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My buddy is a pilot into/out of SF. He easily makes $300k. Started off on small fishing boats in AK.
I'm a mechanic and make between $130-150 hr (plus margin on parts), but I rarely work more than 20-30 hours so annual isn't huge, but that's by choice. Big benefits by being self employed and having my shop at home. It's easily a 6-figure benefit offsetting my wife's income tax and our property overhead...
That's revenue before expenses though, right?
I didn't know shop rates were that high. What vehicles do you fix?
@CIE
@peacematu See, that's an interesting question. I would have said that you were correct 5 years ago when I owned a shop in a building that I leased, but I charged significantly higher rates. I'm currently working from a shop on my property. It was there when I bought the property, so very little startup capital needed (less than $10k). It takes a while to get there, but I started this shop with all of the tools I needed. I have changed and upgraded over the years, but it's all a write off.
So yeah, I clear easily $130/hr with parts profit. Also, everything in my life is a write off down to the new tractor I bought to clear snow around the shop and access road. My truck, my car, my car trailer, a percentage of my home (and property maintenance). All written off.
I am a specialty German car repair guy, but these days I'll do anything. Right now I have a 1973 2002 that I built an engine for and I'm doing a full engine compartment restoration. I also have a Land Rover Discovery that I'm doing a lift and front end rebuilt. Last week it was a Honda Pilot suspension and timing belt job. I'm a Tire Rack dealer, so I'll sell tire/wheel packages and tires. Some of the sales side is great, too. I make $500 on a wheel/tire package without much work (mount them on the vehicle when the package comes in).
My rates are low compared to shops in town. Average is $150/hr. High is $200/hr for the local German shop. They all have overhead that I do not, so I keep my rates lower. Currently I'm booked months out for anything that isn't a necessity or emergency and I've never advertised. So yeah... not bad. Granted I'm 25 years into this work and I'm pretty good at it.
FWIW, my wife took the job as a controller at a company everybody here knows. Signing bonus was $1m at current stock price (which is way down right now). Salary is very mid 6 figures. So what I'm saying is, being a CPA with years in accounting and finance pays better than even the best mechanic job. She definitely doesn't work as hard or as many hours as I do, either.