Whether you’re just starting in your career or are looking to change jobs, understanding how much money you’re earning is essential. You need it to make informed decisions about new opportunities, salary negotiations, and planning financial goals.
The amount you earn can be expressed in one of two ways. It’s pretty common for it to be written as an hourly rate, for example, $35 an hour. But you also need to work out how much that is as a yearly salary. So, I decided to take a closer look at $35 an hour is how much a year.
$35 an Hour Annual Salary
$35 an hour sounds great, right? But how much does that mean you’ll earn a year? Well, luckily, there’s an easy way to find out.
The first thing you need to think about is how many hours you work a year. Typically, full-time employees work 9 AM – 5 PM, Monday – Friday. That’s 40 hours a week.
Take those 40 hours and multiply them by the number of weeks worked in a year. Most people end up with around two weeks’ holiday, so that’s 50 weeks in total. Fifty weeks multiplied by 40 hours is 2,000 hours a year.
From there, it’s simple. Multiply those 2,000 hours by the hourly rate of $35. 2,000 x 35 is a salary of $70,000 a year.
What about part-time staff?
For part-time employees, things are a little different. There’s no set number of hours a part-time member of staff works. They could be doing as much as 30 hours a week, or as few as five.
Having said that, it’s easy to work out how much $35 is a year. Just use the same formula as before. All you have to do is find out the number of hours worked in a year and multiply that by $35.
The majority of part-time employees work 20 – 29 hours a week. And with holidays, they work 50 weeks out of the year. So, multiply 20 – 29 hours by 50 weeks, and you get 1,000 – 1,450 hours a year.
Next, follow the same method used to work out the salary for full-time employees. Multiply the hours in a year by the $35 hourly wage. That gives you a salary of between $35,000 and $50,750 per year.
Being paid at an hourly rate can be an awesome way to bump up your earnings. All you have to do is pick up a couple of extra shifts. However, not everyone can take advantage of this.
Some groups of people, such as minors, have limits on how many hours they can work. There are also restrictions on which industries they can work in. If you’d like to know more, the US Department of Labor can tell you exactly what you need to know.
$35 an Hour is How Much a Year without Holidays
Not everyone celebrates the holidays. Many people choose to work through them instead. And that’s a fantastic way to earn a little extra cash.
That brings the number of weeks worked a year up to 52. So, to figure out the new yearly salary, just multiply your hours worked a week by 52 weeks. That’s 2,080 hours for full-time employees and 1,040 – 1,508 hours for those who work part-time.
How much is that a year?
That’s easy! Once again, simply multiply your hourly rate of $35 by the number of hours. That brings us to a yearly salary of $72,800 for a full-time staff member and $36,400 – $52,780 for part-time.
There’s a good chance that your employer won’t give you the chance to work 52 weeks a year. Many businesses close for important holidays. Unless you work in customer service, it’s quite likely that your place of work will be shut.
If you’re unsure about national American holidays, check out this list from the US Department of Commerce. It has every major US holiday when your workplace will probably be closed. Remember to check with your boss, though! You don’t want to accidentally no call, no show, for a scheduled shift!
Is $35 an Hour a Good Wage?
The current federal minimum rate of pay is a measly $7.25 an hour. So, compared to that, $35 an hour is incredible! But if you look more closely, it might not be as good as you think.
Many factors can affect whether $35 an hour is a good rate. And you must look at them closely before accepting a job at this amount. So, what do you need to think about?
What’s the average wage?
The US Bureau of Labor Statistics says that the average American gets a wage of $28.18 an hour. That’s almost $7 less! $35 an hour seems pretty great in comparison
But don’t forget; you don’t get to take all of that money home. A percentage goes to the government in the form of taxes, etc. The money you get at the end of the day will be slightly less.
Where do you live?
Location is everything when it comes to working out if $35 an hour is a good wage. The cost of living is rising every day. Money doesn’t go as far as it used to, and for many people, the bills are starting to pile up.
It stands to reason that it costs more to live in a large city than in a small rural area. That $35 won’t cover much in San Francisco but will last a lot longer in a small town in Arkansas. So, whether or not $35 is a good wage depends enormously on your standard of living.
What’s the job?
The job title plays a huge role in deciding if $35 an hour is worth it. For an unskilled position that requires little training, then sure! $35 would be an awesome amount to get.
But for positions that need highly-skilled workers, it might not be that much. These skilled jobs can require a lot of training and studying, often at your own expense. If that’s the case, $35 may not be enough compensation for the time and effort you’ve put in.
Do you have any experience?
Is this your first step on the career ladder? $35 an hour is decent for someone just starting out. After all, in a few short years, you can start earning a lot more.
But if you’ve already paid your dues, $35 could be on the low side. And if you’ve been in the game a while, it might seem like far too little. It all depends on how much you believe your skills are worth.
What are your financial goals?
The final thing to consider is any saving goals you have. Whether you’re looking to clear a debt, buy a house, or simply maintain a rainy-day fund, everyone needs to save. The question is, how much money do you need?
If that savings goal is huge, and you need that money fast, you’ll need a high-paying job. And $35 an hour isn’t going to get you there. However, if that goal is slightly more modest, $35 an hour should be plenty.
How to Save Money?
The cost-of-living crisis is real. It’s getting harder and harder to make ends meet every day. So, here are a few tips to help you save money.
1 Create and stick to a budget.
2 Set a saving goal.
3 Downsize your home.
4 Get a roommate
5 Don’t waste money on name brands! Stick to generic!
6 Automate your bank account to transfer money to your savings account every month.
7 Live outside the city.
It can be a daunting task. But, with a little effort and determination, it’s always possible to hit your savings goal!
Got More Questions About Your Salary?
Then find the answers in our in-depth guides, such as How Do I Convert Salary To Hourly To Calculate A Part Time Rate, what is the difference between Gross Pay vs Net Pay, or How To Get A Pay Stub in 2023?
Or maybe you’ve been wondering about Part Time And Full Time Hours, or what is the difference between Salary vs Hourly Pay, or are simply looking for the very best Flexible Jobs That Let You Set Your Own Hours.
However, if you’ve got a super-important interview coming up, then you may be thinking about How To Answer Desired Salary, How To Counteroffer Your Salary After A Job Offer, or how to answer What Are Your Salary Expectations?
Understanding how much $35 an hour is a year is incredibly important when it comes to evaluating job offers or negotiating salary. By accurately calculating your yearly income, you can paint a clearer picture of the financial impact of a job on your long-term goals and stability.
Don’t forget, though; salary is only one aspect to consider when taking on a new role. Perks and benefits like health insurance, PTO, and pension plans need to be taken into account as well. And remember: your happiness is important. It may not be as important as your salary but never underestimate the importance of job satisfaction.
All the best with your next position.