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Old 07-20-2013, 11:13 PM   #76
ALBballer
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Default Re: Advice: how to live on $7.70/hour

Buying a 80k house isn't that hard. If you get a 30 year mortgage and assuming you get interest rates that are around 3-4% and put down a 20% down payment, your monthly payment is $270-$310. Add in taxes and insurance and it's less than the rent amount McDonalds budgeted for lol.

Say you get one of those FHA loans where all you are required to put down is 3% or so and the monthly payment for 30 years and 3.5%, the monthly payment is $382. 40 hours a week x $10 x 4 weeks = $1600 a month before taxes. Generally mortagers require your house payment to be no more than 33% of your income or so. So it's possible even then.

As for the prices, depends on location. Where I live you ain't buying a house for $80k though you could get an ok condo in a decent area. 1.5 hours up from me, my cousins bought a really nice 2 story house built a few years ago for $140k. Not bad. Minimum wage in an area like this is doable especially if there is more than one income.

With that said minimum wage sucks. But let us be honest, raise it by say $3 and $10 an hour or whatever it is still sucks. I made $6 off the books when I was 15 and made over $12 working at a bank when I was 19. So take that for what it's worth because I never had to live on minimum wage.

Last edited by ALBballer : 07-20-2013 at 11:28 PM.
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Old 07-21-2013, 01:28 AM   #77
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Default Re: Advice: how to live on $7.70/hour

I live in Florida... 15 minutes from the beaches...half hour from cocoa beach.

I ended up only having to give like 2300 in cash to get the loan done and yes my credit was pristine and the one thing I did do was get my car paid off before I moved out but I would have gladly driven a clunker or not had a car had it meant having my own place.

I bought back in 2008 after the big part of the collapse but will before the bottom... my interest rate is like 6 or 6.25... payment has fluctuated between like 650 and 800 based on taxes and insurance... 30 years...

It's doable. You just have to be willing to sacrifice entertainment and certain food until you are in a better position.. Most people aren't willing to do either, let alone both.

7.70 is really tough alone but if you took a roommate for a few years while you got a better job or more pay...doable.
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Old 07-21-2013, 08:48 PM   #78
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Default Re: Advice: how to live on $7.70/hour

Quote:
i see that gasoline and food are completely absent from this budget

Quote:
Originally Posted by OldSkoolball#52
Did cities across America shut downtheir public transportation and food assistance programs? I didnt hear about that! Would have thought thered be more news coverage for something that significant!

Bc Im SURE you wouldnt make baseless complaints just to look smart and cool (which youre not, remotely.)

Right??

To be fair, the budget outlined in the OP mentioned making $100/mo car insurance payments and $150/mo car insurance payments. Would be quite the waste if you were paying all that money towards a car, just to take public transportation.

Although there are a dozen other things I can find wrong with that outlined budget.
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