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More Money or Freedom? Pros and Cons of Salary and Hourly Income. 

Salary or Hourly pay

Introduction

When choosing between a salary-job and an hourly job, people usually base their choice on their personal priorities and lifestyle choices. Both choices have pros and cons that can have a big effect on your financial stability and work-life balance. Knowing the difference between salary and hourly pay can help you make a decision that fits your career goals and personal situation.  (Salary or Hourly Pay Employee).

Who earns a Salary?

An employee earning a salary, such as a marketing manager at a large corporation, enjoys the security of a fixed income, either monthly or, in some cases, yearly. This salary is paid consistently every two weeks and can also be calculated annually for a broader perspective. 

Salaried employees are often referred to as full-time employees and are continually enrolled in the company’s benefit schemes, such as health insurance, leave bonuses, and access to a dedicated working space.  

A salary earner receives the same amount each time the paycheck arrives, except the employer reviews the terms and conditions of employment. This also means that there is no hourly limit to working time. Even though most working hours will usually fall between 8:00 a.m. and 5:00 p.m., an employee is expected to be at work at all times, even if they are done with all the activities for the day or the monthly target.  

Who is an hourly employee?

An hourly employee has the flexibility to earn a wage based on the actual number of hours they spend on their assigned job/role. This freedom allows them to control their earnings, with each hour spent working contributing to their paycheck. 

Practically, if an hourly employee is to be paid 15 dollars per hour- then spending 20 hours at work in one week means that they will be paid 300 dollars at the end of that week for the job that has been done. I.e 

1 hour15 dollars
20 hours(20 hours)(15 dollars) 
Total300 dollars
Breakdown of Hourly Pay

An hourly employee might have varying paychecks depending on the hours committed to the work done. This is because the employer pays for the hours devoted to doing the work. Most employers agree with hourly employees on the maximum amount of hours they are expected to work, and demanding extra work hours will attract an additional amount to the agreed hourly pay. 

This additional amount often refers to ‘overtime pay ‘, and it is usually higher than the regular hourly rate. Most hourly employees will likely get extra dollars per hour for every overtime done and for coming to work during national and public holidays. 

An hourly employee is expected to use a timesheet or other register system to log their total hours spent during the work. This is a crucial part of the job, as it helps the employer keep track of the hours worked and ensures that the employee is paid accurately for their time. (Salary or Hourly Pay Employee).

Pros and Cons of salary and hourly pay 

The Ultimate Financial Literacy Guide: Six Places to Acquire Knowledge.

Financial Literacy: Key  Image

Do you want to acquire an intricate knowledge of finances and get ahead financially? There is always an opportunity to improve financially, ranging from free courses to programs costing thousands of dollars. 

Financial literacy is essential for managing money well, making wise choices, and becoming financially stable in the long run. Proper financial knowledge has a good impact on individual and corporate saving habits. The Financial Industry Regulatory Authority (FINRA) did a study that showed people who know more about money are more likely to save for emergencies and handle their day-to-day finances better.

In this blog post, we will consider six channels through which anyone can acquire financial knowledge.

1. University degree (Finance-related courses) 

Are you looking to get financial education inside the walls of a school (either in person or online)? So, the word “finance” could be used for any course that teaches how to spend and handle money.

If you get a degree in Finance, you will know a lot about corporate Finance, which is business finance. Accounting, Valuation, Risk Management, International Finance, and Economics are all courses connected to Finance and will help you learn a lot about them.

A bachelor’s programme typically lasts three to four years, with some four-year programmes requiring students to intern at local businesses as a condition of graduation. Finance is often taught as part of a Bachelor of Business Administration or Bachelor of Economics. 

Here are a few prominent institutions that offer finance-related courses: 

Another academic option to consider if you want to spend less is going for a short-term financial course. 

2. Short-term Finance courses

A short-term finance course is ideal for those seeking affordable education without the commitment of a multi-year college degree. It’s also great for workers who want to move up in their jobs by getting a certificate in finance from a well-known school.

The great thing about a short-term course is that any novice or professional can enrol and improve their personal or organisational financial life. While some short-term finance courses require experience, many are open to people without a background in finance.

A short-term finance certificate programme teaches you how to make the most of your chances in the financial markets and make smart choices about money and investments. 

How well does YouTube pay?

Youtube can make you rich

How to start a YouTube channel

YouTube is a brand that Google owns; hence, to operate a YouTube account, you will need to use your current Gmail account or create a Gmail account to do that.  

  • Go straight to youtube.com and sign in at the right-hand corner on the top of the page. This will request that you input your gmail account or create one.
How to sign in on YOUTUBE
  • After you have logged in to your gmail account into YouTube, the next step is to create a channel. Do this by clicking the Icon on the top right-hand corner. 
  • The next interphase allows you to create a personal or business channel. 
  • Choose a channel name, follow the relevant processes, save, and you are now a member of the YouTube creator family. 

Why start a YouTube channel?

If you are thinking of starting a YouTube channel in 2024, you are making the right decision and it is not too late for you to get on the ride. YouTube not only lets you show off your talent, but it also lets you get paid for making videos.

Renowned creator MrBeast has made news for himself after he amassed a subscriber number of over one hundred million. This is a big reason his YouTube payment is so high—millions of dollars. You can also get on the YouTube payment plan by meeting the requirements for the YouTube musician partnership. 

Channels of earning from YouTube

The YouTube Partner Programme is a comprehensive partner program that provides creators with income opportunities and assistance. In the past, the primary way YouTubers could earn was through AdSense. 

This has always been a significant discussion among people paid by YouTube. Recently, upon acceptance into the partnership program, creators can earn revenue from YouTube adverts, Super Thanks, Super Stickers, Super Chat, channel subscriptions and by selling goods to their audience. 

Once registered to the Partnership programme, you get an automated copyright flag when someone else reuploads your work and access to Creator Support staff for one-on-one assistance. By continually innovating, YouTube aims to make the Partner Programme continually beneficial and worth it for creators. 

Types of videos creators can create

YouTube was majorly known for long-form- landscape videos until the concept of shorts became popular among creators on social media sensation networks like Snapchat, TikTok, and Instagram. This made YouTube introduce YouTube shorts, and this became significant on YouTube. Today, YouTube has introduced YouTube shorts into what qualifies a creator to be a partnership programme. 

Youtube Shorts Daily Views - Start a Youtube channel

Source: Business Insider

The YouTube Partner Programme provides access to tools such as one-on-one help and the Copyright Match Tool, and it enables content creators who meet specific criteria to participate in various revenue-generating opportunities. 

Creators are developing prosperous firms that have staff members and fully functional operations. They represent a significant portion of the more than $80 billion distributed to inventors, artists, and media firms over the previous three years.YouTube Revenue and Usage Statistics (2024) – Business of Apps

How to become eligible

YouTube isn’t just handing out dollars to people for creating videos; the multibillion-dollar corporation requires that whoever gets into the partnership programme meets specific criteria to benefit from this tremendous opportunity. The requirements are called ‘Monetisation policies.’ such a creator must live in the region where the YouTube partner program is available. 

Now, content creators in the United States, the UK, Taiwan, South Korea and Canada have a faster path to being eligible for the YouTube Partner Programme. Apply to participate in the programme and unlock perks such as financing from fans and select features for YouTube Shopping if you meet the eligibility requirements listed below:

  • To qualify for this payment, creators need to have 500 subscribers, three public uploads in the last ninety days, 3,000 valid public watch hours in the previous twelve months, or 3 million public Shorts views in the previous ninety days.

Creators in other parts of the world can enjoy the benefit of the YouTube partners program when they meet the requirements below: 

  • One thousand subscribers and four thousand valid public viewing times in the preceding 12 months OR 10,000,000 valid public views of Shorts in the preceding 90 days.

Final take

All creators will go through a standard review process upon applying to ensure their channel meets our policies and guidelines. Some features may have additional eligibility criteria. In all, choosing to start a YouTube channel is not a bad decision.

make money

6 Ways You Can Use Your Skills to Make Money

Cultivate your skills and build a profitable side hustle. Many small business owners started out by making use of their passion, knowledge and skills to develop a successful business. On the other hand, maybe you need to make money to fund a big project such as deposit towards buying a house or a car. With careful thinking and planning, you can earn a substantial income from your skills.

Let’s look at the various ways you can make money from what you know or already have…

Mary Kay

5 Strategic Business Lessons You can Learn From Mary Kay

Mary Kay Ash was a dynamic woman. Her unique business idea began one week after she retired. She wasn’t content to sit around relaxing. Her get-up-and-go energy was too strong to ignore. Mary Kay assessed the experiences she gathered over the years. During this thinking period, she made a life-changing decision.

Armed with a wealth of knowledge from her direct sales background, she established “Mary Kay Cosmetics” in 1963.  It’s now one of the largest direct sellers of cosmetics and skin care with a sales turnover of $4 billion in 2015.

7 Young Entrepreneurs Create New Innovations in Africa

Go-getting young entrepreneurs are putting Africa on the map. They are under 30 with fresh, innovative business mindsets. Many may not recognize their names; nevertheless, they are making progress in the African business world. They’re shrewd, alert, focused and prepared to dive into new unexploited opportunities.

Let’s see who they are and how they’re making an impact in the African industry…

 

30 Inspirational Quotes for Young Entrepreneurs to Boost Your Creativity

Inspirational quotes are a wonderful pick-me-up. At some point in your business and personal life, you will face challenges or downtimes. When those moments come, reading quotes will motivate you to carry on. They stimulate your mind and provide encouragement to push you towards achieving your goals. As you read you can practically hear the writer speaking directly to you.

teenage entrepreneur millionaires

10 Remarkable Teenage Entrepreneur Millionaires

Teenage entrepreneur millionaires are rocking it. Gone are the days when teenagers’ main drive was attending college or university, so they could get a decent job. Many teenagers these days are jumping on the entrepreneur millionaire bandwagon. They’re not just going for the ride to view the scenery either. They’re serious about becoming successful. These young entrepreneurs are examples for you to follow if you want to make it to the top.

Establishing and running a successful business is the way forward. Working the 9 to 5 weekly routine will not make you a millionaire. Unless you work your way up the corporate ladder and become a successful CEO of someone else’s business. But why do that when you could become a millionaire of your own business?

Entrepreneurs

10 Young Entrepreneurs who Made Millions Before They Turned 20

Some entrepreneurs earn millions from their businesses. This is nothing unusual. However, earning millions before you leave your teens and hit the age of 20 is exceptional and rare. Most teenagers are busy studying hard at college or university to earn qualifications for their future. Others are starting out on the career ladder gaining relevant work experience. On the other hand, a few who are driven to succeed have big dreams. They aim for the moon and land among the stars leaving the less ambitious floating on the clouds.

So, why are the teenagers who are earning millions flying high? First, they have a vision, dream big, listen to valuable advice, take risks and work towards fulfilling their goals.

business failure

How to Prevent Business Failure and Be successful

Like I said in my article last week, a high percentage of startups end up in the business failure heap. Therefore, if you want to avoid being one of the statistics, take action. You didn’t start your business for it to fail. So, intentionally work on it. Plan, be organized, run it as a pro, and you will succeed.

Let’s look at some strategies you should put in place for a successful business.

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