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Talk to Your Children About a “Livable Wage”

Talk to Your Children About a “Livable Wage”

| April 25, 2022
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Understanding the 10 jobs that saw the largest increase in salaries last year

What do you think is a “livable wage?” Suppose your answer might depend on where you live, but GoBankingRates estimates that a livable wage is $67,690 in the U.S. And there is a wide range from that number, as a livable wage in Alabama is very different from a living wage in California.

 

Alabama Annual Living Wage: $53,824

 “Alabama is among the least expensive places in America to live — in part thanks to median housing costs of just $8,590 a year — but earning a median wage would still leave inhabitants of the Yellow Hammer State $3,288 short of a living wage.”

 

California Annual Living Wage: $97,806

 “The nation’s most populous state is also among the third most expensive, with a living wage translating to just about six figures if you’re planning on following the 50/30/20 rule. Even for a state with an average annual income of $75,235, those are costs that are hard to bear.”

 

Money Talks

 

So with the “Great Resignation” wreaking havoc on small businesses across the U.S., businesses are turning to the one thing that has always worked to attract employees: money.

 Adzuna compiled a list of jobs that saw the largest salary increase in 2021 – but unfortunately many of them are still below today’s livable wage – but many are not.

Planning Matters

How many of our kids know that they can expect to work on average 90,000 hours? In other words, their career(s) will account for about 13 years and 2 months of their life. And over the course of a 50–year career, they will spend about a quarter of the time at work. Hopefully they will have a financial professional in their corner to help them consider their needs and work with them to develop goals tailored to their hopes and dreams.

 

Important Disclosures

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by FMeX.

LPL Tracking #1-05254674

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