Quote:
Originally Posted by OptimalTates
40*15*52=31,200. "Minimum salary" stated is 31,900. I'm dyslexic so it will be embarrassing if I've read it wrong but I keep double checking. And that was with the 40 hours per week, every week, which will not be the norm for nearly any minimum wage worker. Especially those in careers where they will keep you at 29 hours to stop you from being a full-time employee. So it seems to be a vastly inflated minimum salary.
In any case, that was my first and only post in this thread. But it seems anytime you quote someone on this forum they take it as a personal insult like they just found out I was sleeping with their grandma. Is this the result of COVID? I think people need to chill out lol, but I'm outie.
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I think... it's not that your math is wrong, but that when people say "minimum wage", the definitions being used are different person to person. In all honesty, you guys are splitting hairs over an estimation to make a budget calculation.
IMO, the "real" definition that most people are implying when they use the terms, "minimum wage" is essentially, "basically minimum wage" which to most people I assume is around $35-40K or less per year.
Down and dirty minimum wage calculations aren't going to work as well vs higher income calculations IMO, so you basically just have to make certain assumptions. People with jobs making around $15 an hour aren't generally working 8AM-5PM @ M-F = 40 per week. They sometimes do multiple jobs and occasionally are spending 6-7 days a week trying to make ends meet (not all days worked are in excess of let's say 6 hours). You might have to take it a step further and consider that low income subsidies and tax brackets work up to the first $50K ish for the math to make sense.
Screw the calcs. I know family households with multiple kids that have a total family income of $80K or less and they own homes worth $400K (so I assume mortgages now of approx $300K?). They can make it work and often times, if they run into issues, people help out (family loans etc.). And if that doesn't work, they sell at a loss and rent/room with a friend. It's not as simple as just looking at incomes vs home prices as a pure spread. Lower income individuals may not actually be as inclined to purchase a home.
But... whatever. It's just a bunch of thought exercise. Go as deep or as simple as you'd like.