We often get questions from readers about how much 23 an hour is how much a year, so we decided to break it down for you. We will take into account other factors such as 401k contributions, insurance, and taxes to give you a clear picture of how far your salary can go.
To start, we need to figure out how many working days there are in a year. We do this by dividing the number of months in a year by the number of weeks in a year. This gives us 52 weeks per year. We then multiply that by the number of working hours in a week to get the total number of working hours in a year. Then we divide the annual earnings by the number of working hours per year to get the yearly income in dollars. In this example, the yearly income is $47,840.
While this isn’t a huge amount of money, it is enough to support a family and lead a comfortable life. It is also enough to help you save for retirement and build wealth. If you are looking to increase your savings, we recommend looking into ways to make additional income such as side hustles or investing in a robo-advisor like Empower. You can find a free trial of our Empower app here. Jacob Wade is a nationally-recognized personal finance expert who has written for The Balance, The Spruce, LendingTree, and Investing Answers among other widely-read publications.