I just realized that an increasing number of people are paying to work rather than receiving payment for their work. If someone is earning $50,000 per year, their take-home pay will be approximately $40,000 annually or $3,300 per month.
Expenses break down as follows:
– Rent and utilities: $1,500
– Car, maintenance, insurance, and gas: $600
– College loan: $300
– Health insurance: $300
– Food: $300
This leaves only $300 for entertainment, clothing, and emergencies, with no room for retirement savings.
While individuals in this category may earn more than $50,000, especially if they possess in-demand skills and significant expertise, this figure represents the average salary for a new graduate in the US. Some may earn more but may find themselves in high-cost-of-living areas. My point is, after four years of college and all the preceding education, many people are merely earning enough to survive. What are your thoughts on this?