I should be a personal-finance carnie
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I was at a July 4th BBQ on Wednesday and my friend mentioned how she’s 100% billable right now. That means that every hour she works is billed to a client.
So, in the spirit of being overly competitive with small amounts of information, I decided to try to guess the difference between her income and the amount her firm bills her out at. For example, if her salary comes out to $25/hour and her firm bills her out at $100/hour, the answer would be 4x. (How to calculate your hourly wage from your annual salary.)
I guessed “10x” by assuming that she made $40/hour and her company billed out at $400/hour. Turns out I was off for a couple pieces of data, but I was almost exactly right about the other one. I did this while sitting barefoot and eating a huge piece of meat. I know, I know. How do I do it?
Can anyone guess the right answer?
Here’s a hint: The correct answer was 7x
Hint 2: She’s 25 years old and a senior consultant at a litigation-consulting firm
Tonight, I’m hosting the “Ramit’s Shark Tank” event, where I’ll critique real business ideas and show you ...Read More