Calculate the hidden financial drain and literal days of your life lost to driving.
Factoring in unpaid travel time and vehicle expenses.
If you worked from home and invested your commute cost into the S&P 500 (7% avg return).
Why driving to work is much more expensive than you think.
Most people only calculate the cost of gas when thinking about their commute. However, the IRS standard mileage rate for business use is currently around $0.67 per mile.
Why so high? Because every mile you drive reduces the resale value of your car, wears down your tires, necessitates faster oil changes, and brings you closer to major mechanical failures.
We set the default wear & tear to $0.25/mile (excluding gas) to be conservative, but true costs for newer vehicles are often higher.
If you are required to be at a physical location to earn your salary, the time it takes to get there is "required time dedicated to your employer."
Salary / (Hours worked * 52 weeks)
(Salary - Annual Commute Costs) / (Total Work Hours + Total Commute Hours)
This often results in a 15% to 30% pay cut on paper.