What does a family of four need to "get by"?
If I asked you what your family needs to “get by” … what your monthly bills amount to … what income you need to meet expenses and nothing more … could you tell me?
I could answer accurately, if given a couple of minutes to think about what’s going in to and out of my checkbook every pay day.
The federal poverty threshold for a family of four is just under $24,000. A recent Gallup Poll indicates that Americans believe families need more than double that … $58,000 on average … just to “get by”.
That estimate reflects 29% of those surveyed saying families need up to $50,000 in annual income … 47% saying they need between $50,000 and $99,999 … and 10% saying they need $100,000 or more.
Obviously, we all have our own standards for “getting by”.
$24,000 a year is not much. Many Americans are working few hours at low wages and with no benefits just to “get by”. I don’t know how they do it.
Our thought for today is from Leo Rosten:
“Money can’t buy happiness, but neither can poverty.”