Yes, poor in the ability to get straight answers for living a life without having to pay every bit of money you earn for rent, insurance, telephone, sewer, water and a car payment. Oh, I forgot about food.
While in elementary school parents didn’t explain to their kids what it cost to feed, clothe, and provide health insurance to the little rascals. I’m sure they were not told by their parents either. So we have have a “small” reoccurring problem.
Here we are in high school chomping at the bit wanting to be independent and find a part time job to save for a car. The all powerful car. The vehicle to social acceptance. Without the car the social pressure to be accepted by your peers becomes a group decision right or wrong the decision has been made without discussion.
So we have the part time job and with luck a full time job. Now we have that all important payment to establish a credit history. Oh yeah, and the cost of insurance. So at this point we make a whopping 150$ a week after taxes and pay 50$ for a car payment and maybe 30$ in car insurance. Living at home hopefully and trying to save 25$ a week to get the deposit, plus first and last month of a apartment rental.
Here we are living the all mighty independence thing with a small income of 600$ or 800$ a month in wages. With any luck 1000$ . All this at 20 years old. No health insurance so far. Is this poor? in my opinion yes.
There isn’t a consideration for the cost of food! Oh, here we go again! Walk into a grocery store with or without coupons. With a balance of proteins, grains, fruit and vegetables we are confronted with about 100$ a week. There isn’t enough money coming in each month to cover that balance of food to stay healthy.
Incomes the credit card. This device is provided to individuals with the ability to pay off the principle in monthly installments with interest. The card is used to pay for fuel and food. Unless comfort items are purchased this allows the purchase of food previously from missing funds for weekly food.
Here we go. It doesn’t add up to 1000$. It most likely comes to about 1500$ a month to just get by. So a little math and we have a 500$ dept per month times 12 is 6000$ a year in dept.Remember this is for a single person declaring 1 on their income tax form each year.
There is a few variables not listed. Example; out sick for week with the flu, car repairs, clothes, electricity, water, landline telephone, and the most important is health insurance
Jean Andre Vallery