40 hour minimum wage job not enough for 2 bedroom apartment

Bijou said:
The number of college-educated unemployed is now greater than the number of uneducated people without a job. So much for 'increased knowledge and skillset' as a means to ward off poverty.
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That's because more people now goto college than don't, and the snake oil salesman recessions epi center was all finance grads. You still make millions more going to college.
 
LOL at the broke conservatives who claim that the only reasons people aren't rich are laziness and stupidity...
 
LOL, the broke Cajun claims to be a millionaire but his wife wouldn't let him retire....
 
\\()// said:
LOL, the broke Cajun claims to be a millionaire but his wife wouldn't let him retire....
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This isn't that hard to do, nor is 1M enough to retire on if you are still young.

Let's give an example. Let's say I have 3 rental properties, each valued at $350,000 (an average). My net worth would be over $1,000,000 with just those properties, but that isn't enough to retire on... That's silly. I need to pay for the rest of my life with that savings, my wife wants to live at the same level we do now. If I retire on that and rely solely on the income from the rentals, we'd have to cut back. Not likely. I need far more savings than that to retire.

I told Topper that retirement with only 1M wasn't wise... but he can go on with his bad self...

;)
 
Damocles said:
This isn't that hard to do, nor is 1M enough to retire on if you are still young.

Let's give an example. Let's say I have 3 rental properties, each valued at $350,000 (an average). My net worth would be over $1,000,000 with just those properties, but that isn't enough to retire on... That's silly. I need to pay for the rest of my life with that savings, my wife wants to live at the same level we do now. If I retire on that and rely solely on the income from the rentals, we'd have to cut back. Not likely. I need far more savings than that to retire.

I told Topper that retirement with only 1M wasn't wise... but he can go on with his bad self...

;)
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a more realistic example for consideration....here in West Michigan a typical rental unit would cost you $50k (4 unit building $200k, 8 unit building $400k)......each would rent for around $600 per month utilities included....assuming the mortgage is paid off, operating expenses including property taxes should expend about 35% of that revenue, leaving a before tax profit of $390 per month per unit.

a million dollars of assets would give you 20 units for a combined profit of $93k per year. This ought to permit you to retire.

(sorry. I spent 25 years as a real estate investment counselor and property manager, I can't help it)......
 
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Bijou said:
That's nice. Let's assume we're discussing one person, and one income, making fry-cook wages (minimum wage in Los Angeles is $8.00 per hour). Let's assume he rents a room in Los Angeles for 500 a month, which includes utilities, and gets food stamps. Let's assume he has a car and it's paid for, and has no cell phone or internet. At eight bucks an hour and 40 hours a week, after taxes, he's going to bring home about $285 each week.

So, 1140 a month minus 500 for rent = $640 bucks to pay for gas for the car, insurance for the car, any necessary repairs for the car, clothing, toiletries, any food beyond what the food stamps purchase....and hopefully health care.

Think it's doable? If not, ensuring that a minimum standard for decent living is achievable for those making minimum wage somehow cheapens what you've 'earned' in what way? Please explain.
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Get rid of the car.
 
Bijou said:
Really? Our subject never needs to do laundry? or buy clothes? or toothpaste? shampoo?

And no, 'upkeep' isn't necessary monthly. Let's look at what's necessary every so often - couple of times a year: brakes, oil changes, etc. Every couple of years or so - tires. Add those expenses up and then break them out by month.

It adds up.
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Get rid of the car.
 
Bijou said:
Thank you for bringing this up. The reality on the ground is that there are many people of average intelligence and limited potential. They don't deserve to be punished for it.
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According to Liberals, they should have been aborted and then they wouldn't have to suffer through such misery.
Or did the crystal ball for those break?
 
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