On personal assistant, I think the 3% of wealth value will not transfer to different people simply.
For many people, the value of a personal assistant is that they can accomplish so much more with their own time. I know a number of people who have taken this approach and report that it was an investment that paid off financially for them.
If you think of it as a pure cost, then yes, you would try to pay 30k ish and not be interested until you had a very large income.
For those people I know who actually use this, they employ people who are quite skilled and may command 50-60k/year or more, and who produce economic value in excess of their paycheck.
The key determinant seems to be the point at which your marginal ability to earn more money per hour from time saved is about 2-3 times what you have to pay your PA per hour. If you are in the right kind of job (sales, business owner), the threshold is probably somewhere around 150k/year. If you are in the wrong kind of job, it probably never makes sense until you are wildly rich.
Driver does work similarly, but again, the threshold is much lower if you need to drive around, but can profitably use time in the car to accomplish work that pays you more than you are paying your driver.
Yes, I agree that these are highly dependent on your circumstances.
My figures (so far as they were properly thought out at all) were based on my estimate of the most likely ways for me to reach the relevant level of wealth. I can think of four (none of them either very probable or spectacularly improbable) and none of them would make me benefit a lot from a PA, but for sure there are people who would benefit far more and might have good reason to employ a highly skilled PA.
On personal assistant, I think the 3% of wealth value will not transfer to different people simply.
For many people, the value of a personal assistant is that they can accomplish so much more with their own time. I know a number of people who have taken this approach and report that it was an investment that paid off financially for them.
If you think of it as a pure cost, then yes, you would try to pay 30k ish and not be interested until you had a very large income.
For those people I know who actually use this, they employ people who are quite skilled and may command 50-60k/year or more, and who produce economic value in excess of their paycheck.
The key determinant seems to be the point at which your marginal ability to earn more money per hour from time saved is about 2-3 times what you have to pay your PA per hour. If you are in the right kind of job (sales, business owner), the threshold is probably somewhere around 150k/year. If you are in the wrong kind of job, it probably never makes sense until you are wildly rich.
Driver does work similarly, but again, the threshold is much lower if you need to drive around, but can profitably use time in the car to accomplish work that pays you more than you are paying your driver.
Yes, I agree that these are highly dependent on your circumstances.
My figures (so far as they were properly thought out at all) were based on my estimate of the most likely ways for me to reach the relevant level of wealth. I can think of four (none of them either very probable or spectacularly improbable) and none of them would make me benefit a lot from a PA, but for sure there are people who would benefit far more and might have good reason to employ a highly skilled PA.