What is your annual salary? More or less than $50,00?
According to SoFi, an online financial bank and information site, Illinois’s living cost is $49,558. This means a person should make about $50,000 annually to cover housing and utilities, health care, food and beverages (non-restaurant), gas and energy goods, and all other personal expenditures. If we break this huge number down further, a person would have roughly $4,166 per month. For some people, four thousand dollars a month is doable. For others, it may not.
What is the cost of living? The cost of living is the cost of maintaining a certain standard of living. So what is this standard? How can this standard be sustained? What should a liveable wage be able to cover? What does this wage and cost of living depend on? This article will follow the opinions of various people who have explained their side of the financials of living.
I met with two young women who both hold the same job as residential coordinators (RD) at a private boarding school in Lake Forest, Illinois. Both of these women revealed their expenses and salary on a deeper level. The first residential coordinator is named Liz. Liz holds a higher position than Katie, the second RD. These young women’s housing and food are covered through their jobs. They also have second jobs that take place during either the summer or their off time.
The interview consisted of a couple of open-ended questions but was an open discussion that surrounded the overall theme of their opinion on the cost of living. Both Liz and Katie make about $25,000 annually. They also believe the basis of livable wages should be $45,000 annually.
Should minimum wage cover or be equal to a livable wage?
Yes, a fast-food worker’s wage (as an example of a lower position minimum wage job) should be able to also cover the cost of living.
What should a livable wage cover?
Housing, food, transportation, clothing, technology, communication, debts, school tuition (if applicable), car payments, miscellaneous things such as hygiene and cleaning products, medical costs and should allow space to save for emergencies, insurance to cover auto, medical, vision, and dental. A livable wage should also be kept in mind to sustain taxes and retirement.
How would you dictate income for people with degrees if the minimum wage should cover a livable wage?
The minimum should be a livable wage. As you are required to have more education for roles and positions, you should get paid more because you’ve invested more into your education and career.
What do you count as entertainment?
Things such as going out to eat, tickets for shows and concerts, fun stuff, decorating homes, gifts, and something that come with living an everyday life.
Can the economy sustain a livable wage?
Katie and Liz both agreed that things (the economy or structure of government) would have to be dramatically restricted. In specific, Liz commented: “Could it? Yes, as it currently exists, probably not. We need to take baby steps. Change cannot happen overnight.”
The interviewees ended the interview with final opinions and ideas, such as the opinion of “universal basic income as a basis to survive,” “wages should cover things that are just a part of life,” “Housing should be a right, not a privilege.”, “Ideally, one parent should be able to support the whole family,” and Liz, in a sarcastic tone, “What if living was a right and not a privilege?”
My second interview consists of an interviewee who is also a young woman. She is a part-time worker and a full-time college student with two dependents. This interviewee works from Monday to Friday. She believes the annual wage as livable should be in the size figure margin of $ 75,000 to $100,000. Here are her opinions and comments:
Should minimum wage cover or be equal to a livable wage?
A minimum wage should cover the cost of living as inflation has increased over the years.
What should a livable wage cover?
A livable wage should cover childcare, health insurance, housing, transportation, personal care, and food.
How would you dictate income for people with degrees if the minimum wage should cover a living wage?
People with degrees should have a higher wage than those with or without a high school diploma, as they have obtained experience and higher knowledge.
What do you count as entertainment?
Entertainment for me is events that can delight me, such as movies, live shows, sports, and going out.
Can the economy sustain a livable wage?
The economy cannot sustain a livable wage as inflation has caused living expenses to increase so much, like food, personal care, and housing. Many states must raise their minimum wage to maintain the income and cost at an equivalent level.
My fourth and final interview is with a 45-year-old male who lives in Lake Forest. He is in the real estate investment management business and has three dependents: his children. He believes that the livable wages would be appropriate to be $55,000. Here are his opinions:
Should minimum wage cover or be equal to a livable wage?
The minimum wage should mirror the actual cost of living and inflation. Companies need to figure out a way to increase pay.
What should a livable wage cover?
It should cover the ability to put food on the table, clothing, necessities, and housing.
How would you dictate income for people with degrees if the minimum wage should cover a living wage?
As one has more qualifications in a free market system, one should be able to advance to better positions or find higher-paying jobs. This brings to attention that schools should offer scholarships and grants to grow the pool of educated persons.
What do you count as entertainment?
Entertainment should be above and beyond needs such as eating out, movies, and things that one likes, even shopping, but to afford entertainment, a person needs their basic needs met. A person should work more hours for discretionary items.
Can the economy sustain a livable wage?
Yes. But, right now, the economy needs to stabilize. For this to happen, it will take time. All companies should make the minimum wage match the livable wage.
Extra Comments:
The minimum wage issue is due to wages needing to keep up with inflation as it increases. Things have started to become too expensive. Companies should provide training and education so that an employee can advance. All companies should support livable wages and move away from a state-mandated minimum wage. This is a social thing that society can help change.
In conclusion, the cost of living is rapidly rising every year. According to BBC News, inflation is also a root factor in the cost of living, at an all-time high of 11.1% in October 2022. Due to 2019’s Covid outbreak, things have drastically changed, and people want to see change.