Knowing the sum of your annual salary is important because you can use this information to budget, plan for retirement and make investments. You can also use this number to figure out how much taxes you are required to pay each year.
Knowing your annual salary can also help you compare your earnings to similar positions in other companies or organizations. 💲💲
For a better estimate, let’s first calculate $24 an hour is how much a year?💰💰💰
$24 an hour is how much a year?
To make the most out of your income, we need to know how it looks for different pay periods. That means $24 an hour is how much a year, a day, a week, a month, etc.
The breakdown will help you schedule your spending and budget and plan according to your earnings.💲💰
So, here’s how it looks for the different pay periods:📅
- $24 an hour makes: ($24 * 8 hours) = $192 per day ✅
- $24 an hour makes: ($24 * 40 hours) = $960 per week ✅
- $24 an hour makes: ($24 * 80 hours) = $1,920 biweekly ✅
- $24 an hour makes: ($24 * 2080 hours/ 12 months) = $4,160 per month ✅
- $24 an hour makes: ($3,467 * 12 months) = $49,920 per year ✅
Regardless, make note that this is only the gross income. The actual money you pocket is subject to taxes, etc.💰💰
You may expect taxes to be approximately 15%. So, you will pay about $7,488 as tax. 📜💲
This tax constitutes the federal income tax, medicare payment, and social security. Now, if you live in a state where they collect state taxes, you will be charged an additional state tax.
So the amount you pocket will be lower than the gross income. 💲💰
Is $24 per hour enough to live?🧐🧐
Yes and no. It depends on the area you live in, your lifestyle, and other factors🧑💼. For example, if you live in an inexpensive area and don’t have many expenses, $24 per hour might be enough🏠.
On the other hand, if you live in an expensive city with higher living costs, then $24 per hour might not be enough to cover your living expenses💸. Additionally, if you have a family or other dependents, then $24 per hour may not be enough to cover their needs.
The verdict? 💵⏱️
Yes, you may be able to live making $24 only an hour in most states in the US. However, there is a cost; you may have to let go of luxuries and a few necessities to make it work.
On the contrary, if you live in states like San Francisco, New York, or California, making ends meet on such a tight budget will be hard.❌😥
How can you make more money if $24 an hour is not enough😥🤔
If $24 doesn’t cut it for you, there are a few options to make more money. Try these:
- Ask for a raise at your current job. Make sure to present your accomplishments and show how you’ve contributed to the company’s success✅.
- Look for a new job that pays better. Make sure to do your research and find jobs that pay more than $24 an hour⏳.
- Take on freelance work or side gigs. With the internet, there are now more opportunities to make money on your own time💻.
- Start a business of your own. This will require more work and bigger risks, but you could potentially make a lot more money💰.
You can also try these more accessible options.
1. Taking surveys🤑💻
If you wish to make some extra bucks taking surveys online is simple, fast, and an easy way to do so without much effort or expertise! All you have to do is spend a few hours a day on your laptop and take easy surveys on platforms like:
- Inbox Dollars💲💲
Let’s take a look at the top three survey sites that’ll get you some hard cash:💸💸
One of the top legit sites for making money online via surveys is Survey Junkie.
To get started, you must provide information about yourself, your age, location, other demographics, lifestyle details, etc. After that, the platform matches your profile details with the available surveys. 💻📄
If your income, geographical area, and other information match the user profile required for a survey, you will qualify for it.
- For every survey, you earn 2-200 points🏆🏆
- You can earn $1.5 for referring each person who signs up
- You can redeem your first reward when you earn 500 points; the minimum threshold payout is $5.💸
- You can redeem your points via PayPal or gift cards🎁
Inbox Dollars has several surveys and minor tasks that users can complete and get paid for.
For example, you can earn up to $0.50 for a survey completed in five minutes or you can participate in product testing and make up to $30. You can also get paid to read emails, watch videos, and play games.💵
In addition to surveys and tasks, Inbox Dollars also has a referral program that allows you to earn additional cash for referring your friends, family, and colleagues. You also get a $5 bonus when someone signs up through your link.
Inbox Dollars also has a cashback program that allows you to earn back money when you make purchases from selected retailers and merchants.💵💵
Another popular platform for earning money via surveys and a host of other activities is Swagbucks. You can play games, stream ads, watch videos, write product reviews, and even be part of focus groups to maximize your earnings.
- You get a $5 bonus simply for becoming a member.
- Earn cashback and discounts by undertaking different online tasks via their app.
- You can also get discounts shopping from brands that partner with Swagbucks.
- Payment is made through PayPal and gift cards🎁
2. Playing games🎯🎮
If you’re still low on the thought that $24 an hour is how much a year? For really it isn’t much! So here’s another way to earn money while having fun.
You can play games online and get paid for it! That’s right; there are sites where you can play games and earn real money doing so.
Here are some known platforms you can check out and earn while you have fun.
Bingo Cash is a legit game for making actual money by playing games. The app has a 5-star review and has millions of active players. Earnings are cashed via Paypal, and you can earn as much as $83 for every win!
You can play in tournaments or match numbers and win.
Another place to make easy money is Swagbucks. Take a few minutes to create your profile and start playing games, taking surveys, or browsing hundreds of tasks to earn money.
You can watch videos, download certain apps, make Swagbucks your search engine, etc., and get paid for all the tasks.
3. Browsing the web – Earn free BAT crypto🪙🪙
How much time do you spend online? We all do it for various reasons, but what if we could get rewarded for our time and attention?With the Brave browser, you can actually get paid in the form of BAT (Basic Attention Token). 💝🎁
To earn, all it takes is to watch a few ads. Some of these ads are anonymous, and others are private.
Just download the Brave browser on your device, and you’ll start receiving push notifications for the ads. In the end, your earnings will be stored in the Brave wallet and can be traded for other cryptocurrencies or used for purchases.💳
4. Reading emails📨
Yes, you can also make money on the go by reading emails! Some top sites you can access are InboxDollars, Branded Surveys, and Inbox Pays.
If you have free time on your way to work or during your lunch break, you can easily make a few extra dollars. Again the sites are backed by brands who pay the users for simply reading emails they send.📩
After signing up for any of these platforms, you’ll receive emails with various offers or winnings for filling out the details. But, of course, all these emails are paid for reading, and they keep coming!
Payments are made through Paypal and gift cards.💝🎁
Is $24 an hour good?🤔🤔
For most people, $24 an hour is a reasonable rate of pay✅. It is above the national minimum wage and sufficient to cover basic living costs.
While you alone can make ends meet on this pay rate, it may also be difficult if you have mouths to feed.😋😋
Tips to living on $24 an hour🤔💡
Here are two budgeting options if $24 an hour isn’t a comfortable wage for you.
- Break up your budget according to the 50/20/30 rule by Sen- Elizabeth Warren. The rule states:✍️💻
- Your main expenses should be covered by 50% of your income. 📊📊
- Keep 20% aside for paying debts and save the rest.
- Keep the remaining 30% for miscellaneous spending.💸💸
- You may also try Dave Ramsey’s budget and divide the income according to the following:
- Housing 25%🌍🏠
- Insurance 10 – 25%
- Food, giving, savings 10% each🥞
- Health and utilities 5 – 10%🏥
- Transportation 10%🚗
- Recreation, personal spending, and miscellaneous 5 – 10% each🏖️
There are plenty of other budgeting strategies out there, but this will give you a good starting point. The key is to find one that works for your lifestyle and income level. You may need to adjust it as you go along and find what works best for you.
So what’s the verdict on $22 an hour being a livable wage? Ultimately, the answer depends on where you live and what type of lifestyle you want to lead. In some areas with a lower cost of living, it may be possible to live comfortably at an hourly rate of $22✅.
However, in many parts of the country with a high cost of living, it will not be enough to cover basic expenses.
But, with some thought and work put in place, $24 an hour can work!✅
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