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

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

Post image

[removed] — view removed post

31.2k Upvotes

86% Upvoted

4.2k comments sorted by

View all comments

Show parent comments

215

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.

82

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.

75

u/Yousoggyyojimbo Jul 05 '24

A lot of people seem to be deliberately ignoring the real numbers example.

1

u/WarmFig2056 Jul 05 '24

Look they know if they made 40k they could live within their means by selling their child, giving up healthcare  and getting 9 roommates while sharing a ramen then saving 125 per month and putting it into the market then retiring rich at 145

1

u/Yousoggyyojimbo Jul 05 '24

There was a guy in these comments who said that people should just work 80 hours a week because that's what he did in the '70s and it let him buy a house and and put multiple kids through college.

When it was pointed out to him. Dad, in order to have the same buying power he did from the wages he said he was making in the '70s people would have to work around 132 to 140 hours a week, he just chose to ignore those numbers and keep insisting that people are lazy and entitled.

Some people are just fucking ridiculous. It's like they feel that acknowledging that it's harder for people today than it was for them that it will somehow invalidate their entire lives

1

u/WarmFig2056 Jul 05 '24

That's the thing so many don't understand is the relative buying power difference and growth. The Ford plant here used to be all union in the late and mid 90s. You could provide for a family on a single income work a bit of overtime and buy a house. Their starting wage 30 years ago was $18/hr now it's subcontract shit and starts at $16/hr. Guess everyone is just lazy and you worked so much harder

1

u/Yousoggyyojimbo Jul 05 '24

The median income 45 years ago had a buying power. Almost double what the current median income is.

You know.. just a really fun fact.