How Much Is Enough To Make Per Hour?

hey there it’s David H Lawrence the 17th
and today I want to talk to you about
the equivalencies between
entrepreneurship working for yourself
working to build your own business and
working for someone else working to
build their business working on a team
but being paid a salary an hourly rate
you know we often talk about what
success is as an entrepreneur in terms
of satisfaction in terms of being happy
in terms of moving forward in terms of
growing in terms of growing a brand
business product or a service but we
never actually at least I don’t hear
very much people talking about
where the line is what is the line of
okay I’m a success or I’m not a success
yet and I think that it’s actually for
some people a math problem you know how
much money am I making am i able to pay
my bills and I’m able to pay my my car
payment my rent my mortgage am I able to
pay for food am I able to pay for my
family and so on and let me give you a
real quick easy math problem you tell me
if this makes sense if you compare what
you make as an entrepreneur versus what
you could make as an hourly employee or
as a salaried employee
if you do the math you have say 50 weeks
out of the year take two weeks for
vacation 40 hours a week that’s 2,000
hours a year that you’re paid for and
let’s say that you’re paying the
equivalent of what would be 33% in taxes
1/3 in taxes because if you’re an
entrepreneur you’d have to pay business
tax you’d have some other expenditures
and so on so just to equivalent
everything out let’s make it 33% so if
you wanted to make $100,000 per year
that would be $35 an hour 2,000 hours
about $35 I know so
for every hour you spend looking for
work whether that figure is $35 or $50
or $70 or whatever and whether or not
$100,000 is your your line I’m either
not a success if I’m not reaching that
point or I am a successful not in some
parts of the country that wouldn’t be
enough
he’s a 200,000 maybe in some parts of
the country it’s half that 50,000
depends upon where you live right but
for every hour that you spend in an
effort toward your entrepreneurial life
toward the product the service the work
that you do that means training for that
work that means acquiring the tools for
that work that means looking for that
work it means researching the client
base researching what’s needed
researching the demand for your work
promoting the idea that you’re available
for the work right see all of these
things are the things that usually a
company that you might work for on an
hourly basis would provide for you or do
for you separately from your job
how about purchasing the tools you need
billing for your work collecting when
those bills aren’t paid for your work
educating yourself to do better work
forming a team to be able to do work
more efficiently and then doing the work
just doing the work right you need to
make $35 an hour 40 hours a week 50
weeks out of the year and obviously most
of those hours are not going to be
productive if you’re doing all those
other things so the question that I have
for you is what is your line what is
your number what is what is what you
would be happy with satisfied with
once you figure out what that is the
question is are you motivated to be
independent to lead a team perhaps to
acquire that for yourself we’re always
trying to figure out you know God if I
just had sort of a day job I could rely
on then I could do this on the side or
we think to ourselves I could never make
that much money as an entrepreneur so I
have to have that day job or I’m just
gonna have a day job I’m gonna find a
job with a radio station or I’m gonna
find a job in a library somewhere or I’m
gonna find a job manufacturing or being
part of the gig economy driving an uber
or delivering for doordash or whatever
where are you what’s your goal what’s
your litmus test
are you making $35 an hour or whatever
it is that you require I want to know in
the comments below I’d love to figure
out what math you do to see if you are
successful or do you just rely on the
fact that if you’re happy you’re
successful if you’re satisfied not
working for the man not being taken
advantage of by the corporate machine
and rather being your own corporate
machine for your own benefit what’s your
what’s your equation what’s your math
problem tell me in the comments below
especially if you’re watching this on
vo2 go go comm if you’re watching on
youtube use the link to go over to vo2
go go comm before you make a comment
because that’s where the conversation is
kind of normalized there’s no haters or
trolls allowed over there I’d love to
have a normal conversation about these
sorts of things and it’s okay if the
answer isn’t clear because that’s part
of the fun of being an entrepreneur is
figuring out what your metric for
success is pretty much guarantee you
that whatever you thought your metric
for success was when you started oh if I
could only make X amount of dollars it’s
gonna change by the time you reach what
you feel is success it’s going to change
it’s gonna morph into something more
than that let me know in the comments
below I’d love to hear from you I’d love
to find out what makes you tick what
makes you happy what makes you feel
successful if you’d like to join my
youtube channel go ahead and click on my
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frame YouTube will play it for you I’m
David H Lawrence xvii I thank you so
much for watching and I will talk to you
tomorrow.