Strategist with ~1.5 years of experience, got offered first freelance gig. How do I determine my rate? I’ve distilled $63k/year (what imo I’m worth) down to an hourly rate, anything else to consider?

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Figure out whatever you want to make this year. For you, let’s round up your $63k to 65.

There are 52 weeks in a year. That’s the time you have to make $65k.

You want two weeks’ vacation. Now you have 50 weeks a year to earn 65k.

You have 40 hours a week, for 50 weeks. 2000 hours a year.

65,000/2,000=32.50 an hour

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As someone who has been freelancing almost two decades, you want to reduce the number of weeks per year to get your rate, unless your are constantly turning gigs down. Ie, 65000/1600, based off 40 weeks per year. And if you are 1099, put 20% of every paycheck into a high interest account for your quarterly tax payments. The above formula is likely setting you up to make less, not match your current earnings. My example gives you a chance to make 20% more without pricing yourself out of new business.

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Factor in health insurance!!

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Fake an English accent and double your money.

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Take your annual and multiply it by 2x-2.5xand then divide that out for your hourly rate. Alternatively, drop 0s and your day rate is 650. I’ve seen both but personally go with the first option to cover off on expenses and time off.

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