Perhaps I’m confused, but it seems like a lot of creative people chase projects no matter how much their client is willing to pay them. If you’re of legal working age – especially if you’re a content creator – read on. To enlighten fellow writers, here is the big any other industry or business:
FIGURE OUT HOW MUCH YOU’RE WORTH PER HOUR.
An hour is a commonly accepted unit of time for which you can get paid. It’s all math, no sleigh of hand or trickery. To figure this out – as with my previous thread in the Copywriting forum – there’s a formula:
[Your Fixed Financial Need] + [Your Desired Profit] / [Hours] = Your Hourly Net Worth
Net worth = money after any applicable taxes. There’s not much theory behind this, it’s just commonly overlooked; there’s money that you NEED to earn, then what you WANT to earn for fun/savings/other expenditures, and bam – that’s your worth.
For instance: mortgage/rent ($1000), food ($400), transportation payments ($300), miscellaneous expenses ($300) – this adds up to a hypothetical need of $2k [let’s assume that’s monthly]. Now, on top of that, you want to earn $500 because you like traveling and want to save up for a vacation. Do the math, and your worth is a total of $2,500.
Now, figure out how much time you work a month. Most people work 40-hour weeks, so a month is about 160 hours. Therefore, your hourly net worth is $2,500 / 160 hours = $15.63 per hour. If you live in the US and get approximately 30% of your paycheck’s total subtracted for taxes, then that means your official pay must be right around $20-$21/hr.
As an article writer, your job is to figure out how to make that, but that’s not what this thread is about. However, taking 5 minutes to do this will HELP you figure that out. Going back to our total-need-is-$2,500-a-month model: If you know that a 500-word article takes you a half an hour to write, and your hourly net worth is $15.63, then you better ask for $8 for that content today, or else you won’t be able to feed and clothe yourself tomorrow. If a 10-page web site takes you a week, then that’s 40 hours of work, which is worth at least $625.
It’s all math, folks.