I have been working with a Plumber and a A/C repair guy to get a few things fixed at home, they charge $75/hr. It equates to about $150K a year. How many PhD's and MBA's make this kind of money?? after spending $60K/$70K/$80K for degrees?
Maybe more then you think but I have often thought about changing careers to something more "hands-on". I have worked as an appentice with carpenters and did some dirty work with electricians (conduit bending and cable pulling) and I actually loved it.
I had this conversation with my dad who is a contractor. The $75/hr to $150K/yr assumes they can bill 8 hours per day. That is unlikely. It also ignores expenses. Trucks, supplies, secretary, advertising, insurance (workers comp), etc. It's more likely the guy coming to your home is getting $15-20/hr and probably doesn't get a 401K match, health insurance, or a paid vacation. If he gets $20/hr (that translates to $40K/yr) and health insurance, he's doing pretty well. I hope he gets at least that as he needs to make a living too. Unfortunately, it won't be enough to afford a modest home in most places.
Ooooh, an an interpreter I can relate big time! When I tell people that I make $50+/hr, they go :yikes:. Then when I tell them that I spend $5k annually on travel, spend 10 hours away from home to only bill 4 hours and go sometimes several weeks or a few months without any income at all, they go :slap: and tell me I should do something else.
I checked my consulting income for the last few years. Surprisingly to me is that each year approximately half is overhead (mostly travel). Then I have to pay around 15% FICA plus state and federal income tax out of the remainder. I've always been surprised the business degrees rarely cover (in my experience working with employees of major companies) that breakdown of business cost is not taught (e.g, overhead, G&A, etc).
You can make some serious money in the trades. Plumbers, Electricians, HVAC, and Elevator repair folks seem to be the highest paid in general. My buddy makes around $150/hr as a union Electrician (Foreman) working for the state prison system. His case is unique, but there is potential to make some good money.
$75 per hour is really is the low end. I own a contracting company so I see it every day. You have service calls, material mark-up, fees, hourly minimums (which hikes the charges up) and then hourly. The guys who are really good can get in and out and make much better money than that. I own a company that has three divisions - water damage remediation, reconstruction, carpet cleaning. We shoot for $150 per hour on the carpet cleaning side. Water damage calls are much, much more... Still, the cost of getting the phone to ring is very expensive and ridiculously competitive.
One quick thing to add. My buddy is laid off, on average, 4-6 months per year where he then draws unemployment. So to calculate his yearly income would be difficult. In speaking with him, his biggest regret is the toll his profession takes on his body. If someone is looking into the trades, I'd suggest commercial refrigeration . . . . $55/hr and they seem very happy with their jobs as they seem to work year round.
That's something I hear a lot. I met a guy who was a stone mason that was making pretty good money. The problem was that by his 40's the job had so ruined his body that he could no longer do it. Whereas, in many in-demand white collar professions there is an almost perpetual increase in salary as your experience grows. However, the union guys that I know (especially the electricians) made out like bandits. I know a ton of union guys that, with overtime and other things, make a ton of money and still get a lot of vacation time.
My AC is currently not working past 20%. I had the local AC company come out and the kid they sent was about 22 years old. He had no degree and no formal training or certification. They billed me $120/hour for his time and I am in a non-union, southern state. The shop is about 1.5 miles from my house so travel is negligible. They charge travel fees if they have to "go over the bridge" as we say in Tampa Bay. These guys are booked all the time and work 8-6 M-F fixing AC. The worst part of his job, he said, was working in the attic where it gets to 120 degrees easily. He has to change his shirt 3x in a day some days. Plumbers also make a ton. They wanted $500 to put my garden tub back in place after I took it out, retiled the enclosure, built out the shower with marble tile and had a granite top put in. I said no thanks and did it myself in about 20 minutes.
