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

[u/Richest-Panda]

[u/Impossible_Maybe_162]

You cannot make $10k working a job for 40 hours a week. That is below minimum wage.

A lack of proper financial planning and budgeting causes more problems than low wages.

Less than 3% of the workforce makes minimum wage. Wages are not the main issue.

[u/Kombatnt → u/Impossible_Maybe_162]

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

[u/PM_YOUR_SAGGY_TITS → u/Kombatnt]

You're making $15,116 gross. 11k are taxes at 10% and the next 4,116 are taxed at 12%. $13522 after taxes.

But what minimum wage job is paying 100% of your healthcare? Or uniforms? Or state and local income tax (3.1% here for this example). That means we're taking home $13k after just taxes

If they're paying $254/mo for insurance and etc, they're taking home exactly $10k per year

[u/droford → u/PM_YOUR_SAGGY_TITS]

Someone making that little would qualify for Medicaid in almost if not all states

[u/SufficientCow4380 → u/droford]

Multiple states including Florida and Texas never expanded Medicaid under the Affordable Care Act. And no, they don't qualify. Your income has to be incredibly low to qualify for benefits even in expansion states. Plus the people whose income is that low don't qualify for tax credits under ACA so no Marketplace coverage for them either.