If you’re getting 250/day and making $62.5k/yr and paying taxes, you’re left with about $50k. Average rent is 1550/month in the US ($18600/yr). 30% of $50k is only $15000.
Working 8hrs a day at $31.25 per hr. (that’s 4.3 times the minimum wage) still doesn’t cover the 30% rule.
$250 per day, 5 days a week, 50 weeks a year.
$62.5k a year. That’s just enough to pay the average rent in America if you follow the 30% thing that gets taught
If you’re getting 250/day and making $62.5k/yr and paying taxes, you’re left with about $50k. Average rent is 1550/month in the US ($18600/yr). 30% of $50k is only $15000.
Working 8hrs a day at $31.25 per hr. (that’s 4.3 times the minimum wage) still doesn’t cover the 30% rule.
The 30% rule is based off AGI (adjusted gross income) which accounts for some taxes but I don’t remember which.
That’s not to say you’re wrong, by any means. Our economy is literally failing. The average person cannot meet their basic needs to survive
Ah agi makes more sense, since that’s before tax but after alimony and student loan interest payments.