Carter Good

“To work less and make more, all you need to do is move the needle on one metric: Effective Hourly Rate (EHR). Here’s how to calculate your EHR: Take the amount of revenue you make in a month and subtract your costs. What you have left is your monthly profit. (If you have a job, then your wage is your profit.) Divide your profit by the number of hours you worked in the month to get it. The number you have now is your EHR. Let’s say you make $20,000 a month in revenue, and your fixed and variable costs come to $15,000. That means your profit will be $5,000. If you work 250 hours a month to achieve that profit then: $5,000/250 = EHR $20/hour”
― James Schramko, Work Less, Make More: The counter-intuitive approach to building a profitable business, and a life you actually love