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I've never heard of that rule. What's the reasoning behind it? Considering there are closer to 2,000 work hours in a year (50 weeks X 40 hours assuming 2 weeks of vacation), I would think it would be the "2,000" rule of thumb.

Probably because, unlike a "traditional" job where you get paid just for showing up to work, here you have to worry about billable hours. A large portion of your "work hours" will be spent doing things you can't bill for -- paying bills, managing finances, trying to win clients, etc. So, I guess the assumption is that only half of your time actually goes into work that you can charge for.

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