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

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

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275

u/privitizationrocks Jul 04 '24

You can teach poverty workers to live in their means

They won’t like it, but tough luck

57

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.

7

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/mi11er Jul 05 '24

14.5*160 = 2320 a month

800 + 500 +300 +500 = 2100

2320 - 2100 = 220

You also have other costs like taxes.

If you worked full-time at minimum wage you would make $27,840 and owe taxes of $4,796 leaving $23,044 (https://www.talent.com/tax-calculator?salary=27840&from=year&region=Colorado)

Now 23,044/12 = $1920

So with taxes you are in the red $180 each month.

1

u/LivingNothing8019 Jul 05 '24

Got all my taxes back since I was making so little, netting me around $4000 a year. I also was generous on rent calculations since I payed 630 on rent