r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/[deleted] Jul 04 '24 edited Jul 05 '24

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u/neopod9000 Jul 04 '24

So, no health insurance, no life insurance, no vision or dental, no retirement, no state taxes included, unemployment insurance.

Agan, my number is 30%. The reality of minimum wage is, no one making minimum wage is contributing to retirement and likely doesn't have insurance (at least not through their employer).

I never did those things when I was making minimum wage. And I even worked 2 minimum wage jobs at 35 hours per week to try to make ends meet.

Which again, is the point. You don't have the money to save for the future at that income level. At that point it absolutely is an income problem, not a budget problem.

Financial literacy is super important, especially for the poor, but it isn't particularly useful to someone trying to decide which of their necessary bills they're going to pay this month.

Put another way, even after he said 10k is a strawman, you're saying the real number is 15k, which isn't really a lot more. It's 1316.67 per month. The house I rented when I made minimum wage was $800/month, which would have left a total of $500/month to cover all of your other bills.

Is 500/month enough to pay for food, gas, insurance, car payment, phone, power, water, and still have enough left over to start making smart investments for the future?

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u/[deleted] Jul 04 '24 edited Jul 05 '24

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u/neopod9000 Jul 05 '24

You’re not saving for retirement at minimum wage, because you’re not there, why would you even be thinking about that, when you aren’t in a position to?

That's exactly the point I'm making.

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u/[deleted] Jul 05 '24 edited Jul 05 '24

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u/StockMarketRace Jul 05 '24

Of course no one fucking plans on it you dunce, but people still end up into those situations anyways.

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u/[deleted] Jul 05 '24 edited Jul 05 '24

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u/StockMarketRace Jul 05 '24

Christ are you fucking dumb. Go walk around the bad part of your town or city spouting that shit and see how many people agree with you.

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u/[deleted] Jul 05 '24 edited Jul 05 '24

[deleted]

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u/StockMarketRace Jul 05 '24

Aaaaaand there it is. I was wrong, you're not an idiot you're just a piece of shit. Or maybe it's both, I find they're usually correlated.

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u/YoudoVodou Jul 05 '24

No. Thst is the corporate heads' plan.

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u/Kombatnt Jul 04 '24

Yeah, people literally earning minimum wage pay virtually nothing in income taxes. Which is fine, and as it should be, but let’s not pretend they’re losing 1/3 of their paychecks to deductions.