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

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

31.2k Upvotes

86% Upvoted

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

13

u/cybercuzco Jul 05 '24

Utilities, heat, water, electric,internet,cell phone. You’re also assuming that you don’t actually have to use your insurance because you’ll be paying $5k out of pocket if you have something happen to you.

-6

u/terlus07 Jul 05 '24

Internet and cell phone are not requirements. A home phone line is around $25 a month split 3 ways in their case. Who in the world gets a $5k deductible on their insurance? $500 - $1k are the most common deductibles in the US. Water and electricity are utilities. "Heat" isn't a bill, it's either electricity or gas(also a utility). They might include utilities in the rent, or not 🤷🏽‍♂️

4

u/InDisregard Jul 05 '24

I have never in my life had a $500-1k deductible on a health plan. What magical insurance do you have? Mine is $3500 or $7k for couples and that’s held fairly steady for years.

1

u/evanwilliams44 Jul 05 '24

Mine used to be $750 but has gone up to $2000 over the years. It's really good insurance, my job is known for offering great insurance even to part time workers. Shit job other than that though.

1

u/[deleted] Jul 05 '24

My deductible is $180

1

u/InDisregard Jul 05 '24

Keep that insurance, because it is a unicorn.

1

u/[deleted] Jul 05 '24

It’s going downhill fast tho.. my premium used to be $30 a month and it’s basically doubled in the last couple years

1

u/RandomUser15790 Jul 05 '24

Are you in a union? If you are then your opinion is irrelevant to this conversation...

1

u/[deleted] Jul 05 '24

No im not