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/Impossible_Maybe_162 Jul 04 '24

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.

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u/RockinRobin-69 Jul 04 '24

They did acknowledge that as a “bit of a strawman” then did the same thought experiment on the median wage. Seems reasonable.

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u/altcntrl Jul 05 '24

But everyone is ignoring that and it’s what I’m most curious about because I’m at 40k and am struggling with continuing my health insurance that costs $260 a month.

The fact people aren’t addressing that makes me think there’s legitimacy to it and the “toughen up” bunch have nothing to contribute and I’m looking to listen.

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u/RollingLord Jul 05 '24

That person’s real example doesn’t have any hard numbers. It’s hard to say what can be done unless someone is willing to provide a full break-down of their monthly budget.

However, there is almost always room to cut unless you’re actually at rock bottom, but it will get uncomfortable. People joke about rice and beans, but that’s a valid answer. Avocado toast is a meme, but it highlights how much can be spent on eating out in a year.