I will chime in here - one of the few things I know about is money and the relationship one has with money. yes we all have a relationship with money. how is your personal relationship with your money? hmm
i am a mortgage broker so i see income, assets and credit reports daily for the last 13 years. Ive delt with all levels of income with mortgages - so i am familiar with the min wage crowd as much as the private client crowd.
the biggest problem with people making min wage is not the actual wage being made, but those who have low paying jobs generally are less intelligent with their money, min wage earners generally have less than favorable credit scores which means these consumers cannot get decent financing, they are late more often on bills and it is a snowball effect. its not the wage.... the relationship with money and financial literacy more than actual money. also min wage is not something you strive for or settle for. you work your way up.
also those having min wage, generally do not have savings, so if they loose their job they do not have any funds saved
i had the worst jobs when i was younger, worked at a car wash, washed dishes, worked at a golf course, eventually got a job selling used cars and put myself through business school and then got better jobs and started my career - enough about me - i am saying you shouldn't strive to keep min wage jobs.... if you arent a screw up, you can generally rise to asst manager, then manager in a few years if you have a min wage job
now let's look at some figures if someone had min wage income
$15 an hour 40 hours a week = $30,000 annual income - you will pay pretty much zero taxes so assume you and your spouse are $15 which is $60,000 per year which is $5000 per tax per month.
with $5000 a month, good credit scores you can buy a decent home in many US cities. but those with min wage do not have good credit generally which they are not able to get financing due countless reasons but that should not the case...
if you and your min wage wife make $5k per pre -tax that is enough money for a decent vacation per year and allow you save for retirement
$5000 a month pre-tax is more than enough for a family to live an american middle class but 99% of americans do not have good financial will power (stop spending, poor relationship with money, and have a poor mindset....ill always be poor)
so in summary if you are financially literate you can do fine on $15 an hour but those who make $15 an hour...all odds are against them.
being good with money:
-know how money works
-have will power - stop spending
-let's face it, the cost of living is going up, we live in a capitalist society so making more money is more important in 2019 then it was ever before. work your ass off and make more money.
the middle class is going away for sure, but it is typically due to poor money management not the economics.
example - 2 broke people get married and make poor financial decisions and have "broke mindset" and never rise up through the ranks... and have poor will power. that shouldnt be the outcome, but it happens 1000 times over
remember we all have a relationship with money - how does your personal financial status make you feel? and yes you can improve it.
