Last Updated on 8 months by Anoob P T
Want to know $ 50000 a Year is How Much an Hour?
For your salary of $50000 a Year, your per hour rate is around $24.04 an hour.
First off, if you have a job offering you $50,000, then congrats, you are doing better than most employees in the United States.
In this post, we are going to look at $50000 a Year is How Much an Hour and how you can make some extra income on the side while keeping your $50,000 a Year job.
Regardless of whether you are earning $50,000 a Year or less, you should always have a side-hustle that generates some form of income.
This will ensure that you are not fully dependent on a job and that even if you lose your job tomorrow, you are financially secure. Here are some ways to earn money online with minimal investment, if you are interested you can read it.
The confidence that a side hustle provides is beyond what a job can ever offer so if you are interested in making money online, I recommend you read some of these other posts.Â
Now let us look at $50000 a Year is How Much an Hour
A year is 52 weeks and if you work the standard work hours which is 40 hours a week, that means you work 2080 hours in a year.
Now this is a direct calculation not taking into account your paid vacation time, your over time etc.
Generally, an employer gives two or three weeks of paid off time in a year and let us look at your earnings for $50000 a Year is How Much an Hour in both these scenarios.
If your employer gives you 2 weeks of paid off time (PTO) in a year, your hourly rate increases to $25 per hour.
If your employer is more generous and gives you 3 weeks of paid off time (PTO) in a year, your hourly rate increases to $25.51 per hour.
Again, this is a direct calculation and you need to consider the other side also.
I have worked full time for over 11 years and more often than not, I find myself working overtime without any pay.
For example, most days even though my work hours are 9 (including one hour break), some projects would get stretched, and I would stay back in office.
Also, sometimes I need to work late at night from home to fix some issues and many times I would be working on the weekend as well.
It is not that I was getting paid, the job required me to do so and I did it.
Now, I do not have a full time job and I am finally experiencing what it is like to work for myself.
You can read about my experience if you are interested.
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Now let us look at $50,000 a Year is How Much Per Paycheck?
Depending on your type of employment and employers’ terms and conditions, generally there are three types of payment cycles of paychecks.
Most commonly, employees are paid monthly- which is 12 times a year.
Employees are paid biweekly or every two weeks.
Employees are paid weekly (rare, but it still happens).
$50,000 a Year is How Much Per Paycheck in these scenarios are:
$50,000 a Year per monthly paycheck is $4,166.67 before deductions.
$50,000 a Year per biweekly paycheck is $2,083.33 before deductions.
$50,000 a Year per weekly paycheck is $961.54 before deductions.
Does $50,000 a Year or $24.04 Translate to a Good Hourly Rate?
As of writing this post, minimum wage in the United States is $7 per hour so by that logic, yes you are making more than thrice the minimum wage.
Is $24.04 an hour enough for living? That depends on your expenses, whether you have debt, dependents and many other factors.
Most importantly is $24.04 an hour giving you the flexibility to enjoy your life without overtime, spending time in traffic and your overall quality of life.
For example, I rather work for a job that pays $24.04 per hour than a job that pays $35.00 per hour if it requires long hours in office, a two hour commute and is in an expensive part of your town that translates to higher rent.
If you feel like $50,000 a Year or $24.04 per hour is not enough for your lifestyle, I recommend trying some part time jobs or starting a side gig that can make you some extra income that completely changes your earnings per week.
Some ways to earn extra money if you are earning $50000 a Year are:
Join Uber/ Lyft as a Driver
The best part about the gig economy is that you can work whenever you are free. You can join Uber or Lyft as a part time driver and increase your earnings per week. This requires a driving licence or a car and if you are earning $50,000 a Year I am assuming you have both.
Door Delivery Gig
You can also earn some extra cash by becoming a door delivery agent. You can sign up for services such as Postmates or Doordash and make some extra income. I have written a detailed post comparing Postmates vs Doordash, you can read it if you are interested.
An Online Part Time Job
There are millions of people who earn additional money by offering their services part time over the internet. This includes services such as graphic design, voice overs, video editing and so on. Even if you do not have any of these skills, you can easily learn them online and start offering your services. You can start with websites such as fiverr.com, upwork.com or freelancer.com to get some gigs and build up your profile.
A Side Hustle
In my definition Anything that makes money on the side without spending considerable effort like a job is a side hustle. This includes an ecommerce store, a YouTube channel or even a blog that makes some money on the side. I have written detailed posts about how to earn money from Facebook, how to earn money from YouTube and how you can earn money from blogging, do read them if you are interested.
You an also read this post about 10 Best Paying Early Morning Jobs You can do before your actual day job.
Can I Invest Making $50,000 a Year?
Regardless of how much you make a year, you should always do two things. One save some money and two, invest some money.
Saving money is important because in the unfortunate incident that you lose your job or you are not able to work, you should have some savings for survival. In the startup world, we call this runway or how much time you have left before your runway is over.
Ideally, you should have savings to last a year so that you can easily find another job or take a break if you want to–this is what I am doing right now.
Invest in low risk financial vehicles so that your money is still liquid and you can always pull out of the investment if required.
If you have substantial savings that you are sure you do not need for years, you can invest it in long term.
Final Thoughts on $50000 a Year is How Much an Hour
Like I mentioned before, $50,000 a Year is three times better than minimum wage but it depends on whether this income is enough for you. Try to start a side hustle or get a part time job to make money without compromising your quality of life. If you need any help starting or scaling an online business, do reach out to me, I will try to help.
Related Reads:
35000 A Year is How Much An Hour & How to Make More Money [2020]
$40000 a Year is How Much An Hour & How to Make More Money [2020]
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