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Need to earn and want to earn budgets

February 15, 2023by Jason Willis-Lee0

One of the first lessons I teach mentees or newbie translators is I get them used to the idea that budget is not a dirty word. I try to get them to think about a need to earn budget, which is basically geek-like knowledge of your budget almost to two decimal places of what you need to earn to make ends meet and what your costs are. And that is just putting every fixed cost that you pay more than once into an Excel sheet and really drilling down on what that cost is. The want to earn budget is obviously the need to budget plus extra accounting for retirement saving. Assuming that one day we will not be working and generating operating income. And we will want to draw income for retirement to enjoy our lives. So that’s a want to earn budget and then I encourage them to develop a traffic light indicator, where green is the target rate that we want to charge. And that’s the rates that will enable us to more or less to earn similar living to a paid employee as freelancer that accounts for social security and taxes. So that is the green light tariff. The amber lights tariff is a tariff that’s okay, but it’s not quite as good as the green. But it’s better than the red tariff which is the no way Jose tariff. The I don’t get out of bed rate. And that’s the rate below which we don’t go so that would be the minimum level of income that we need to charge a job.

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