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Yah, I wanna know too.
I don't work in finance but the easy rule is you subtract two zeros for day rate and three for hourly. So if you make 100k, you'd be 1000/day or 100/hr.
Then that's your starting point for negotiation. I am that example, and I usually get around 800/day.
My formula is to multiply my hourly rate by 2 and add zeroes.
So, if I’m making 70/hr that would equal 140k/yr. you need to account for benefits and such as well, but I find this is the best equation to find your best rate
My formula is annual x 2, divided by 2000 for hourly
FSD so it’s your annual salary/1000. I’ll be charging you $150 for that
Doesn’t anyone else just take the day rate and multiply by five, then four, then 12?
650/day x 5 days = 3250 x 4 weeks = 13,000 x 12 = 156,000
How does $1,000/day = 100k? Do you just assume you’ll only work 100 days out of the year?
You have to account for the extra you're spending in benefits. Salary positions have them, freelance doesn't.
Yes but simply adding/subtracting zeros doesn’t do that...
It's called a trick, it's obviously not perfect. Your method is also extremely flawed because you can't assume you'll be booked 100% of the year. You aren't even accounting for holidays.
I account for that myself and I assume I’ll be working 70-85% of the time and I also look at taxes etc. I’m not really sure why this calculation needs to be so fast anyway. My calculations are based on risk and worst case scenarios. You are taking this personally I was just asking about additional calculations and am interested in yours. Not trying to argue just interested in what other people are doing.