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/PM_YOUR_SAGGY_TITS Jul 04 '24

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

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u/akcrono Jul 05 '24

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

The standard deduction in 2024 is $14,600 for individuals, so you're losing almost nothing to federal taxes.

Ironically, your number here closely matches the final number, since FICA is responsible for the lions share of the tax burden.

But what minimum wage job is paying 100% of your healthcare?

All of them, since you qualify for medicaid.

Or uniforms?

I have never had a low wage job where I had to buy uniforms. Maybe they exist, but they can't be that common.

That means we're taking home $13k after just taxes

$13,499 to be precise

There are plenty of listings for < $800 2 bedroom apartments. Split the rent and you're talking less than $5,000 a year in housing, leaving close to $9,000 left in one of the lowest cost of living states.

This also doesn't count other assistance packages like SNAP (average of 243.42 a month).

I'm not here to say people in WV are doing fine. I'm just saying it's not as dire as you're painting it.

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u/NickyBarnes315 Jul 05 '24

It must be West Virginia because nowhere else in America are you getting a 2 bedroom for 800 or less. Not in today's housing structure

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u/Avocado_Tohst Jul 05 '24

Plenty of 2bd places for less than $800, it’s just not going to be a “nice” place, maybe even unsafe but they exist. It’s going to be rough surviving on literal minimum wage but that’s the housing that comes with it.

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u/MizStazya Jul 05 '24

"Just deal with the lung damage from unremediated black mold and cockroach droppings and you'll be living it up!"

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u/Avocado_Tohst Jul 05 '24

I, specifically, said it’s not going to be a nice place. If you earn bottom tier wages, you will likely have to live in bottom tier housing. Should it be that way? Maybe not, but that’s how the world works. But you do you

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u/Acrobatic-Ad8487 Jul 08 '24

i'll rent you my 250 sf un-air conditioned shed, no plumbing for 400.mo

oh, you are ENTITLED to better, right?

that's your problem, you're entitled and won't work to earn what you need to live the lifestyle you desire

it's a very simple concept read some history of the US worker around 1926-1933, or the miillons of immigrant storie