Search This Blog

Tuesday, March 1, 2011

How many hours must you work to buy...

In the last posting, we talked about the $7.25 minimum wage and based on one hour of working, some things you can and can not afford.  Now let's focus on the relationship between working and purchasing.

The question posed is this: Based on a person earning $15/hr and no taxes taken out, how many hours would a person have to work to acquire the following...

              Item                                                 Hours needed to work
100 oz Tide Detergent ($13.99)                                  0.93 hrs

12pack Bounty paper towels ($17.99)                         1.2 hrs

Estee Lauder Lip Gloss    ($20)                                 1.33 hrs

Estee Lauder 'Beautiful' parfume ($55)                       3.67 hrs

Amazon Prime membership ($79)                        5.26 hrs (over half a day)

Portable GPS unit    ($130)                                 8.67 hrs (1 full workday)

BluRay player ($179)                                        11.93 hrs (1 1/2 workdays)

8gb iPod touch    ($225)                                    15 hrs (about 2 workdays)

15.6" laptop  ($500)                                           33.3 hrs  (4 full workdays)

40" HDTV  ($1000)                                          66.67 hrs  (over 8 workdays)

55" HDTV  ($2100)                                          140 hrs (3 1/2 weeks working)

Nissan Sentra-base model ($15,540)                  1036 hrs (6 months working)

Nissan Altima-base model ($19,910)                1327.33 hrs (33 weeks working)

BMW 328i sedan- base ($33,650)                   2243.33 hrs (13 months working)

New Home- $150,000                                   10,000 hrs -> 250 weeks -> 4.8 yrs

New Home- $225,000                                   15,000 hrs -> 375 weeks -> 7.21 yrs

~  $15/hr = $600/wk = $31,200/yr 

 If income taxes are 20%, then true take home pay for 1 yr @ $15/hr  = $24,960

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.