For those who are not self-employed, we are either salary vs hourly. There are advantages of both and disadvantages:

Salary: This means that you are given the same amount every time when you get paid. In other words, you will be paid $X amount of dollars whether you work 40 hours or 50 hours.

Advantages:

You are paid the same amount each paycheck. Most people get paid every two weeks. In these two weeks, the amount of hours you work can vary. In some pay periods, you work 12 days and in some pay periods you work 10 days. You are guaranteed the same money no matter how many days you work.

Disadvantages

Depending on your job, you might be working more than 40 hours or getting paid less than an hourly employee. You will get no overtime if your work more than 40 hours.

Hourly: This is self explanatory. You are paid per hour you work . Therefore, the more hours you work the more money you will make.

Advantages

You can “milk” the clock and get paid more. What I mean by this is that if a job is only supposed to take 3 hours, you can take 6 hours and get the job done. I see this all the time at my work. People are just milking the clock.

Disadvantages

You will get not paid if you go home early compared to a salary employee. Salary employee is going to make set amount of money regardless of how many hours he/she works. Hourly employee only makes as much as he/she works.

My take on this

I prefer salary over hourly because when you are salary, you are forced to get your work done on time. You are motivated to work harder and get the job done in a timely fashion. I guarantee your boss will appreciate that you get your work done on time and you will be rewarded. On the other hand if you want to make more money, it is better to be hourly since you can milk the clock.  However, in the long run, you will not advance as far.

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