I was talking to some people today about the hourly rate that people charge in specific professions in various industries. We were talking about numbers varying from say $30 to $500 an hour with professions such as a say a lawyer or a professional business consultant.

It was kind of interesting to see people’s different views on the matter on what qualifies as a legitimate factor for people to establish a fair hourly rate. Some people mentioned factors such as they paid for a lot of school education and so that would be a factor. Others say it should depend on the uniqueness of their skills/offerings.

It’s always fun too see people who don’t actually work in a particular field go off on how it just seems expensive to say pay someone a $100 an hour to draft up what seems like a simple letter. Other examples would be things like public speaking. My personal view for the most part is that it comes down to if the person can get the job done within your expectation. It usually pays for itself in the long run.

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One of my friends was telling me how a person he knew decided to take on two jobs to earn more income. On paper it sounded like a good idea as the person could be earning say an extra $500 to $1000 a week by doing so. Ironically, that wasn’t really the case.

By earning more income, the person was now placed in a higher tax bracket which resulted in more income tax deductions. Unfortunately, the person ended up working a lot more without seeing the expected financial return. I’ve seen this happen before in other situations as well such as people getting a raise at their job and due to being placed in a higher tax bracket afterwards the gain isn’t so great.

So if your intent is to earn more money, it would be wise to research what the tax brackets are ahead of time to give you a good idea on what he real outcome would be.

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