Lets assume you are a single person, working to take care of yourself and the few bills and debts you have. Lets add in the fact that you made a mistake once with a few credit cards and have some debt. Lets also assume you have a cellular phone because you are looking for work or are working and need to be accessible (most people). Now, lets assume you make 7.25/hr (minimum wage), and you are blessed enough to be working full time. Thats 7.25/hr x 40hrs which equates to $290 per week in your pocket before taxes, Social Security, Medicare, etc. Lets make that $1,160 per month and $13,920 per year. We can be generous on the tax rate...hmmm maybe 13% SO that leaves you $253 per week, $1,012 per month, and $12,144 per year. Have a small one bedroom apartment? Lets low ball it $400 per month, which leaves you $612. Lets say you just have to pay electric... Again, lets low ball $60 and that leaves you $552 Ill assume you got hooked up on your phone bill, so $70 per month which would leave you $482 I am sure you eat food, and are disciplined enough not to eat fast food. Lets assume you only eat about $50 per week in groceries and other necessities (deodorant, lotion, toothpaste, soap, etc)... $200 per month...leaves you $282. Of course you dont want to catch the bus because it takes so long to get where your going so you have a car payment and insurance. You have the best deals in the world and can pay your insurance and car payment for $250 per month...leaving you about $32 for anything else you may need...like gas for your car which can run $40 - $60 to fill up. Notice I gave a great deal of lowball prices and random assumptions that 98% of folks do not get. So do you still believe minimum wage is ok, if so, are you willing to live like that? But wait, lets add in having a kid or two...hmmm
Posted on: Sun, 03 Aug 2014 16:46:16 +0000
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