:05,960 Speaker 1: and you're saving yourself at most a couple of bucks 158 00:07:06,120 --> 00:07:08,360 Speaker 1: if you maybe hit the level two charger or you 159 00:07:08,400 --> 00:07:10,440 Speaker 1: know whereas after really quick this is the quick charge 160 00:07:10,520 --> 00:07:13,080 Speaker 1: level three three. Okay, yeah, so maybe it was a 161 00:07:13,120 --> 00:07:15,320 Speaker 1: couple of bucks, a couple of bucks, but still, yeah, 162 00:07:15,360 --> 00:07:17,080 Speaker 1: that's how much. Well it makes me think of the 163 00:07:17,080 --> 00:07:19,440 Speaker 1: classic example as well of you know, if you're looking 164 00:07:19,480 --> 00:07:22,400 Speaker 1: for the very best gas prices, and you might be 165 00:07:22,400 --> 00:07:24,640 Speaker 1: willing to drive all across town just to find something 166 00:07:24,680 --> 00:07:26,960 Speaker 1: that might be five or even ten cents cheaper. So 167 00:07:27,000 --> 00:07:28,480 Speaker 1: if you're looking at a full tank of gas, maybe 168 00:07:28,480 --> 00:07:31,120 Speaker 1: twenty gallons, like you're again, you're only looking at two bucks, 169 00:07:31,440 --> 00:07:33,360 Speaker 1: and it would be a big tank for most change tank. 170 00:07:33,960 --> 00:07:35,640 Speaker 1: I've only done that once or twice in our van, 171 00:07:35,720 --> 00:07:37,280 Speaker 1: and I know that meant that we literally were about 172 00:07:37,280 --> 00:07:39,240 Speaker 1: to run end up gas because I think it's like 173 00:07:39,240 --> 00:07:41,440 Speaker 1: a nineteen gallon tank or something like that. Yeah, and 174 00:07:41,440 --> 00:07:43,480 Speaker 1: that also makes me think of just back in the day, 175 00:07:43,480 --> 00:07:45,560 Speaker 1: I would spend way too much time like looking for 176 00:07:45,600 --> 00:07:49,240 Speaker 1: a deal online, you know, just like looking at different 177 00:07:49,280 --> 00:07:52,040 Speaker 1: retailers and searching for coupon codes and even not making 178 00:07:52,040 --> 00:07:54,160 Speaker 1: a purchase right away, but just like waiting and just 179 00:07:54,240 --> 00:07:56,160 Speaker 1: re checking the website and seeing, like, you know, if 180 00:07:56,200 --> 00:07:58,520 Speaker 1: the press was going to go down, maybe I saved 181 00:07:58,360 --> 00:07:59,960 Speaker 1: ten or twenty bucks if it was a large purchase, 182 00:08:00,120 --> 00:08:03,200 Speaker 1: but overall just completely not worth it for me to 183 00:08:03,320 --> 00:08:05,320 Speaker 1: spend my time that way. Yeah, I think, and we're 184 00:08:05,320 --> 00:08:07,200 Speaker 1: gonna get into this, there's some nuance to be had, 185 00:08:07,280 --> 00:08:09,880 Speaker 1: right because I don't think either of us would say 186 00:08:10,080 --> 00:08:12,400 Speaker 1: don't wait for a sale to buy airfare, right or 187 00:08:12,440 --> 00:08:14,320 Speaker 1: something like that. You know, and if you can quickly 188 00:08:14,360 --> 00:08:16,440 Speaker 1: find a cupon code to save twenty bucks and it 189 00:08:16,480 --> 00:08:18,840 Speaker 1: takes you less than ten minutes, well that's likely worth 190 00:08:18,880 --> 00:08:20,960 Speaker 1: it or even ten seconds, right, Like, if you can 191 00:08:20,960 --> 00:08:22,560 Speaker 1: just search it real quick, give it a go, see 192 00:08:22,560 --> 00:08:24,640 Speaker 1: what you find, and then move on. Yeah, but I 193 00:08:24,680 --> 00:08:27,120 Speaker 1: think there are so many benefits to knowing your hourly rate. 194 00:08:27,200 --> 00:08:29,200 Speaker 1: So I think this is gonna be hopefully really helpful 195 00:08:29,240 --> 00:08:31,640 Speaker 1: when people are kind of factoring in, you know, whether 196 00:08:31,760 --> 00:08:34,199 Speaker 1: they do spend that extra time in order to get 197 00:08:34,240 --> 00:08:36,520 Speaker 1: the deal or in order to even go maybe just 198 00:08:36,559 --> 00:08:38,400 Speaker 1: a little bit out of their way to get that 199 00:08:38,480 --> 00:08:40,800 Speaker 1: cheaper gasoline. So let's start off with kind of do 200 00:08:40,880 --> 00:08:43,280 Speaker 1: it yourself stuff. And I think if you're decently handy, 201 00:08:43,520 --> 00:08:46,079 Speaker 1: it's important to have a method of figuring out whether 202 00:08:46,200 --> 00:08:48,720 Speaker 1: or not you should try to repair something yourself. Just 203 00:08:48,760 --> 00:08:52,280 Speaker 1: because you can fix something well, it doesn't necessarily mean 204 00:08:52,320 --> 00:08:54,520 Speaker 1: you should or that it makes the most financial sense 205 00:08:54,600 --> 00:08:57,680 Speaker 1: for you to do that. Knowing your hourly rate basically 206 00:08:57,679 --> 00:08:59,840 Speaker 1: will act as a filter to help you to decide 207 00:09:00,000 --> 00:09:02,760 Speaker 1: whether to take on a project or not. I think 208 00:09:02,760 --> 00:09:05,040 Speaker 1: of just different tasks, you know, our projects around the 209 00:09:05,040 --> 00:09:07,360 Speaker 1: house that you can do that might be a little 210 00:09:07,360 --> 00:09:10,120 Speaker 1: more specialty, right, like a specialty sort of job where 211 00:09:10,320 --> 00:09:12,079 Speaker 1: it's not something you do all the time, so it 212 00:09:12,120 --> 00:09:14,440 Speaker 1: might take a little bit more research, it might take 213 00:09:14,840 --> 00:09:18,360 Speaker 1: just a little more work to to get that thing done. Yeah. 214 00:09:18,440 --> 00:09:21,320 Speaker 1: So for me, recently, I needed to get new breaks 215 00:09:21,480 --> 00:09:23,959 Speaker 1: on our moths to five and so I reached out 216 00:09:24,000 --> 00:09:26,079 Speaker 1: to a couple of local mechanics to get quotes on 217 00:09:26,080 --> 00:09:28,640 Speaker 1: getting the breaks done, and I talked to my friend Tim, 218 00:09:28,720 --> 00:09:32,000 Speaker 1: who's super d I y enthusiast, actually has a podcast 219 00:09:32,000 --> 00:09:33,720 Speaker 1: called you Can Man, and they talked about that kind 220 00:09:33,720 --> 00:09:36,000 Speaker 1: of stuff, and Tim was like trying to convince me 221 00:09:36,040 --> 00:09:38,400 Speaker 1: that I needed to do it myself and that that's 222 00:09:38,400 --> 00:09:42,160 Speaker 1: what mainly dudes do. So I felt a little ashamed 223 00:09:42,200 --> 00:09:43,600 Speaker 1: that I was like, now, I'm not gonna do it. 224 00:09:43,800 --> 00:09:47,600 Speaker 1: He was appealing to the plaid wearing jewel. Yeah, and 225 00:09:47,679 --> 00:09:50,400 Speaker 1: so yeah, part of me wanted to do the breaks myself. 226 00:09:50,520 --> 00:09:52,400 Speaker 1: And you know, Tim and I have we've done the 227 00:09:52,400 --> 00:09:54,800 Speaker 1: breaks on my card together before, and I feel like 228 00:09:55,120 --> 00:09:57,439 Speaker 1: I kind of sort of know how to do them. 229 00:09:57,480 --> 00:10:00,080 Speaker 1: But to me, it would have been like relearning a 230 00:10:00,200 --> 00:10:03,400 Speaker 1: skill of fresh and it would have taken a long time, 231 00:10:03,400 --> 00:10:06,320 Speaker 1: probably a full day for me to do it. And 232 00:10:06,360 --> 00:10:08,560 Speaker 1: I'm sure other people who know what they're doing can 233 00:10:08,600 --> 00:10:10,040 Speaker 1: probably do it in like an hour and a half 234 00:10:10,080 --> 00:10:11,600 Speaker 1: two hours, but for me, it was going to take 235 00:10:11,600 --> 00:10:13,080 Speaker 1: longer than that. I don't have the tools or the 236 00:10:13,160 --> 00:10:16,000 Speaker 1: know how, And so I just knew, based on you know, 237 00:10:16,000 --> 00:10:18,840 Speaker 1: how much I value my time at that it wasn't 238 00:10:18,880 --> 00:10:21,360 Speaker 1: worth it for me to attempt at myself based on 239 00:10:21,400 --> 00:10:23,760 Speaker 1: all the other things that I have juggling in my 240 00:10:23,800 --> 00:10:26,160 Speaker 1: life right now. And so if it were something super simple, 241 00:10:26,480 --> 00:10:29,000 Speaker 1: then I would have tackled it or something that I 242 00:10:29,120 --> 00:10:31,640 Speaker 1: felt prepared to handle. But I knew that this was 243 00:10:31,679 --> 00:10:33,439 Speaker 1: just a little bit too far out of my league, 244 00:10:33,440 --> 00:10:36,040 Speaker 1: and I didn't quite have the time to dedicate towards 245 00:10:36,200 --> 00:10:38,480 Speaker 1: learning this new skill, even though it's a skill I 246 00:10:38,480 --> 00:10:41,079 Speaker 1: think I would like to have one of these days. Yeah, Juell, exactly. 247 00:10:41,120 --> 00:10:42,800 Speaker 1: That's a you know, that's a conversation you and I 248 00:10:42,840 --> 00:10:45,679 Speaker 1: have had before, specifically, And the fact is though you 249 00:10:45,679 --> 00:10:47,600 Speaker 1: don't even need to be handy or you know, like 250 00:10:47,640 --> 00:10:50,040 Speaker 1: it doesn't even need to be a specialty job. It 251 00:10:50,040 --> 00:10:52,400 Speaker 1: can just be a basic task or chore I think 252 00:10:52,440 --> 00:10:54,599 Speaker 1: of even just cleaning the house. I think there's a 253 00:10:54,640 --> 00:10:56,920 Speaker 1: couple of reasons maybe why we do things like this. Obviously, 254 00:10:56,960 --> 00:10:58,960 Speaker 1: we're talking about money, and you know, we think that 255 00:10:58,960 --> 00:11:00,520 Speaker 1: it's a way for us to save money. But I 256 00:11:00,520 --> 00:11:02,160 Speaker 1: think a lot of times too, there's certain things that 257 00:11:02,200 --> 00:11:05,360 Speaker 1: are ingrained in how we view things. Right Like, you 258 00:11:05,360 --> 00:11:06,760 Speaker 1: may have grown up in a house I know I did, 259 00:11:07,040 --> 00:11:09,960 Speaker 1: where we clean our own house, and you might be 260 00:11:10,000 --> 00:11:13,120 Speaker 1: in a completely different financial situation now where you don't 261 00:11:13,160 --> 00:11:14,880 Speaker 1: need to clean your house, or it would make sense 262 00:11:14,880 --> 00:11:16,320 Speaker 1: for you to not clean your house. It might be 263 00:11:16,360 --> 00:11:18,720 Speaker 1: something that you hate doing. You might make a ton 264 00:11:18,720 --> 00:11:20,600 Speaker 1: of money per hour and instead you can pay someone 265 00:11:20,640 --> 00:11:22,320 Speaker 1: to do that. But you kind of have stuck in 266 00:11:22,320 --> 00:11:23,960 Speaker 1: your mind that, oh, no, this is what you do, 267 00:11:24,320 --> 00:11:26,000 Speaker 1: and maybe you haven't stepped back and sort of look 268 00:11:26,040 --> 00:11:29,040 Speaker 1: at the situation from that different viewpoint to to sort 269 00:11:29,040 --> 00:11:30,720 Speaker 1: of question as to whether or not this is something 270 00:11:30,720 --> 00:11:33,200 Speaker 1: that you should continue to do. Yeah, And I think 271 00:11:33,240 --> 00:11:35,400 Speaker 1: you know, as we get further along into this episode, 272 00:11:35,920 --> 00:11:38,440 Speaker 1: we're going to find that it doesn't all come down 273 00:11:38,480 --> 00:11:40,200 Speaker 1: just to your hourly rate, right, But there are some 274 00:11:40,240 --> 00:11:42,520 Speaker 1: things we choose to do because it's good for us, 275 00:11:42,720 --> 00:11:45,440 Speaker 1: or it's a challenge, or it's important for us to 276 00:11:45,440 --> 00:11:47,480 Speaker 1: to get better at a certain task or to feel 277 00:11:47,480 --> 00:11:50,720 Speaker 1: productive in a way that's outside of our normal everyday work. 278 00:11:50,960 --> 00:11:52,959 Speaker 1: So we definitely have to take those things into consideration, 279 00:11:53,000 --> 00:11:55,360 Speaker 1: and we'll discuss that further later on. And while we're 280 00:11:55,400 --> 00:11:57,520 Speaker 1: still talking about sort of the d I y sort 281 00:11:57,520 --> 00:12:00,000 Speaker 1: of projects and jobs and chores and things, thinking about 282 00:12:00,000 --> 00:12:01,520 Speaker 1: your break job, Jill. It makes me think of too, 283 00:12:01,520 --> 00:12:03,559 Speaker 1: like what if you actually mess something up and then 284 00:12:03,559 --> 00:12:05,520 Speaker 1: I have to get it towed and then it costs 285 00:12:05,520 --> 00:12:07,319 Speaker 1: me extra money, or you know, you think you have 286 00:12:07,360 --> 00:12:08,800 Speaker 1: it right and you start driving and it turns out 287 00:12:08,840 --> 00:12:10,439 Speaker 1: your brakes don't work right like that, that would be 288 00:12:10,480 --> 00:12:12,559 Speaker 1: even worse, and then I slam into a light bulb 289 00:12:12,559 --> 00:12:15,040 Speaker 1: and way more money, and then you get labeled cheap 290 00:12:15,120 --> 00:12:17,520 Speaker 1: versus frugal, Right right, I think there's certain jobs like 291 00:12:17,600 --> 00:12:20,000 Speaker 1: that that you do run the risk of maybe doing it, 292 00:12:20,080 --> 00:12:21,720 Speaker 1: and then there's a chance that we mess it up 293 00:12:21,760 --> 00:12:23,360 Speaker 1: even more and then we have to take it to 294 00:12:23,360 --> 00:12:25,360 Speaker 1: the pro anyway, so we've lost money. Uh, and then 295 00:12:25,360 --> 00:12:26,880 Speaker 1: on top of that, we've lost a lot more time 296 00:12:26,880 --> 00:12:28,680 Speaker 1: because a lot of times, I think with these projects, 297 00:12:28,720 --> 00:12:31,040 Speaker 1: we we tend to underestimate the amount of time that 298 00:12:31,080 --> 00:12:33,520 Speaker 1: they take. I know, I'm super guilty that it's a 299 00:12:33,600 --> 00:12:35,800 Speaker 1: classic thing for me to say that, oh, yeah, I'm 300 00:12:35,800 --> 00:12:37,360 Speaker 1: just gonna do this real quick. O. Yeah, I'm gonna 301 00:12:37,360 --> 00:12:39,560 Speaker 1: hang the curtains. It should it'll take ten minutes, and 302 00:12:39,600 --> 00:12:41,720 Speaker 1: then a full hour later I'm like, oh my gosh, 303 00:12:42,640 --> 00:12:45,120 Speaker 1: totally underestimated that my whole family is mad at me 304 00:12:45,160 --> 00:12:47,360 Speaker 1: because I'm supposed to be doing something else. This may 305 00:12:47,440 --> 00:12:52,160 Speaker 1: or may not have happened tonight before we started recording. Yeah, 306 00:12:52,200 --> 00:12:54,559 Speaker 1: it's it's important to be realistic right about how much 307 00:12:54,559 --> 00:12:56,560 Speaker 1: time it's going to take, so that we can accurately 308 00:12:56,760 --> 00:12:59,319 Speaker 1: kind of take into account whether it's worth our time 309 00:12:59,400 --> 00:13:01,319 Speaker 1: or not. I think it's important to mention too that 310 00:13:01,600 --> 00:13:03,040 Speaker 1: I don't know if this is always the case, but 311 00:13:03,080 --> 00:13:05,320 Speaker 1: at least feels like this for me that when I 312 00:13:05,400 --> 00:13:09,200 Speaker 1: was younger, my hourly rate was I could afford myself right, 313 00:13:09,240 --> 00:13:12,680 Speaker 1: like I could afford quote unquote afford yourself right, like 314 00:13:12,760 --> 00:13:15,760 Speaker 1: I could afford to take the time. I had fewer obligations, 315 00:13:16,120 --> 00:13:18,640 Speaker 1: I was making less money. It was really good for 316 00:13:18,679 --> 00:13:20,920 Speaker 1: me to YouTube things to try to figure things out, 317 00:13:21,200 --> 00:13:23,720 Speaker 1: especially as like a landlord trying to hone his skills 318 00:13:23,720 --> 00:13:26,480 Speaker 1: and get a few things done less expensively. It was 319 00:13:26,520 --> 00:13:28,240 Speaker 1: it felt really important to me, and I felt like 320 00:13:28,280 --> 00:13:31,200 Speaker 1: I actually had the time to dedicate towards learning some 321 00:13:31,240 --> 00:13:33,760 Speaker 1: skills and trying some things out. And I think, you know, 322 00:13:33,800 --> 00:13:36,120 Speaker 1: some of us might realize that, depending on what phase 323 00:13:36,160 --> 00:13:38,760 Speaker 1: of life are in, we might have the ability to 324 00:13:39,160 --> 00:13:41,480 Speaker 1: spend a little bit of extra time now because our 325 00:13:41,600 --> 00:13:44,360 Speaker 1: hours just aren't worth quite as much, and maybe later 326 00:13:44,400 --> 00:13:46,960 Speaker 1: on another road in life, we value our time differently 327 00:13:47,000 --> 00:13:49,800 Speaker 1: because our hourly rate has gone up, And so I 328 00:13:49,840 --> 00:13:51,600 Speaker 1: just think it's important to note that that's something that 329 00:13:51,640 --> 00:13:53,839 Speaker 1: can change with time and something that you should kind 330 00:13:53,840 --> 00:13:57,240 Speaker 1: of continue to pay attention to. Another area of life 331 00:13:57,280 --> 00:13:59,560 Speaker 1: that I think it's worth considering is when it comes 332 00:13:59,600 --> 00:14:02,480 Speaker 1: to making purchases, right, Like the same thing applies with 333 00:14:02,559 --> 00:14:05,559 Speaker 1: second hand and buying things used. You've got to consider 334 00:14:05,920 --> 00:14:08,440 Speaker 1: the time that goes into just saving a few bucks. 335 00:14:08,559 --> 00:14:10,120 Speaker 1: You know, you mentioned kind of going up to the 336 00:14:10,120 --> 00:14:11,760 Speaker 1: baby store. It sounds like that really worked out for 337 00:14:11,800 --> 00:14:13,440 Speaker 1: you guys. Maybe you said it was near your parents, 338 00:14:13,480 --> 00:14:15,480 Speaker 1: So I'm guessing can you kind of combine that that 339 00:14:15,559 --> 00:14:18,480 Speaker 1: swing over to that store with visiting your folks? Totally? Yeah, 340 00:14:18,520 --> 00:14:19,920 Speaker 1: It's not like you drove all the way up there 341 00:14:19,960 --> 00:14:22,040 Speaker 1: to this one store that that pays primo for the 342 00:14:22,080 --> 00:14:25,640 Speaker 1: baby products. But you've got to consider is that worth 343 00:14:25,720 --> 00:14:27,880 Speaker 1: my time. Kind Of a classic case where this applies 344 00:14:28,040 --> 00:14:31,440 Speaker 1: is do you go to Saturday morning yard sales? Because 345 00:14:31,480 --> 00:14:34,200 Speaker 1: sure you can spend thirty minutes or an hour or 346 00:14:34,200 --> 00:14:37,040 Speaker 1: a couple hours scouring different yard sales and going through 347 00:14:37,040 --> 00:14:40,040 Speaker 1: different heaps of things. But is it actually worth your 348 00:14:40,080 --> 00:14:42,360 Speaker 1: time to maybe find a deal on an item that's 349 00:14:42,400 --> 00:14:44,040 Speaker 1: maybe half as much of what you could buy it 350 00:14:44,120 --> 00:14:47,080 Speaker 1: for new in the store. Yeah, and I think a 351 00:14:47,080 --> 00:14:50,360 Speaker 1: lot of us will find that third store shopping, that 352 00:14:50,520 --> 00:14:54,280 Speaker 1: yard sales, that use baby stores, those activities, those activities 353 00:14:54,440 --> 00:14:56,720 Speaker 1: are maybe worth our time. Maybe they're fun for us 354 00:14:56,800 --> 00:14:58,520 Speaker 1: at the same time, and that's something that we need 355 00:14:58,560 --> 00:15:00,880 Speaker 1: to take into consideration. But when we look at those 356 00:15:00,880 --> 00:15:03,880 Speaker 1: activities in light of our hourly rate at the same time, 357 00:15:04,240 --> 00:15:07,600 Speaker 1: it does change the whole complexion, Especially if you're working 358 00:15:07,600 --> 00:15:09,840 Speaker 1: full time, you have families that have needs and that 359 00:15:09,920 --> 00:15:11,960 Speaker 1: you have to attend to. Spending your time in a 360 00:15:12,000 --> 00:15:14,680 Speaker 1: way that just doesn't move the needle when it comes 361 00:15:14,680 --> 00:15:17,160 Speaker 1: to the return that you get. It just doesn't make 362 00:15:17,200 --> 00:15:18,840 Speaker 1: a whole lot of sense. That's why we're going to 363 00:15:18,920 --> 00:15:22,320 Speaker 1: dial in specifically on what it looks like to calculate 364 00:15:22,320 --> 00:15:24,480 Speaker 1: your hourly rate, and we'll start to get into that 365 00:15:24,840 --> 00:15:36,080 Speaker 1: right after the break, all right, Joel, Later on in 366 00:15:36,120 --> 00:15:38,720 Speaker 1: the show, we're gonna talk about how to actually calculate 367 00:15:38,720 --> 00:15:41,000 Speaker 1: your your true hourly rate. But before that, we're gonna 368 00:15:41,000 --> 00:15:43,760 Speaker 1: talk about your hourly rate and the impact that that 369 00:15:43,840 --> 00:15:46,120 Speaker 1: has on how you view your nine to five job. 370 00:15:46,440 --> 00:15:48,360 Speaker 1: Knowing your true hourly rate will allow you to see 371 00:15:48,360 --> 00:15:51,200 Speaker 1: how much you're actually making at work. There's a few 372 00:15:51,200 --> 00:15:53,280 Speaker 1: things you want to consider, and you might be surprised. 373 00:15:53,320 --> 00:15:55,600 Speaker 1: It may not be quite what you thought it was. 374 00:15:55,880 --> 00:15:57,320 Speaker 1: And so there's a few things you want to consider. 375 00:15:57,400 --> 00:15:59,600 Speaker 1: And Joel, once you kick it off, you think most 376 00:15:59,600 --> 00:16:01,960 Speaker 1: of us ink of whether we're paid by the hour 377 00:16:02,160 --> 00:16:05,360 Speaker 1: or paid a salary every year. We break that salary 378 00:16:05,400 --> 00:16:08,480 Speaker 1: down to an average hourly rate. We tend to think 379 00:16:08,560 --> 00:16:11,040 Speaker 1: that's exactly what we make per hour. But there are 380 00:16:11,080 --> 00:16:13,640 Speaker 1: other things to take into consideration when we're thinking about 381 00:16:13,640 --> 00:16:15,680 Speaker 1: what we actually make when it comes to our work, 382 00:16:15,720 --> 00:16:17,240 Speaker 1: and Matt, one of those things is time. We have 383 00:16:17,320 --> 00:16:19,640 Speaker 1: to take into account the time that it takes us 384 00:16:19,640 --> 00:16:21,360 Speaker 1: to get ready in the mornings, to commute time to 385 00:16:21,440 --> 00:16:24,120 Speaker 1: and from work, the potential after hours that we have 386 00:16:24,200 --> 00:16:26,560 Speaker 1: to work, or that we might be on call or 387 00:16:26,680 --> 00:16:28,920 Speaker 1: have to respond to emails or text stuff like that. 388 00:16:29,360 --> 00:16:32,160 Speaker 1: Any time that we have to dedicate to our ninety 389 00:16:32,200 --> 00:16:35,560 Speaker 1: five job or whatever hours you might work, don't discriminate 390 00:16:35,600 --> 00:16:37,400 Speaker 1: it could be nine to six, you could be a fireman, 391 00:16:37,440 --> 00:16:39,200 Speaker 1: you could be working the what one on two off. 392 00:16:39,440 --> 00:16:41,320 Speaker 1: But that's one thing you need to take into account, right, 393 00:16:41,400 --> 00:16:45,800 Speaker 1: is all the extra time that goes into your work 394 00:16:46,120 --> 00:16:48,480 Speaker 1: that isn't actually part of your work, that's right, man. 395 00:16:48,560 --> 00:16:51,520 Speaker 1: Oftentimes I think we completely underestimate the actual amount of 396 00:16:51,560 --> 00:16:54,720 Speaker 1: time that we dedicate towards our jobs. And then something 397 00:16:54,720 --> 00:16:57,680 Speaker 1: else to consider is additional costs. Granted this isn't time, 398 00:16:58,080 --> 00:17:00,800 Speaker 1: but it's really easy to quantify the cost of things 399 00:17:00,920 --> 00:17:03,080 Speaker 1: associated with your work, like the cost of your commute. 400 00:17:03,360 --> 00:17:05,840 Speaker 1: Maybe you work in a position that requires just nicer 401 00:17:05,840 --> 00:17:08,000 Speaker 1: clothes and so you want to make sure to keep 402 00:17:08,000 --> 00:17:11,040 Speaker 1: those things in mind as well. And also, let's mention taxes. 403 00:17:11,080 --> 00:17:14,160 Speaker 1: They're not an expense, but every paycheck you receive has 404 00:17:14,400 --> 00:17:17,359 Speaker 1: federal and state taxes taken out unless you live in 405 00:17:17,400 --> 00:17:19,760 Speaker 1: one of the seven states without income tax We're not 406 00:17:19,760 --> 00:17:22,480 Speaker 1: going to spend much time on taxes on whether or 407 00:17:22,520 --> 00:17:25,880 Speaker 1: not you should consider your gross pay versus your net pay, 408 00:17:25,920 --> 00:17:29,320 Speaker 1: mostly because you'll likely have to pay taxes regardless of 409 00:17:29,320 --> 00:17:31,360 Speaker 1: what job you have. Yeah, and in the same way, 410 00:17:31,359 --> 00:17:34,040 Speaker 1: you figure out additional time and costs associated with your work. 411 00:17:34,080 --> 00:17:37,440 Speaker 1: You also have to consider non salary parks that you 412 00:17:37,600 --> 00:17:40,560 Speaker 1: are afforded because you have a job, right, like healthcare, 413 00:17:40,680 --> 00:17:44,040 Speaker 1: retirement benefits, potentially even like a jam or childcare if 414 00:17:44,040 --> 00:17:46,440 Speaker 1: you have those options where you work. There are certain 415 00:17:46,480 --> 00:17:49,000 Speaker 1: benefits that you might receive that are harder to quantify, 416 00:17:49,280 --> 00:17:52,640 Speaker 1: But attempting to quantify those is really important because those 417 00:17:52,680 --> 00:17:56,080 Speaker 1: benefits you don't necessarily think of them when your paycheck 418 00:17:56,119 --> 00:17:58,959 Speaker 1: comes in, but there are certainly things that you end 419 00:17:59,040 --> 00:18:01,879 Speaker 1: up not paying for or because of that tangible benefit 420 00:18:01,880 --> 00:18:03,560 Speaker 1: that you get at your job, So it's important to 421 00:18:03,600 --> 00:18:06,440 Speaker 1: factor those in two when you're thinking about your hourly rate. 422 00:18:06,680 --> 00:18:08,320 Speaker 1: Kind of makes me think of all those office snacks. 423 00:18:08,560 --> 00:18:10,280 Speaker 1: Do you have folks that come by, like vendors that 424 00:18:10,359 --> 00:18:12,640 Speaker 1: drop off meals or like office snacks for you guys 425 00:18:12,680 --> 00:18:14,720 Speaker 1: at your at your job every once in a while. Yeah, 426 00:18:14,760 --> 00:18:17,359 Speaker 1: like donuts, Like hey, donuts in the break room. Yeah, yeah, 427 00:18:17,480 --> 00:18:19,720 Speaker 1: so that is nice. Yeah, when someone comes by and 428 00:18:19,720 --> 00:18:22,320 Speaker 1: bring some pretty food, it's it's rare, but when it does, 429 00:18:22,359 --> 00:18:23,919 Speaker 1: it's like, all right, Yeah, I think if you and 430 00:18:23,960 --> 00:18:26,119 Speaker 1: I both worked at the same place like that, they 431 00:18:26,119 --> 00:18:29,960 Speaker 1: would be like where did all the donuts go? Interestingly enough, 432 00:18:30,000 --> 00:18:32,480 Speaker 1: Publix every once in a while brings like old loaves 433 00:18:32,480 --> 00:18:34,240 Speaker 1: of bread for some reason, I don't know why, they 434 00:18:34,280 --> 00:18:36,840 Speaker 1: put it in our break room. So sometimes you'll see 435 00:18:36,840 --> 00:18:38,680 Speaker 1: me walking out with like two bag ats under my arms. 436 00:18:39,160 --> 00:18:41,480 Speaker 1: They do bikeneers are so full and what's in there? 437 00:18:42,040 --> 00:18:43,920 Speaker 1: Lots of bread. And so the reason that we would 438 00:18:44,000 --> 00:18:46,600 Speaker 1: encourage folks to consider these things is because if you're 439 00:18:46,640 --> 00:18:49,919 Speaker 1: making less than you would like to, that's sort of 440 00:18:49,920 --> 00:18:51,639 Speaker 1: a flag that should be a nudge for you to 441 00:18:51,680 --> 00:18:54,320 Speaker 1: try to negotiate a raise, or maybe you can push 442 00:18:54,359 --> 00:18:57,760 Speaker 1: for more flexible work options, or you know, even additional benefits. 443 00:18:57,760 --> 00:18:59,920 Speaker 1: You talked about some of those intangibles or those sort 444 00:18:59,920 --> 00:19:01,879 Speaker 1: of perks that you get. See if you can push 445 00:19:01,960 --> 00:19:05,720 Speaker 1: for additional benefits that would effectively increase your hourly rate. 446 00:19:05,920 --> 00:19:08,399 Speaker 1: By asking yourself how much am I actually getting paid? 447 00:19:08,760 --> 00:19:11,160 Speaker 1: This might allow you to sort of re examine your job, 448 00:19:11,400 --> 00:19:13,520 Speaker 1: look at it in a different light, to ask yourself, 449 00:19:13,600 --> 00:19:15,520 Speaker 1: is it really worth it? In particularly if you're working 450 00:19:15,560 --> 00:19:17,520 Speaker 1: part time. I think this is a question that you 451 00:19:17,560 --> 00:19:20,080 Speaker 1: can ask yourself because you might be going through all 452 00:19:20,080 --> 00:19:22,320 Speaker 1: these things right like getting ready, doing the commute, But 453 00:19:22,359 --> 00:19:24,280 Speaker 1: if you realize you're only pulling in part time income, 454 00:19:24,520 --> 00:19:26,639 Speaker 1: or if you actually have a part time job, it 455 00:19:26,720 --> 00:19:29,080 Speaker 1: might be really easy for you to kind of realize 456 00:19:29,119 --> 00:19:31,639 Speaker 1: and pinpoint that, man, this really isn't worth my time. 457 00:19:32,160 --> 00:19:35,040 Speaker 1: And granted, realizing that, Mike sort of be a luxury, right. 458 00:19:35,280 --> 00:19:36,720 Speaker 1: I think a lot of folks are in a position 459 00:19:36,760 --> 00:19:38,680 Speaker 1: where they don't really have an option in the job 460 00:19:38,720 --> 00:19:40,800 Speaker 1: that they have, like they are making the absolute most 461 00:19:40,800 --> 00:19:42,000 Speaker 1: that they were going to be able to do, maybe 462 00:19:42,000 --> 00:19:44,720 Speaker 1: in that season of life or even in that specific field, 463 00:19:45,119 --> 00:19:47,640 Speaker 1: and they know that there are other reasons that they're 464 00:19:47,680 --> 00:19:49,679 Speaker 1: going to continue to work there. We'll touch on some 465 00:19:49,720 --> 00:19:52,119 Speaker 1: of those topics in the last segment of this episode. 466 00:19:52,359 --> 00:19:54,119 Speaker 1: But you know, I realized that it's sort of a 467 00:19:54,160 --> 00:19:56,800 Speaker 1: luxury to say, oh, man, this job isn't worth it anymore, 468 00:19:57,080 --> 00:19:58,720 Speaker 1: or to think, oh, I'm not I'm not getting paid enough. 469 00:19:58,960 --> 00:20:01,439 Speaker 1: But you know, I really lies that that's not a 470 00:20:01,480 --> 00:20:04,080 Speaker 1: position that everybody is in. I think you're completely right 471 00:20:04,080 --> 00:20:06,520 Speaker 1: on that, Matt. But the other important thing to note 472 00:20:06,920 --> 00:20:09,600 Speaker 1: is that the more that you have your financial ground 473 00:20:09,600 --> 00:20:12,119 Speaker 1: game together, the more that you have implemented some of 474 00:20:12,160 --> 00:20:15,000 Speaker 1: the strategies that we've talked about in this podcast up 475 00:20:15,080 --> 00:20:18,200 Speaker 1: until now. The more you have in savings, the less 476 00:20:18,240 --> 00:20:20,919 Speaker 1: debt you have in your life, the more ability you 477 00:20:20,960 --> 00:20:24,520 Speaker 1: have to start to ask these questions, the more freedom 478 00:20:24,680 --> 00:20:28,119 Speaker 1: you feel to ask your employer for a raise or 479 00:20:28,160 --> 00:20:30,800 Speaker 1: just for additional benefits. I think sometimes the fear and 480 00:20:30,840 --> 00:20:34,840 Speaker 1: insecurity that comes from not having an emergency fund and 481 00:20:34,920 --> 00:20:37,520 Speaker 1: having a revolving credit card debt in our lives actually 482 00:20:37,880 --> 00:20:40,840 Speaker 1: leads us to an overall mindset of fear that keeps 483 00:20:40,880 --> 00:20:44,080 Speaker 1: us from asking these questions and thinking about our work 484 00:20:44,160 --> 00:20:46,520 Speaker 1: in this specific way. So I do want to acknowledge 485 00:20:46,520 --> 00:20:48,920 Speaker 1: that not everyone's in this position that they can take 486 00:20:48,920 --> 00:20:51,159 Speaker 1: advantage of all these things right now, but at the 487 00:20:51,160 --> 00:20:53,280 Speaker 1: same time, you can work towards that, And the way 488 00:20:53,280 --> 00:20:55,359 Speaker 1: that you work towards asking these questions and thinking in 489 00:20:55,400 --> 00:20:58,359 Speaker 1: this manner is by at the same time, getting your 490 00:20:58,359 --> 00:21:02,120 Speaker 1: personal finances in order today, right Yeah, man, That's that's 491 00:21:02,160 --> 00:21:05,520 Speaker 1: exactly why we talk about personal finance multiple times every week, 492 00:21:06,119 --> 00:21:09,520 Speaker 1: is because we've seen the freedom and the options that 493 00:21:09,560 --> 00:21:12,080 Speaker 1: it gives folks when it comes to their time and 494 00:21:12,080 --> 00:21:14,520 Speaker 1: their money specifically, and so another area of life that 495 00:21:14,520 --> 00:21:16,280 Speaker 1: you're able to examine when you know your hourly rate 496 00:21:16,359 --> 00:21:19,400 Speaker 1: is when you're considering looking at other work options. Maybe 497 00:21:19,400 --> 00:21:22,199 Speaker 1: you're looking at some hustles or some side gigs, or 498 00:21:22,200 --> 00:21:25,239 Speaker 1: maybe you're looking at a different position altogether. When you 499 00:21:25,280 --> 00:21:28,600 Speaker 1: know your hourly rates, you can determine pretty easily whether 500 00:21:28,640 --> 00:21:30,800 Speaker 1: or not they are worth your time, at least when 501 00:21:30,840 --> 00:21:32,400 Speaker 1: it comes to the numbers. And so, in the same 502 00:21:32,400 --> 00:21:34,880 Speaker 1: way that you're considering your hourly rate at your main job, 503 00:21:35,119 --> 00:21:36,640 Speaker 1: you want to make sure though, that you are doing 504 00:21:36,680 --> 00:21:38,600 Speaker 1: that with your side gig or with your side hustle, 505 00:21:38,640 --> 00:21:40,000 Speaker 1: because I think a lot of times we can be 506 00:21:40,080 --> 00:21:42,520 Speaker 1: tempted into thinking that the grass is greener on the 507 00:21:42,520 --> 00:21:44,679 Speaker 1: other side. You think, oh, man, I can make so 508 00:21:44,800 --> 00:21:46,320 Speaker 1: much more if I do this on the side, or 509 00:21:46,480 --> 00:21:48,679 Speaker 1: look how much additional money I can bring in, But 510 00:21:48,760 --> 00:21:52,600 Speaker 1: you're not calculating those additional costs, uh, the additional time, 511 00:21:53,000 --> 00:21:55,359 Speaker 1: the additional wear and tear on assets that might be 512 00:21:55,760 --> 00:21:58,920 Speaker 1: employed in that side gig. I'm specifically thinking of uber 513 00:21:58,960 --> 00:22:01,639 Speaker 1: and left right, like people aren't taking into account the 514 00:22:01,680 --> 00:22:04,439 Speaker 1: costs associated with maintaining their vehicles. And so, in the 515 00:22:04,480 --> 00:22:07,040 Speaker 1: same way that we're going to scrutinize and determine our 516 00:22:07,080 --> 00:22:08,960 Speaker 1: hourly rate, when it comes to our regular nine to five, 517 00:22:09,280 --> 00:22:11,000 Speaker 1: and you want to also make sure that you're considering 518 00:22:11,040 --> 00:22:12,760 Speaker 1: those things when it comes to your other gigs and 519 00:22:12,760 --> 00:22:16,080 Speaker 1: your side hustles. Yeah, even within your own professional field, 520 00:22:16,160 --> 00:22:18,760 Speaker 1: you might have freelance options that come to you, and 521 00:22:18,800 --> 00:22:21,159 Speaker 1: when you know your hourly rate, that will give you 522 00:22:21,200 --> 00:22:23,679 Speaker 1: confidence to charge what you need to in order to 523 00:22:23,680 --> 00:22:26,560 Speaker 1: make it worth your time. There's nothing worse than taking 524 00:22:26,560 --> 00:22:29,200 Speaker 1: on a gig and then realizing that it's going to 525 00:22:29,280 --> 00:22:31,119 Speaker 1: take longer than you thought it was going to and 526 00:22:31,160 --> 00:22:34,960 Speaker 1: you feel like you're getting underpaid. You're underappreciated basically because 527 00:22:35,000 --> 00:22:37,679 Speaker 1: you're not making what you're worth. And figuring out your 528 00:22:37,680 --> 00:22:39,960 Speaker 1: hourly rate can help you make sure you don't say 529 00:22:40,080 --> 00:22:42,960 Speaker 1: yes to projects that are going to be a waste 530 00:22:42,960 --> 00:22:46,200 Speaker 1: of your time or lead to you being underpaid. And 531 00:22:46,280 --> 00:22:49,240 Speaker 1: that's really important, especially for artistic types. Right. I think 532 00:22:49,280 --> 00:22:52,240 Speaker 1: we've seen in recent years a trend for creatives to 533 00:22:52,240 --> 00:22:54,280 Speaker 1: to stick up for the fact that they need to 534 00:22:54,280 --> 00:22:57,600 Speaker 1: get paid and paid appropriately for what they do. Often, 535 00:22:57,640 --> 00:23:00,879 Speaker 1: creatives are asked to do things for osure, right in 536 00:23:01,040 --> 00:23:03,560 Speaker 1: order to get their name out there. Hey, will you 537 00:23:03,600 --> 00:23:05,960 Speaker 1: do this for free? Because it will lead to this 538 00:23:06,040 --> 00:23:09,400 Speaker 1: theoretical opportunity for you in the future, and you know what, 539 00:23:09,560 --> 00:23:12,159 Speaker 1: maybe that is worth your time, maybe depending on what 540 00:23:12,200 --> 00:23:14,240 Speaker 1: that opportunity is. But I think at the same time, 541 00:23:14,280 --> 00:23:17,959 Speaker 1: we've seen that creatives oftentimes don't get rewarded for what 542 00:23:18,000 --> 00:23:20,760 Speaker 1: they've done because they haven't figured out their hourly rate 543 00:23:20,800 --> 00:23:23,159 Speaker 1: and they haven't placed the right value on their time 544 00:23:23,320 --> 00:23:25,440 Speaker 1: because of it. Yeah, exactly, I mean, that's what it 545 00:23:25,480 --> 00:23:28,159 Speaker 1: comes down to. It's not that the company or whoever 546 00:23:28,160 --> 00:23:30,399 Speaker 1: it is that's pitching the work to the creative is 547 00:23:30,480 --> 00:23:32,840 Speaker 1: undervaluing them. They're a business. They're trying to get the 548 00:23:32,880 --> 00:23:35,160 Speaker 1: best product for the lowest cost. Right, it comes down 549 00:23:35,200 --> 00:23:37,880 Speaker 1: to the individual themselves. It comes down to you as 550 00:23:37,880 --> 00:23:40,920 Speaker 1: a creative or you as a freelancer to figure out 551 00:23:40,960 --> 00:23:43,040 Speaker 1: what am I actually worth here, because it's up to 552 00:23:43,080 --> 00:23:45,240 Speaker 1: you to be an advocate for yourself and make sure 553 00:23:45,240 --> 00:23:47,639 Speaker 1: that you're getting paid what you need to get paid. So, 554 00:23:47,680 --> 00:23:49,840 Speaker 1: for example, like I think about taking a headshot, right, 555 00:23:50,000 --> 00:23:52,400 Speaker 1: like as a photographer, like that doesn't take very much time. 556 00:23:52,560 --> 00:23:54,040 Speaker 1: Like someone thinks, oh, you just show up, you take 557 00:23:54,040 --> 00:23:55,560 Speaker 1: a couple of pictures, and then you go home, you 558 00:23:55,600 --> 00:23:57,320 Speaker 1: email it to me. Right, Well, there's a lot that 559 00:23:57,359 --> 00:23:59,560 Speaker 1: goes into setting up a shot. There's just do that 560 00:23:59,600 --> 00:24:02,600 Speaker 1: with my droid phone. Come on, dude, and so could I. 561 00:24:02,680 --> 00:24:04,560 Speaker 1: But there's a lot of things I know to do 562 00:24:04,640 --> 00:24:07,199 Speaker 1: before you snap that button with your Android phone that 563 00:24:07,240 --> 00:24:09,920 Speaker 1: most people probably aren't aware of completely. Uh, And same 564 00:24:09,920 --> 00:24:12,280 Speaker 1: thing too with like you know, before photography. I used 565 00:24:12,280 --> 00:24:14,399 Speaker 1: to be a graphic designer. A lot of times folks think, oh, 566 00:24:14,400 --> 00:24:16,399 Speaker 1: you're just kind of putting words together, You're creating a logo. 567 00:24:16,520 --> 00:24:18,600 Speaker 1: How hard can it be? Like it's super easy, and 568 00:24:18,640 --> 00:24:20,959 Speaker 1: like even though yes it's a it's a simple task, 569 00:24:21,080 --> 00:24:24,000 Speaker 1: but knowing exactly how to design it, how to lay 570 00:24:24,000 --> 00:24:26,119 Speaker 1: it out, knowing what treatment to apply to the typography, 571 00:24:26,200 --> 00:24:27,679 Speaker 1: like what colors do you use, what textures? I mean, 572 00:24:27,720 --> 00:24:30,240 Speaker 1: there's just so much that goes into it. That's someone 573 00:24:30,280 --> 00:24:33,639 Speaker 1: who is hiring out under values unless they understand and 574 00:24:33,680 --> 00:24:35,359 Speaker 1: have done this before, and so it's up to you, 575 00:24:35,480 --> 00:24:38,479 Speaker 1: as an individual contractor to communicate that, and a lot 576 00:24:38,480 --> 00:24:41,600 Speaker 1: of times that's through your rates or your price. Yeah. Man, 577 00:24:41,640 --> 00:24:43,639 Speaker 1: I've always thought that a monkey could probably do my 578 00:24:43,720 --> 00:24:47,600 Speaker 1: job if trained for just a few short hours. But really, 579 00:24:47,600 --> 00:24:49,680 Speaker 1: when I could you train them though? Right? Exactly? Yeah, 580 00:24:49,720 --> 00:24:52,080 Speaker 1: but like the same thing, right, a monkey could click 581 00:24:52,119 --> 00:24:55,080 Speaker 1: the shutter and take a picture. Monkeys actually have done that, 582 00:24:55,160 --> 00:24:58,040 Speaker 1: I'm sure. Yeah, there's actually there's this whole story of 583 00:24:58,040 --> 00:25:01,280 Speaker 1: this photographer who set up a camera, uh in the rainforest, 584 00:25:01,680 --> 00:25:03,280 Speaker 1: and one of the things he was able to do 585 00:25:03,359 --> 00:25:06,800 Speaker 1: was to get the monkeys to take the picture of themselves. 586 00:25:07,200 --> 00:25:09,399 Speaker 1: And these images came out to be amazing because, I mean, 587 00:25:09,440 --> 00:25:12,120 Speaker 1: the monkeys are all up on the camera and they're 588 00:25:12,119 --> 00:25:16,320 Speaker 1: incredibly detailed. They're beautiful. And an animal rights group sued 589 00:25:16,400 --> 00:25:19,520 Speaker 1: the photographer because they're saying, no, those images belong to 590 00:25:19,560 --> 00:25:21,600 Speaker 1: the monkey. Like, I don't want to dive into that, 591 00:25:21,680 --> 00:25:25,000 Speaker 1: but I have monkey copyrights that I mean, they're basically 592 00:25:25,040 --> 00:25:27,959 Speaker 1: trying to advocate for the animals. It's kind of crazy, 593 00:25:28,040 --> 00:25:29,960 Speaker 1: but you said that, and so I had to dive 594 00:25:30,000 --> 00:25:32,160 Speaker 1: into that a little bit. That's fascinating. Well, I think 595 00:25:32,200 --> 00:25:34,680 Speaker 1: to like editing audio, right, Like, that's not all I do, 596 00:25:34,760 --> 00:25:37,600 Speaker 1: But a monkey could likely be trained to edit audio well, 597 00:25:37,760 --> 00:25:39,680 Speaker 1: or at least an elephant or at least and ella. 598 00:25:39,760 --> 00:25:41,800 Speaker 1: They're very smart. But it makes me think of this 599 00:25:41,880 --> 00:25:44,920 Speaker 1: story about Pablo Picasso and I'm probably gonna butcher it, 600 00:25:45,000 --> 00:25:47,199 Speaker 1: but this lady saw him painting in a park and 601 00:25:47,240 --> 00:25:49,320 Speaker 1: she said, hey, will you paint a portrait of me 602 00:25:49,359 --> 00:25:52,119 Speaker 1: really quickly? And he did it, He like quickly, in 603 00:25:52,440 --> 00:25:55,479 Speaker 1: thirty seconds, quickly painted this portrait of her. It was 604 00:25:55,680 --> 00:25:57,800 Speaker 1: abstract and it was beautiful. And he hands it to 605 00:25:57,840 --> 00:25:59,840 Speaker 1: her and she's like, thank you so much, this is 606 00:25:59,840 --> 00:26:03,200 Speaker 1: a amazing What do I owe you? And he says 607 00:26:03,560 --> 00:26:06,520 Speaker 1: and she's like, what that took you thirty seconds? And 608 00:26:06,600 --> 00:26:09,120 Speaker 1: he says, it took me my whole life, actually, right, 609 00:26:09,520 --> 00:26:12,040 Speaker 1: And it's true. It's like these things that we have 610 00:26:12,200 --> 00:26:13,919 Speaker 1: learned how to do, that we've gotten good at, that 611 00:26:13,960 --> 00:26:16,600 Speaker 1: have become part of our skill set. It's not just 612 00:26:16,800 --> 00:26:18,720 Speaker 1: how long it took us, how quickly we can, you know, 613 00:26:18,720 --> 00:26:21,800 Speaker 1: whip together fiords to send over to somebody, or how 614 00:26:21,840 --> 00:26:24,399 Speaker 1: quickly you can snap someone's head shot, right. It is 615 00:26:24,440 --> 00:26:27,400 Speaker 1: all of these other things that go into the process 616 00:26:27,440 --> 00:26:30,520 Speaker 1: that make it truly valuable to someone else. And so 617 00:26:30,560 --> 00:26:32,919 Speaker 1: I think if we think of our work in those terms, 618 00:26:33,280 --> 00:26:36,480 Speaker 1: then it kind of completely changes the landscape of how 619 00:26:36,480 --> 00:26:38,440 Speaker 1: we view our hourly rate. We don't think of it 620 00:26:39,040 --> 00:26:41,600 Speaker 1: just as one hour of our time, but we take 621 00:26:41,640 --> 00:26:44,680 Speaker 1: into consideration kind of that lifetime of learning and skill 622 00:26:44,720 --> 00:26:48,880 Speaker 1: building that goes into the whole project as well. So true, Joel. However, 623 00:26:49,280 --> 00:26:51,199 Speaker 1: what's incredibly important to keep in mind, though, is that 624 00:26:51,320 --> 00:26:53,879 Speaker 1: money that is not the only consideration that you need 625 00:26:53,880 --> 00:26:56,680 Speaker 1: to be giving towards your work. There's one really important 626 00:26:56,680 --> 00:26:58,080 Speaker 1: thing that you want to make sure that you keep 627 00:26:58,119 --> 00:27:00,200 Speaker 1: in mind, and we'll get to that right after the break, 628 00:27:09,040 --> 00:27:10,560 Speaker 1: all right, Matt, And just a second, we are going 629 00:27:10,600 --> 00:27:14,160 Speaker 1: to get into the specific way to calculate your hourly rate. 630 00:27:14,440 --> 00:27:16,919 Speaker 1: That's really important. Right When you know that number, it 631 00:27:16,960 --> 00:27:19,040 Speaker 1: helps you know when to say yes, when to say no. 632 00:27:19,320 --> 00:27:21,240 Speaker 1: It helps you kind of just know what your time 633 00:27:21,280 --> 00:27:23,440 Speaker 1: is worth. It helps you to know whether to say 634 00:27:23,520 --> 00:27:25,679 Speaker 1: yes to a d y project at home or a 635 00:27:25,680 --> 00:27:28,199 Speaker 1: side hustle project that falls into your lap. Right, But 636 00:27:28,320 --> 00:27:30,080 Speaker 1: that is not the only thing we need to take 637 00:27:30,119 --> 00:27:33,560 Speaker 1: into consideration, right. We need to take into consideration whether 638 00:27:33,600 --> 00:27:36,080 Speaker 1: we do something because we love it, right, And so 639 00:27:36,400 --> 00:27:38,520 Speaker 1: it's not always about the money. Money doesn't have to 640 00:27:38,560 --> 00:27:41,920 Speaker 1: be the final filter that you run all your decisions through. 641 00:27:42,320 --> 00:27:44,320 Speaker 1: I think it's helpful, right, but it's not the only one. 642 00:27:44,400 --> 00:27:46,560 Speaker 1: You might have a job that you love that may 643 00:27:46,600 --> 00:27:49,080 Speaker 1: not pay the absolute best. You can maybe go elsewhere 644 00:27:49,080 --> 00:27:51,720 Speaker 1: and get paid more, but you decide to stay because 645 00:27:51,760 --> 00:27:54,720 Speaker 1: you love your coworkers, you love the tasks that you perform. 646 00:27:54,760 --> 00:27:57,960 Speaker 1: I know, for me, I chose specifically Matt to work 647 00:27:58,080 --> 00:28:01,200 Speaker 1: in radio, knowing that it would ay less than probably 648 00:28:01,200 --> 00:28:03,000 Speaker 1: something else I could have gone to do, but it 649 00:28:03,080 --> 00:28:04,960 Speaker 1: was a passion of mind. It was something I really 650 00:28:05,160 --> 00:28:07,520 Speaker 1: wanted to do, and I don't regret that at all. Yeah, 651 00:28:07,520 --> 00:28:10,000 Speaker 1: you're set to go to Harvard Law, but instead you thought, 652 00:28:10,000 --> 00:28:11,800 Speaker 1: you know what, I want to talk into this microphone 653 00:28:11,800 --> 00:28:13,760 Speaker 1: for the rest of my life. Right. I was so 654 00:28:13,840 --> 00:28:16,040 Speaker 1: close to achieving that, wasn't I Well, you know, and 655 00:28:16,160 --> 00:28:17,880 Speaker 1: you mentioned loving it, but I don't think you even 656 00:28:17,920 --> 00:28:19,840 Speaker 1: have to necessarily love it. But I think even just 657 00:28:19,960 --> 00:28:22,840 Speaker 1: enjoying something right or being curious about it. Earlier you 658 00:28:22,840 --> 00:28:24,760 Speaker 1: talked about wanting to learn something and how that could 659 00:28:24,760 --> 00:28:26,880 Speaker 1: better you as a person. I think there's another level 660 00:28:26,880 --> 00:28:29,040 Speaker 1: there too, where it may not be necessarily something that 661 00:28:29,080 --> 00:28:31,680 Speaker 1: you love to do, but you're really curious and you 662 00:28:31,720 --> 00:28:33,560 Speaker 1: want to learn and you kind of want to better yourself. 663 00:28:33,960 --> 00:28:35,600 Speaker 1: There can be a lot of benefits that we get 664 00:28:35,640 --> 00:28:38,320 Speaker 1: from certain types of work that are not at all 665 00:28:38,400 --> 00:28:41,440 Speaker 1: related to earning money, but they might make us a 666 00:28:41,760 --> 00:28:45,400 Speaker 1: better or more well rounded person, right, I completely agree. Take, 667 00:28:45,440 --> 00:28:48,240 Speaker 1: for example, repairs around the house. If I'm just taking 668 00:28:48,280 --> 00:28:51,200 Speaker 1: into account my hourly wage, well, it probably doesn't make 669 00:28:51,200 --> 00:28:53,400 Speaker 1: sense for me to mow my own lawn because I 670 00:28:53,440 --> 00:28:56,080 Speaker 1: can have someone wrote it pretty inexpensively. But for me, 671 00:28:56,280 --> 00:28:58,840 Speaker 1: I like to get out there on a hot summer's day. 672 00:28:59,000 --> 00:29:00,720 Speaker 1: I like to kind of sweat it out, listen to 673 00:29:00,760 --> 00:29:03,920 Speaker 1: my tunes or a podcast, and and cut my grass. 674 00:29:03,920 --> 00:29:06,800 Speaker 1: And there's something just really fulfilling about the final product. Yeah, 675 00:29:06,800 --> 00:29:08,720 Speaker 1: I don't know what it is about cutting your own grass, 676 00:29:08,720 --> 00:29:11,480 Speaker 1: but like I completely agree with you. Like, before you start, 677 00:29:11,560 --> 00:29:14,160 Speaker 1: it looks like garbage. You know, there's leaves maybe strewing about, 678 00:29:14,520 --> 00:29:16,880 Speaker 1: wild little dandelions kind of growing up through. But then 679 00:29:16,920 --> 00:29:18,920 Speaker 1: you fire up that lawn more you hit it, and 680 00:29:18,920 --> 00:29:20,800 Speaker 1: then when you're all done, looks like you have a 681 00:29:20,800 --> 00:29:23,360 Speaker 1: real legitimate house. You know. It's like look at that yard. Yeah, 682 00:29:23,360 --> 00:29:25,120 Speaker 1: and a big boy. I just feel like a loser 683 00:29:25,200 --> 00:29:28,160 Speaker 1: if I'm sitting there drinking some lemonade just because my 684 00:29:28,280 --> 00:29:31,280 Speaker 1: time is worth quote unquote a certain amount watching somebody 685 00:29:31,320 --> 00:29:33,160 Speaker 1: else on my lawn like it just doesn't feel right, 686 00:29:33,200 --> 00:29:35,680 Speaker 1: and so I think you have to take into consideration 687 00:29:35,800 --> 00:29:37,560 Speaker 1: those things. And there are other things that are similar 688 00:29:37,560 --> 00:29:39,400 Speaker 1: to that that I don't mind doing. But then there 689 00:29:39,440 --> 00:29:41,520 Speaker 1: are other things that, like we talked about my break 690 00:29:41,600 --> 00:29:44,200 Speaker 1: job that I'm just way more comfortable farming out to 691 00:29:44,520 --> 00:29:47,760 Speaker 1: somebody else. And so earlier we talked us well about 692 00:29:47,880 --> 00:29:50,640 Speaker 1: making purchases like shopping right, and so when it comes 693 00:29:50,680 --> 00:29:54,200 Speaker 1: to that, it's worth considering your values. It might not 694 00:29:54,360 --> 00:29:57,600 Speaker 1: be the wisest decision from a financial standpoint for you 695 00:29:57,640 --> 00:30:00,600 Speaker 1: to spend a bunch of your time going to thrift 696 00:30:00,640 --> 00:30:04,000 Speaker 1: stores phitting up the garage sales, but you know, for you, 697 00:30:04,400 --> 00:30:06,680 Speaker 1: deep down, you might realize that it is important to 698 00:30:06,720 --> 00:30:09,080 Speaker 1: you to help reduce the waste and consumption in the world. 699 00:30:09,400 --> 00:30:10,960 Speaker 1: And maybe there's a part of you that sort of 700 00:30:11,040 --> 00:30:13,440 Speaker 1: rushes and hunt, you know, to find that good deal, 701 00:30:13,760 --> 00:30:15,240 Speaker 1: and you know that it's not worth your time, but 702 00:30:15,280 --> 00:30:17,320 Speaker 1: you know what, you really enjoy it. At the same time, 703 00:30:17,320 --> 00:30:19,640 Speaker 1: it liigns up with how you view consumption and purchasing 704 00:30:19,640 --> 00:30:21,760 Speaker 1: new items. Being able to live in a way that 705 00:30:21,800 --> 00:30:24,880 Speaker 1: reflects your core beliefs goes beyond the dollar, and it's 706 00:30:24,880 --> 00:30:27,400 Speaker 1: not something that you can austin quantify, but deep down 707 00:30:27,440 --> 00:30:30,040 Speaker 1: for you personally, you know that you're doing the right thing. Yeah, 708 00:30:30,080 --> 00:30:33,120 Speaker 1: And like one of those values might be realizing that 709 00:30:33,200 --> 00:30:35,840 Speaker 1: you want to get better at something, knowing that you 710 00:30:35,880 --> 00:30:38,600 Speaker 1: want to learn a new skill. I think they're just 711 00:30:38,640 --> 00:30:42,520 Speaker 1: all sorts of different ways that we can rationalize and 712 00:30:42,600 --> 00:30:46,320 Speaker 1: acceptably rationalize that we are willing to take on things 713 00:30:46,360 --> 00:30:49,560 Speaker 1: that don't necessarily pay our hourly rate, but there are 714 00:30:49,600 --> 00:30:52,880 Speaker 1: other reasons that make it worthwhile. Yeah, you know something else, 715 00:30:52,880 --> 00:30:54,880 Speaker 1: I'm just realizing now. One of the reasons I think 716 00:30:54,920 --> 00:30:56,840 Speaker 1: I like cutting grass so much is because what I 717 00:30:56,880 --> 00:30:59,360 Speaker 1: basically do all day I sit down and I'm sitting 718 00:30:59,400 --> 00:31:01,040 Speaker 1: at a computer, and I think for a lot of people, 719 00:31:01,080 --> 00:31:03,120 Speaker 1: that's that's the case, right, Like you're sitting there, you're 720 00:31:03,160 --> 00:31:05,400 Speaker 1: not moving your body. And one of the things I 721 00:31:05,440 --> 00:31:08,320 Speaker 1: love to do is work outside in the yard. And 722 00:31:08,360 --> 00:31:11,040 Speaker 1: a reason for that is because I love being able 723 00:31:11,080 --> 00:31:13,800 Speaker 1: to move around, move my body, work, my muscles feel 724 00:31:13,840 --> 00:31:15,360 Speaker 1: a little bit sore that night when I lay down 725 00:31:15,400 --> 00:31:17,640 Speaker 1: in bed and sleep well at night. So much of 726 00:31:17,640 --> 00:31:20,840 Speaker 1: our work these days is digital and doesn't require, you know, 727 00:31:20,880 --> 00:31:23,280 Speaker 1: hardly any movement at all from our bodies except for 728 00:31:23,320 --> 00:31:25,360 Speaker 1: our fingers, you know, on a keyboard or on the mouse. 729 00:31:25,800 --> 00:31:28,720 Speaker 1: And so I think finding ways to incorporate manual labor 730 00:31:28,800 --> 00:31:32,280 Speaker 1: into our lives is a very worthwhile endeavor. Yeah, it 731 00:31:32,320 --> 00:31:36,160 Speaker 1: pays dividends and go beyond straight up money, right, health, Right, 732 00:31:36,160 --> 00:31:38,720 Speaker 1: what's more valuable than that in the long term. Yeah, 733 00:31:38,760 --> 00:31:41,560 Speaker 1: And I think another thing to take into consideration besides 734 00:31:41,600 --> 00:31:44,479 Speaker 1: those things is how readily available is your work. Just 735 00:31:44,520 --> 00:31:47,240 Speaker 1: because you've identified that you make fifty or a hundred 736 00:31:47,240 --> 00:31:49,720 Speaker 1: dollars an hour, well, that doesn't automatically mean that you 737 00:31:49,760 --> 00:31:52,440 Speaker 1: can pay for any chore or errand where you can 738 00:31:52,440 --> 00:31:56,040 Speaker 1: pay someone fifteen dollars an hour instead. Most folks can't 739 00:31:56,080 --> 00:31:58,640 Speaker 1: just turn on the money's pigot and do some work 740 00:31:58,640 --> 00:32:00,880 Speaker 1: whenever they want to earn addition, no money. It's not 741 00:32:00,920 --> 00:32:02,720 Speaker 1: like there's work just stacked up for us that we 742 00:32:02,760 --> 00:32:05,000 Speaker 1: can put off until the exact moment that we want 743 00:32:05,000 --> 00:32:07,000 Speaker 1: to do it. If you're lucky, maybe you are in 744 00:32:07,040 --> 00:32:09,760 Speaker 1: that position and that sounds kind of amazing, but that's 745 00:32:09,800 --> 00:32:11,720 Speaker 1: not the case from us folks, right right. Yeah, So 746 00:32:11,800 --> 00:32:14,720 Speaker 1: you have to take into consideration whether or not you 747 00:32:14,760 --> 00:32:17,600 Speaker 1: could spend that additional time that you are farming out 748 00:32:17,640 --> 00:32:21,239 Speaker 1: those tasks actually working and bringing in some income. And 749 00:32:21,280 --> 00:32:24,160 Speaker 1: that's definitely an important thing to make sure you've thought 750 00:32:24,160 --> 00:32:28,360 Speaker 1: through before you start hiring the cleaning service or paying 751 00:32:28,360 --> 00:32:30,480 Speaker 1: someone to know your lawn. That's right, man, And so 752 00:32:30,520 --> 00:32:32,400 Speaker 1: now let's go ahead and dive into how to actually 753 00:32:32,400 --> 00:32:35,960 Speaker 1: calculate your hourly rate. It shouldn't be a surprise to 754 00:32:36,040 --> 00:32:37,800 Speaker 1: most folks that it's pretty simple. But you just take 755 00:32:37,840 --> 00:32:39,800 Speaker 1: the number of values you work a week and you 756 00:32:39,920 --> 00:32:42,320 Speaker 1: multiply that by the number of weeks that you work. 757 00:32:42,520 --> 00:32:44,560 Speaker 1: Do we need like mc squared or anything like that 758 00:32:44,560 --> 00:32:47,200 Speaker 1: in this formula not at all. Maybe. So for example, 759 00:32:47,240 --> 00:32:49,160 Speaker 1: let's let's say you work forty hours a week, and 760 00:32:49,160 --> 00:32:51,560 Speaker 1: you can multiply that by let's say fifty weeks of 761 00:32:51,560 --> 00:32:53,040 Speaker 1: the year, assuming you know, you get a couple of 762 00:32:53,040 --> 00:32:55,400 Speaker 1: weeks off around the holidays, maybe a week off in 763 00:32:55,400 --> 00:32:57,520 Speaker 1: the summer, that kind of thing, and that gives you 764 00:32:57,560 --> 00:33:00,480 Speaker 1: two thousand hours a year that you work. And an example, 765 00:33:00,560 --> 00:33:02,480 Speaker 1: let's say that you make fifty thou dollars a year, 766 00:33:02,560 --> 00:33:04,120 Speaker 1: So you just take that and you divide that by 767 00:33:04,120 --> 00:33:06,800 Speaker 1: the two thousand hours. That gives you twenty five dollars 768 00:33:06,880 --> 00:33:09,680 Speaker 1: an hour. It seems pretty straightforward, but let's not forget 769 00:33:09,720 --> 00:33:12,080 Speaker 1: to add in that additional time that we talked about 770 00:33:12,200 --> 00:33:15,200 Speaker 1: when you're trying to quantify your true hourly rate. You know, 771 00:33:15,200 --> 00:33:17,480 Speaker 1: you're talking maybe about fifteen minutes getting ready in the morning, 772 00:33:17,680 --> 00:33:20,160 Speaker 1: let's say a thirty minute commute each way to work. 773 00:33:20,680 --> 00:33:23,280 Speaker 1: And then you know, Joel, you mentioned time that you 774 00:33:23,280 --> 00:33:25,760 Speaker 1: spend in the evenings doing more work. Maybe that's just 775 00:33:25,920 --> 00:33:27,720 Speaker 1: doing some emails or even kind of getting back to 776 00:33:27,720 --> 00:33:30,400 Speaker 1: a few texts or even taking a call. So that's 777 00:33:30,400 --> 00:33:32,440 Speaker 1: basically an hour and a half. You're looking at seven 778 00:33:32,480 --> 00:33:35,680 Speaker 1: and a half hours every week, which honestly sounds kind 779 00:33:35,680 --> 00:33:37,560 Speaker 1: of light on the scale, right and what most people 780 00:33:37,920 --> 00:33:40,520 Speaker 1: Most people are working more than that outside of that 781 00:33:40,920 --> 00:33:43,600 Speaker 1: regular forty hour or day job. Yeah exactly, I feel 782 00:33:43,600 --> 00:33:46,080 Speaker 1: like that's a fairly conservative. But you know, for a 783 00:33:46,080 --> 00:33:47,960 Speaker 1: week though, you're looking in at forty seven and a 784 00:33:48,000 --> 00:33:52,360 Speaker 1: half hours total, And so that same fifty dollars salary, 785 00:33:52,520 --> 00:33:54,640 Speaker 1: it's not paying twenty five dollars an hour anymore. It 786 00:33:54,720 --> 00:33:58,080 Speaker 1: is now only paying an hour. I mean, that's almost 787 00:33:58,880 --> 00:34:01,959 Speaker 1: pay cut. That may not seem a lot to you, 788 00:34:02,000 --> 00:34:04,160 Speaker 1: but like that's a lot of money. And so I 789 00:34:04,240 --> 00:34:06,120 Speaker 1: don't know this, this isn't super difficult to do, but 790 00:34:06,160 --> 00:34:08,879 Speaker 1: we want to encourage folks to actually, like do the math, 791 00:34:09,239 --> 00:34:11,360 Speaker 1: maybe take note of additional time that you put towards 792 00:34:11,360 --> 00:34:13,680 Speaker 1: your work. Jill. Ever since the episode ninety where we 793 00:34:13,719 --> 00:34:16,760 Speaker 1: had Laura on talking about valuing your time, actually started 794 00:34:16,800 --> 00:34:19,200 Speaker 1: logging my time to see where is my time going? 795 00:34:19,239 --> 00:34:21,279 Speaker 1: How much time am I spending on different things in 796 00:34:21,320 --> 00:34:22,759 Speaker 1: my life? How much time am I spending on work? 797 00:34:22,800 --> 00:34:25,080 Speaker 1: How much time am I spending on family? Because it's 798 00:34:25,120 --> 00:34:26,960 Speaker 1: sort of like we said then, it's it's sort of 799 00:34:27,000 --> 00:34:30,120 Speaker 1: like tracking your spending, Like you can't make improvements and 800 00:34:30,160 --> 00:34:33,520 Speaker 1: you can't make informed decisions until you know what you're 801 00:34:33,520 --> 00:34:35,520 Speaker 1: actually spending. And that's true when it comes to your 802 00:34:35,560 --> 00:34:38,520 Speaker 1: money and with your time. And so I would encourage folks, 803 00:34:38,560 --> 00:34:40,799 Speaker 1: you know, if not start logging your time, to at 804 00:34:40,880 --> 00:34:42,759 Speaker 1: least try to think through how much time am I 805 00:34:42,840 --> 00:34:45,319 Speaker 1: actually spending on my work because from there you can 806 00:34:45,360 --> 00:34:48,440 Speaker 1: start making some informed decisions as to whether or not 807 00:34:48,600 --> 00:34:51,000 Speaker 1: your work is worth it and what changes you can 808 00:34:51,000 --> 00:34:54,200 Speaker 1: make their. Yeah, so this actually makes me think two things. 809 00:34:54,320 --> 00:34:56,720 Speaker 1: As we go through the process of helping people see 810 00:34:56,920 --> 00:34:59,440 Speaker 1: the formula with which they can figure out their hourly 811 00:34:59,520 --> 00:35:01,640 Speaker 1: rate and make as me think that one people might 812 00:35:01,680 --> 00:35:04,279 Speaker 1: be getting paid less than they thought they were. People 813 00:35:04,360 --> 00:35:06,360 Speaker 1: might think I'm making a good salary or oh my 814 00:35:06,440 --> 00:35:08,920 Speaker 1: hourly rate strong when you factor in the they work 815 00:35:08,960 --> 00:35:12,000 Speaker 1: seven hours a week, right, Yeah, especially when you take 816 00:35:12,040 --> 00:35:15,239 Speaker 1: into account the commute, getting ready, all these other things 817 00:35:15,280 --> 00:35:18,440 Speaker 1: that go into work that we don't typically factor in. Well, 818 00:35:18,520 --> 00:35:20,680 Speaker 1: their hourly rate is actually less than they thought it was. 819 00:35:21,000 --> 00:35:22,719 Speaker 1: And I think the second thing that makes me think 820 00:35:23,000 --> 00:35:25,399 Speaker 1: is is that there are ways that we can then 821 00:35:25,480 --> 00:35:28,000 Speaker 1: improve our hourly rate. And that's not something that we're 822 00:35:28,040 --> 00:35:30,840 Speaker 1: going to get into on this episode. I'll just mention briefly, 823 00:35:30,920 --> 00:35:33,800 Speaker 1: really quickly, that you know, a shorter commute or spending 824 00:35:33,880 --> 00:35:36,640 Speaker 1: less on clothing associated with our work, like, these are 825 00:35:36,680 --> 00:35:40,280 Speaker 1: things that we can actually directly bring down the costs 826 00:35:40,400 --> 00:35:43,799 Speaker 1: that are related to our work and therefore improve our 827 00:35:43,800 --> 00:35:46,000 Speaker 1: hourly rate. There are all sorts of other ways to 828 00:35:46,000 --> 00:35:47,600 Speaker 1: do this as well, right, But I think for some 829 00:35:47,640 --> 00:35:49,560 Speaker 1: people it may be an eye opener that when they 830 00:35:49,600 --> 00:35:52,400 Speaker 1: actually see their hourly rate and they stared in the face, 831 00:35:52,719 --> 00:35:55,319 Speaker 1: that maybe it needs to lead to some change, some 832 00:35:55,400 --> 00:35:57,480 Speaker 1: change in the things that we actually tackle on our 833 00:35:57,520 --> 00:36:01,600 Speaker 1: own and the services that we hire, and maybe how 834 00:36:01,600 --> 00:36:03,040 Speaker 1: we commute to work. I don't know, like all these 835 00:36:03,040 --> 00:36:06,600 Speaker 1: different things that we can change based on seeing this. Yeah, man, exactly. 836 00:36:06,640 --> 00:36:09,399 Speaker 1: You know hopefully that this episode is essentially a wake 837 00:36:09,480 --> 00:36:12,200 Speaker 1: up call and will allow folks to examine the areas 838 00:36:12,200 --> 00:36:14,400 Speaker 1: of life that we've talked about in this episode. I know, 839 00:36:14,520 --> 00:36:18,120 Speaker 1: sometimes just reframing an issue, just seeing the problem in 840 00:36:18,160 --> 00:36:20,680 Speaker 1: a new light, just being cognizant of what my hourly 841 00:36:20,760 --> 00:36:23,520 Speaker 1: rate actually is. I think if we do this, it's 842 00:36:23,520 --> 00:36:26,600 Speaker 1: going to lead to all sorts of maybe not major changes, 843 00:36:26,640 --> 00:36:29,600 Speaker 1: maybe major changes, but maybe just these little changes, right, 844 00:36:29,680 --> 00:36:31,480 Speaker 1: and that give us a little more confidence, to give 845 00:36:31,520 --> 00:36:33,480 Speaker 1: us a little more no how, and that just kind 846 00:36:33,480 --> 00:36:35,680 Speaker 1: of change our perspective in towards of ways that we 847 00:36:35,680 --> 00:36:37,680 Speaker 1: shop and the ways that we live outside of work too. 848 00:36:37,880 --> 00:36:40,200 Speaker 1: Let's go ahead now and I'll direct us back to 849 00:36:40,239 --> 00:36:44,200 Speaker 1: the beer. For this episode, we had seismic positivity by 850 00:36:44,239 --> 00:36:47,839 Speaker 1: Pipeworks Brewing and a big thanks again to Russ. This 851 00:36:47,880 --> 00:36:50,439 Speaker 1: is a beer out of Chicago. I will say upon 852 00:36:50,560 --> 00:36:53,759 Speaker 1: first sip, I was blown away at how fresh this 853 00:36:53,840 --> 00:36:55,960 Speaker 1: beer tasted. I don't know, I guess because it's Chicago, 854 00:36:56,040 --> 00:36:59,200 Speaker 1: which sounds really far away. In my mind, that's just 855 00:36:59,320 --> 00:37:01,120 Speaker 1: too far away. I mean, it wasn't getting shipped on 856 00:37:01,160 --> 00:37:04,360 Speaker 1: horseback too. Yeah, exactly like an old postal service carrier, 857 00:37:04,440 --> 00:37:06,920 Speaker 1: you know, like on a horse imagining like the organ trail, 858 00:37:08,040 --> 00:37:09,879 Speaker 1: your beer taking that long to get there. I'm thinking 859 00:37:09,880 --> 00:37:12,360 Speaker 1: of the Kevin Costler movie that someone die of dysenteria 860 00:37:12,400 --> 00:37:14,160 Speaker 1: on the way for us to get our beer. Yeah, 861 00:37:14,160 --> 00:37:16,920 Speaker 1: at least a broken wagon axle or two. You know. Actually, 862 00:37:16,920 --> 00:37:18,640 Speaker 1: all I did an organ trail was hunt. You know 863 00:37:18,640 --> 00:37:20,360 Speaker 1: this this scene where like he was going in the 864 00:37:20,440 --> 00:37:22,560 Speaker 1: hunt and she I would always get way more meat 865 00:37:22,600 --> 00:37:25,279 Speaker 1: than I could carry back to my family. Yeah, you're 866 00:37:25,280 --> 00:37:28,799 Speaker 1: the family that died of dysenteria. Probably, But I don't know. 867 00:37:28,840 --> 00:37:31,120 Speaker 1: In my mind, I guess because it's far away. I'm silly, 868 00:37:31,200 --> 00:37:33,560 Speaker 1: but I thought, Okay, this will be pretty good. But yeah, 869 00:37:33,600 --> 00:37:35,560 Speaker 1: when I sipped this s beer, man, it tasted alive 870 00:37:36,200 --> 00:37:39,399 Speaker 1: and fresh, and this is exactly what I'm looking for 871 00:37:39,440 --> 00:37:41,600 Speaker 1: out of an I p a totally blown away. I 872 00:37:41,719 --> 00:37:43,960 Speaker 1: love this beer and we would highly recommend it to 873 00:37:44,040 --> 00:37:47,040 Speaker 1: anyone living in and around Chicago. Check them out next 874 00:37:47,040 --> 00:37:49,560 Speaker 1: time I met Chicago, I'm gonna have to hit nowhere 875 00:37:49,560 --> 00:37:51,759 Speaker 1: to go pipe works. For sure. It was bright and 876 00:37:51,800 --> 00:37:55,239 Speaker 1: it was hoppy in this perfect way, I thought. So yeah, 877 00:37:55,280 --> 00:37:57,320 Speaker 1: I really enjoyed the beer too, And big thanks to 878 00:37:57,400 --> 00:38:00,439 Speaker 1: Russ for sending this one our way cool. So Joel, 879 00:38:00,440 --> 00:38:01,719 Speaker 1: you know, on this one, I don't think we're gonna 880 00:38:01,719 --> 00:38:04,160 Speaker 1: do a final thoughts, Like, overall, this is a fairly 881 00:38:04,200 --> 00:38:06,040 Speaker 1: simple concept and we spend a lot of time talking 882 00:38:06,080 --> 00:38:07,960 Speaker 1: about it and fleshing it out, but like, when it 883 00:38:08,000 --> 00:38:12,200 Speaker 1: comes down to it, it's not crazy difficult. Although the 884 00:38:12,280 --> 00:38:14,680 Speaker 1: numbers can kind of be tricky when we're talking about 885 00:38:14,719 --> 00:38:17,279 Speaker 1: them on the podcast. So you know, in the show notes, 886 00:38:17,320 --> 00:38:18,799 Speaker 1: we can kind of put the little formula there for 887 00:38:18,840 --> 00:38:20,239 Speaker 1: you to, you know, see all that laid out, and 888 00:38:20,280 --> 00:38:21,880 Speaker 1: you can kind of plug in your own numbers and 889 00:38:21,880 --> 00:38:23,840 Speaker 1: hopefully that will make that easier for you. Yeah, and 890 00:38:23,840 --> 00:38:26,040 Speaker 1: I think if people start logging their time kind of 891 00:38:26,040 --> 00:38:28,760 Speaker 1: like yeah, right, that can actually help you see, Okay, 892 00:38:29,000 --> 00:38:32,279 Speaker 1: what hours am I actually putting towards work? What are 893 00:38:32,280 --> 00:38:34,960 Speaker 1: these extra extraneous hours that I thought were mine that 894 00:38:35,120 --> 00:38:37,839 Speaker 1: really they're going towards getting ready for work, getting to work, 895 00:38:37,840 --> 00:38:40,400 Speaker 1: coming home, from work, winding down all these kind of 896 00:38:40,400 --> 00:38:42,839 Speaker 1: things that will really help us kind of reframe and 897 00:38:42,880 --> 00:38:45,399 Speaker 1: do the math correctly so that we can get an 898 00:38:45,400 --> 00:38:48,640 Speaker 1: accurate view of what our hourly rate actually is. Yeah, Joel, 899 00:38:48,680 --> 00:38:50,239 Speaker 1: that's right, and so again, you know, those show notes 900 00:38:50,239 --> 00:38:52,240 Speaker 1: will be up on the website at how It's money 901 00:38:52,320 --> 00:38:55,120 Speaker 1: dot com. And if you found this episode helpful, to 902 00:38:55,160 --> 00:38:57,239 Speaker 1: share it with a friend who you think might enjoy 903 00:38:57,280 --> 00:39:00,160 Speaker 1: two dudes talking about money in a relatable way, or 904 00:39:00,160 --> 00:39:02,920 Speaker 1: even an enemy. Right, you can the person that you 905 00:39:02,960 --> 00:39:05,560 Speaker 1: hate the most in this life tell them about this podcast, 906 00:39:05,719 --> 00:39:07,080 Speaker 1: and you know what, it might be the perfect way 907 00:39:07,080 --> 00:39:10,040 Speaker 1: to get under their skin. I think you would call 908 00:39:10,080 --> 00:39:11,680 Speaker 1: them a friend of me because they're like, they're helping me, 909 00:39:12,200 --> 00:39:14,520 Speaker 1: But I hate that person, So what are they trying 910 00:39:14,560 --> 00:39:16,280 Speaker 1: to do? You know what? That term just finally clicked 911 00:39:16,280 --> 00:39:19,520 Speaker 1: in my head. I get it, I understand it all right. 912 00:39:19,600 --> 00:39:21,680 Speaker 1: That was a good one, Matt. Until next time, Buddy, 913 00:39:21,800 --> 00:39:23,239 Speaker 1: Best Friends Out, Best Friends Out.