Josh Monen

Sharing my journey through life.

Tag: money

$80/hr vs $200/hr Projects

I work as a freelance copywriter and I own a marketing agency.

So most my time is divided between those two areas. And recently I wanted to know how much I’m making per hour as a copywriter vs as an agency owner.

Since I use a free app called Toggl to track all my time, it was pretty easy to figure out.

First, I did the math on a $5,575 copywriting job I just finished. It took me 65 hours to do so I made $85.77/hr.

Then I ran a report on another recent copywriting project I did. My rate was $4,275 and it took me 54 hours to do, bringing my hourly rate to $79.16.

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Stewarding Time Like Money

Early on in our marriage we decided we wanted to be debt free.

So we went through Dave Ramsey’s Financial Peace University at a local church in Tigard, OR.

We stopped eating out so much, started budgeting and paid off all our debt.

It was a great feeling when we finally paid our last debt (we had less than $20,000 so it wasn’t a crazy amount but it still felt great).

Another positive side effect of learning how to budget money is that it also teaches you how to budget time.

For example, most people think the solution to their money problems is that they just need more of it.

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Update on My Recurring Revenue Goal

Last year I decided to move away from working with clients who only had one-off projects to clients who had monthly ongoing needs.

My thinking was that this was the best way to predictable monthly income. And that’s turned out to be true.

Right now I’m making 81% of my income from clients who I’m working with on a monthly basis. And I love it.

It has definitely not been an easy road though. Like I said, I made this decision last year and after a lot of trial and error I finally feel like I’m hitting my stride here.

It’s a good reminder that even though we usually don’t know how our goals will come to pass, it’s still important to set, and pursue, them.

OK… enough motivational talk. Let me tell you how I got these clients because that’s what you really want to know, right?

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How To Create More Margin in Your Finances

I realize I need more margin in my life.

I’m constantly trying to cram too many projects and tasks into my day and it’s not sustainable.

And when I think about it the problem is bigger than just how I schedule my days. It also affects my finances.

For example, if I operate with no margin financially then I create unnecessary stress and pressure in my life. If we have a big unexpected expense and we have no emergency fund then there’s suddenly a major problem in our family.

However, if we have a fully-funded emergency fund (which we define as at least 6 months of living expenses) then the “emergency” gets downgraded from a Category 4 to a Category 1 storm.

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