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What do you really get paid?

If you find a job that earns you 30 dollars an hour and you work a 40 hour week do you believe you would get paid 30 x 40 = $1,200.00 a week? ANSWER is NO! First thing that happens is taxes are taken out. (State and Federal). Other things are social security, medical, life insurance, 401k, etc. Since everyone's situation is different all the things taken out and the amounts will vary. So, let us pick a typical amount to come out. Say 40 percent. That would mean you would get a check for $720.00. My next question is: Is this the amount you get paid? The answer is....It Depends! If you are living on your own then you may be paying things like: rent, food, utilities, car insurance, etc. Let's say all of those things come up to $620.00. That means you are only getting paid $100.00 a week. OUCH! It also means you are actually getting paid $100.00 divided by the 40 hours you worked or $2.50 an hour. If you want to buy an item that costs $50.00 you need to work for 20 hours. Please do not wait till you are older to start your financial journey.

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