You can't spend what you earn because of the large number of deductions and mandatory spending that comes out before it even gets to you. Also included is necessary spending required for your future benefit.
Social security paid by worker. 7.5%
Social security paid by employer. 7.5%
Federal income tax ( low estimate ) 10%
State income tax ( low estimate ) 5%
If self employed
Tax Subtotal=30%* or 22.5%
for not self employed
This is deducted before you are paid.
The remaining 70%* / 77.5%** if you are lucky is take home pay.
Once you take some money home, you still have to look forward to:
Local taxes ( sales, and property) 10%
Retirement Savings 401k etc. 15%
Health Insurance say. 10%
Chairity / Church. 10%
Necessary Spending SubTotal. = 45%
Total. = 75%* / 72.5*
Personal descretionary spending
(What you get to choose to spend)
=25% / 32.5% **
Let' say the total is 67% =2/3 and you keep 33% =(1/3).
Health ins can be $5k to $7k per year so 10% of a 50k to 70k salary.
Retirement savings is mandatory because social security that already cost you 15% has a pitifully small pay back and will only cover 50%(for a 30K/year earner to 22% for a 125K earner of a current salary.
It's really sad.
Church......................................nuff said.
This is a sobering reality that we already know but never really think about. The only way to success is to earn 3x+ what you want to spend. So your best bet is to earn like you are wealthy and live a modest life. It is pretty sad but that's just the way it is. It would be nice if the government demanded less of our earnings. And SSI was an actual individual retirement system instead of just another tax.
Dunn Kruger wants to offer a perspective and information that is beneficial to all people. You can trust that all statements are thought to be accurate and made in good faith. Please independently verify because Dunn Kruger may be wrong.
I'm going to step back a bit from burdening everyone with my long winded posts. My focus was to promote that all humans are created equal with an equal amount of time in each day. I wanted to be one more voice that with hard work and skill training each individual can meet their potential. The hardness of the path is what gives the achievement its value. Serve others more than you demand others to serve you. Social assistance and social promotion is more likely to hurt you by reducing your need for skill acquisition. That's basically it. Because of believing these truths that should be self evident, @dunnkruger naturally aligns more with conservatives. These are not only conservative principles, they are available to all. It pains me to see people have been convinced that they are disadvantaged and are waiting to be lifted up. I fear that they will wait so long that they will never advance to their fullest distance. It is never too late to start. Please start now.
IMHO the dirty little ...
@dunnkruger was looking for secular comment on "serve your fellow man". But most were Biblical
Think about the result of serving others first VS waiting for others to serve you before reciprocating.
If everyone insist on being served before reciprocating, then everyone is just waiting and nobody recieves anything
If everyone serves initially, there is a pretty good chance that everyone will receive something from one or more.
Maybe this is why your may come at the end of the week. Maybe this is why the tip comes at the end of the me.
www.churchofjesuschrist.org/comeuntochrist/believe/bible/bible-verses-about-helping-others
If
work = service to your fellow man
$ = reward for service to your fellow man
$ = work storage = service storage
$ = reward to others who serve you
Net service storage = wealth
Net service demand = debt
Therefore
It is better to serve others than demand service from others.
It is better to give than to receive.
@dunnkruger
https://www.saidhasyim.com/post/peak-lifes-work/exploring-the-meaning-of-work-through-service/
