The answer to whether $70 an hour is how much a year depends on a person’s location, job, and personal financial goals. However, for many people, it’s enough to cover basic expenses and save for a secure future.
The amount that an individual makes at $70 an hour is determined by multiplying their salary by the number of hours they work in a given week. If a person works 40 hours a week, for example, they will make $145,600 a year.
As a general rule of thumb, it’s a good idea to budget for essential expenses first and then prioritize discretionary spending. This will ensure that a person is able to save for the future while also enjoying a comfortable lifestyle.
A salary of $70 an hour is comfortably upper-middle class in most markets and affords comfortable retirement savings, investments, and quality healthcare. It’s also enough to afford a decent car, spacious house, and plenty of flexibility for leisure and travel. In addition, it still leaves room for large recurring costs like taxes and inflation.
Those who earn $70 an hour can improve their purchasing power over time by seeking annual raises that exceed inflation, negotiating bonus payments, and seeking promotions into higher-paying management or executive roles. They can also take steps to become self-employed by launching a freelance business in their area of expertise or by earning advanced degrees that lead to higher billable rates. Depending on their individual career and financial goals, they can also aim to invest their savings wisely for a greater return.