3 ms·
It's missing paid holidays which are probably 8-10 per year so almost $4k more employee benefit. Two weeks of vacation is kind of minimal. I'd figure at least
by ja27 5y ago
It's missing paid holidays which are probably 8-10 per year so almost $4k more employee benefit.
Two weeks of vacation is kind of minimal. I'd figure at least three.
Health insurance varies a lot. For me it's a whole family and my last salaried job paid our deductible if we used it so it was easily a $20k benefit for us over being self-employed.
My rule of thumb has been that I need about 70% more as self-employed to be at the equivalent pay.
On the other hand, I've made a ton of extra over salaried employees during 60+ hour week crunch times.
- snow_mac 5y agoI generally budget in 48 weeks a year of actual billable time. When it's crunch time and salaried aren't making any extra, (even bonuses factored in, which generally suck), I'm making an extra $1000-2000 a week; that's fine by me. I'm happy to put in the extra effort and earn a bit more.
- biztos 5y agoMy last job had 32 days of vacation and about 10 days of public holidays, plus sick days but I was WFH so never took any. This was normal for a senior position in my geo. So while I might choose to work 48 weeks a year if extra money was on the table, for any kind of rate calculations I would count 43-44 weeks a year as being equivalent to a good salaried position.
- koheripbal 5y agoDon't forget STRESS. It is infinitely more stressful being self-employed. 9-5 M-F doesn't exist anymore. I've been working 18hr days 6-7 days per week, 52 weeks per year. It's not worth it unless it lets you retire significantly earlier.