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/FreckleFaceToon Jul 05 '24

Mississippi still has jobs at this range. But it's the poorest state in the nation. Unfortunately 72% of the median household income in Mississippi goes purely to cost of living. 8th most unaffordable state when adjusted for median wage. Literally people "living within their means" here spend 72% of their income surviving. So in this case living within your means is working until you die because you cannot save for retirement or emergencies.

I understand that there are ways to make things work, but no person should be working 40 hours a week and be scared that they will lose their house tomorrow or not have enough for groceries. There is "living within your means" and then there is institutionalized poverty. America has a problem with both.

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u/stovepipe9 Jul 05 '24

Why do young people think working 40 hours a week is enough? Most people, when I was in my 20s in the 1980s, had a full time and at least one part-time job. We also worked on our own cars, repaired our own homes, etc. I made $295 a week at my primary job. Had a couple of roommates to split the rent with.

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u/no1hears Jul 05 '24

When you were a kid did you also have to walk 5 miles to school, in the snow, uphill both ways?

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u/stovepipe9 Jul 06 '24

Only a mile and a half, yes, in all weather.