We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
There is no such thing as a single living wage. A living wage varies greatly by location and family status. When $15.00 an hour is thrown around as the goal for a living wage, it may or may not be valid – mostly not. $15.00 an hour equals $31,200 per year. A full years work is 2080 hours.
“The term “living wage,” refers to the minimum annual income an individual or household needs to earn to be exempt from federal programs for the needy. The threshold is based on data from the U.S. government’s poverty guidelines.
But the Living Wage Calculator includes some factors generally not considered by the government such as child care and other expenditures based on specific geographic data.
Let’s take a look at what you need to earn annually, before taxes, in each state based on the Living Wage Calculator.” Needless to say inflation has a big impact.