The minimum wage is $7.15 an hour where Moneychallenge lives. As an exercise, this blogger at The Great Money Challenge tried to figure out how to live on that kind of income. MC is counting on $900 in monthly take-home pay, and guess what: Monthly expenses in this imaginary budget consume every last cent, including $325 for rent (utilities and wireless Internet included), $115 for high-deductible health insurance, some debt payment and retirement savings, and not a single cent left over for emergencies or fun. MC figures a second job would be required.
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