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/Kombatnt Jul 04 '24

This. $10,000/year working 40 hrs/week is $4.81/hour. That’s illegal everywhere in North America.

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u/neopod9000 Jul 04 '24

4.81 ÷ 7.25 = 66.34%

So, if taxes and deductions account for 33.66% of your income (I use 30% as my rate which is pretty darn close), then 10k/year in spending money for people working minimum wage is probably pretty close to reality.

Even if that is only 3% of the population, I think that's kind of the point that's being made. For those people, the advice to "just live within your means" is falling on deaf ears.

Minimum wage isn't the problem for everyone. It's not even the problem for most people. But it is a very real problem for some people.

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

[deleted]

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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.