Your Money or Your Life Part 1

In light of imminent changes in financial situation and that I have never had so much financial info within arm's reach (thanks scrupulous lenders!), I decided to while away a Sunday afternoon on a financial audit with "Your Money or Your Life."  Attracted to this book's lofty goal of "having an income sufficient for your basic needs and comforts from a source other than paid employment."  Work because you want to; not because you have to.  Natch.

Fun insights thus far:

40% of my earnings converted into assets.  Very broad strokes here (i.e. includes half the home and loan, but not the cost of "deferred maintenance").  Could never fully discount the value tuition assistance from family; it made my current employment situation possible (thanks Elders!).  That said, sweet!  It's not unrealistic to aspire to  that 50%-60% savings rate I scrimped for in order to pay for Grad School part 2.    

I make a whopping $13.00 an hour...  despite aforementioned grad degrees.  Caveats.  This fully loads time and money spent supporting career objectives.  So I may work a 40 hour week, but let's not forget taxes eat up 30% of that and then there's a couple hundred bucks and a couple dozen more hours spent on activities I wouldn't do if I didn't have this job...  and this for a gig which is a good lifestyle fit.

Big cost centers:  Irvine apartment, vehicle ownership, and socializing with co-workers after hours.

Big time sinks:  sick leave and decompression time from work/housing stress issues.

I shudder to think what this effective wage would look like back in the consulting days, stumbling in after a 16 hour day, Ferragamo heels soaked in blood from an unanticipatedly long hike back to the hotel after hitting a nightclub with the client's team.  That said, tons of takeaways for pulling fully loaded current compensation in line with the nominal wage.

Next challenge: documenting every penny in and out of my accounts.