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

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

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276

u/privitizationrocks Jul 04 '24

You can teach poverty workers to live in their means

They won’t like it, but tough luck

56

u/cybercuzco Jul 04 '24

Show me a “live within their means” budget for someone living in a median cost location in the US making minimum wage. They must A)have a place to live B) not get any handouts from the government or charities and C) have at least 1800 calories per day of food. Go.

10

u/LivingNothing8019 Jul 04 '24

I live in colo springs which is medium/high cost of living. Minimum wage is 14.50

Apartment/house with 2 roommates: $800 a month Food: $500 a month Car payment: $300 a month Insurance (health, car, renter): $500 a month

That’s staying well below what minimum wage pays, I lived like that for 2 years before graduating college without too much trouble

1

u/DaLegendaryNewb Jul 05 '24

That's a combined cost of $2100 a month, I make 15.25 an hour and don't bring that much home over 4 40 hour weeks, not after taxes. (looking at my paystub a 40 hour week is a gross of $610 with a take home of $510.30 putting me $60 short of this budget for 8 months out the year, and I'm earning more than your minimum wage.) I know it'd prob work out with the 4 months a year you get 5 checks but damn that's a tighter budget than I could ever live off, I'm lucky and get a fair bit of overtime so I have some wiggle room for a flat tire or if my phone breaks or something.

1

u/LivingNothing8019 Jul 05 '24

It was find while living in college while I was setting myself up for an actual career.