20 Dollars An Hour Is How Much A Year latest 2023

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Ride the Bus to Financial Security

To put it simply, wealth is the money you don’t spend. If you take home $275 a week and spend $273; Congratulations! You are $2.00 rich! Had I followed my own advice from 1974, I would have written this article from the patio of my double-wide in New Port Richey, Florida, instead of this dreary Detroit suburb on a snowy afternoon.

The path to wealth has nothing to do with how much money you make but how much you spend. In other words, the sooner you get your spending under control, the richer you will be. The lifestyle we choose will determine how soon, if ever, we reach our goal of financial independence in retirement. There are so many investment vehicles that are relatively safe and if you invest thousands of dollars in them, they will return many hundreds of thousands (maybe millions) of dollars. But where do you get those hundreds of dollars every month? You determine this by the lifestyle you choose.

Housing costs are hard to minimize due to mortgage, utilities, repairs and taxes. Try to find a reasonably sized house with decent schools and you’ll pay big bucks. Food and clothing are also difficult to control. Keep trying to reduce these costs and find savings. But take a look at your cars (who still has a car?). Over a five-year period, it costs over $41,000 to buy and own even a mundane Camry. But what is more surprising is that in households that own a car, almost 60% own two or more cars! Now, here’s an area where we can make some serious changes for big savings if we’re willing to live a little different.

The average cost of a monthly bus pass that gives you unlimited rides is around $64 or $768 per year. Subtract $64 from the $684 monthly cost of a car and you get $620 to finance your investments!

If you’ve just gotten out of school or been laid off looking for a job and have to make the decision to move, consider the cities’ transit system. Go ahead and take the bus and train for a few days, including weekends. Bring your bike and try to get around the areas where you would like to live. Commercial and industrial areas may or may not be well served.

Then look for walkable and bike-friendly neighborhoods with a school, grocery store, and things like a dentist and restaurants within walking distance. Then get the bus and public transport map and see how the area is served. Main lines will be served 24 hours a day, 7 days a week. Smaller feeder lines may have limited night and weekend hours, but peak hour service can fit into your schedule. work. Look for lines that have “express or limited” services during peak hours. Most bus companies have online timetables and origin and destination help on their websites. Making more than one connection can take time, so analyze the transit system carefully.

For cities like the Detroit metro area, the public transportation system is poor at best and owning a car is a must. Maybe a job that pays a few thousand less a year might be a better long-term choice if you can get away with paying $620 a month (yes $37,200 divided by 60 months!) to own a car. Assuming you could save that $7,440 a year at an interest rate of 6% compounded daily, after five years you would have almost $43,385 in the bank!

Car Cost Calculator: http://www.edmunds.com/apps/cto/intro.do

Just saving $7,400 a year for 25 years instead of spending it on a car will bring in $431,731.90 (nearly 1/2 million dollars!). Imagine if you could do without a car! Many people living in New York, Chicago, and even Ann Arbor, Michigan, may not even own a single car. Renting a car for a weekend or vacation is much more profitable.

Wealth has nothing to do with how much you earn (you can always spend more) but how much you spend; what you don’t spend is your family’s wealth.

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