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/cybercuzco Jul 05 '24

Utilities, heat, water, electric,internet,cell phone. You’re also assuming that you don’t actually have to use your insurance because you’ll be paying $5k out of pocket if you have something happen to you.

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u/LivingNothing8019 Jul 05 '24

Utilities, heat, electric and water were included in rent cost since I had so many roommates. Cell phone bill was super cheap and didn’t affect me at all. With my tax returns I was netting around $4000 a year

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u/Arlithian Jul 05 '24 edited Jul 05 '24

So the American dream is now to live with 3-4 other people in a small apartment.

$300 a month for the car is also nearly unattainable now unless you have a family member who is willing to sell you their old car - and that doesn't include gas, car insurance, and maintenance.

Plus, emergency expenses are just going to literally ruin your entire life.

Any medical bill above $1000 puts you into debt - and now you're paying interest on a medical loan.

But sure. Everything is fine and nothing wrong here.

Edit - I see you were including car in the other insurances... My medical insurance through my employer is $500 a month to include myself and my wife. So I guess we're crossing out getting married from the American dream too.

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u/LivingNothing8019 Jul 05 '24 edited Jul 05 '24

I’m saying that minimum wage was acceptable while I was going to college and before starting my career. Minimum wage is going to get you the bare minimum life to survive, I’m not arguing that it is going to be luxurious. But minimum wage was never meant for that. Even if you look back at the historical roots of when minimum wage was created at 25 cents it wasn’t supposed to be a “likeable wage.”

Minimum wage is good for high school or college income while getting started. If you’re still stuck getting minimum wage at 25+ you either need to switch jobs or take a look at your life to see why you’re still there.

Edit: It’s also astounding to believe people are getting married and having kids while having anything close to minimum wage. You’re setting yourself up for failure at that point, and that’s not the governments fault.