this post was submitted on 27 Apr 2024
106 points (95.7% liked)
Asklemmy
43746 readers
1140 users here now
A loosely moderated place to ask open-ended questions
Search asklemmy ๐
If your post meets the following criteria, it's welcome here!
- Open-ended question
- Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
- Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
- Not ad nauseam inducing: please make sure it is a question that would be new to most members
- An actual topic of discussion
Looking for support?
Looking for a community?
- Lemmyverse: community search
- sub.rehab: maps old subreddits to fediverse options, marks official as such
- [email protected]: a community for finding communities
~Icon~ ~by~ ~@Double_[email protected]~
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
If you're making $8/hr, your head is going to be incredibly deep underwater. 5% is not remotely possible at that wage. At 15% you may as well be living in fantasyland.
Most people wouldn't remain at $8/hr their whole life, you would likely earn more as you gained training and experience. My point was that at the extreme low of full time wages, your savings rate at an early age helps determine where you would end up. It's doable especially at hire wages.
When I was making that kind of money, I still saved way more than 5%. Granted, after inflation, it is like $11.50 now. Still, 10% would have been pretty easy. 20% would be possible if I didn't blow money on things like spend $3K on a bike for hobby use. Also, that's assuming you don't have unexpected expenses. I lived somewhere where having a car wasn't necessary, so that made a huge different in budgeting. And when I needed surgery, I was lucky with insurance. Otherwise, that could have easily have eaten up the savings I had.
So 15% is definitely possible... with lots of luck and good circumstances.