## Lesson #5: What Are Your Potential Earnings?

If you DIDN'T find any of your top 3 skills (the ones you identified back in Lesson 3) were viable, go back to Lesson 2 and run ALL of them through yesterday's exercise.

If you did find viable ones, then you're ready for today's exercise![/text_block]

*Average Hours Worked per Month (x your current wage + 10%) + Monthly Overheads/Average Hours Worked = Hourly Rate
*

Once you've got your hourly rate, go ahead and run some numbers based on different hours you might work.[/text_block]

Let's look at a couple of examples. First, let's work out our hourly rate based on average hours worked per month being 20.

We’ll assume:

▪ Your current wage = $30 + 10% = $33

▪ Average Hours worked per month = 20

▪ Monthly Overheads = $110

**$660 + $110 / 20 = $38.50** is your hourly rate

Remember, you’ll need to factor in tax here as well. This is not included in the example above.

Let's say you want to earn an extra $1000 per month. Based on an hourly rate of $38.50, you'd need to work approx. 26 hours each month in your side hustle.

You can play around with the figures to see what your potential extra earnings will be. Don't forget to factor in tax.

You should seek the expertise of a qualified accountant with regards to tax if you're not sure of your requirements.[/text_block]