Hazelwood, MO · Member since 2017 · 40 posts · 21 votes
Hi,
I was reading an article a few days ago that said 40% of Americans can't come up with $400 if they had an emergency. I couldn't believe almost half the country is that broke. The median household income is 60k, so where is the money going. Was Senator Chuck Grassley right that they were spending it on booze and women lol. I usually don't spend more than 1000 a month. I own my own place so there is no mortgage and I'm single. Please let me know if you could come up with a $400 in an emergency and what your expenses are.
it's not that wild when you think about regular people with low paying jobs and kids.
$15/hr 40 hours a week =$600 (if u get40hrs.
After taxes 600 is more like $500.
So you got $2000/ month.
rent: $600-700
car payment $200-300
gas$$$100 (low)
car insurance$100-200
cell phone$100
utilities: gas/electric/water$200
more than half of your monthly income is already eaten up before grocery and other incidentals.
add in a child or 2 or 3 that you have to feed and clothe, send to daycare or buy pampers etc and suddenly it's not so hard to see why people are broke.
that's why check advance tote places exist. allot of people are out here living check to check literally and any little hiccup can throw everything off track.
I am and always have been allergic to spending. Currently (not counting investment property income or expense), I spend about $500 a month total. I am really good at getting free food, I have unlimited everything on my cell phone for $22.50 a month. I do not pay for cable and utilities are included in my shared living space that I pay $285. I bet there are some months where I spend less than $400 easy. So I am saving up to 90% of my salary every month. It is almost like a game to me. Weird thing is, I did not learn this t home as my mom has always had a spending problem (not materialistic at all, she tends to spend on others, something I need to get better at actually)
Good for you, no bs. The financial independence movement and real estate investing definitely go hand in hand. Increase the supply side and decrease the demand side and -boom- you're done working, if you want to be.