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Talk to Your Children About a “Livable Wage”

Talk to Your Children About a “Livable Wage”

| April 01, 2022
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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.

THE 10 JOBS SEEING SALARIES RISE MOST OVER 2021

 

 

 

 

 

 

Average

 

 

Average

 

Change in

 

 

 

 

 

Job Title

 

 

advertised

 

 

advertised

 

average

 

 

 

 

 

 

 

salary, Jan

 

 

salary, Nov

 

advertised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'21

 

 

'21

 

salary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Waiter/

$18,416

 

$30,138

63.7%

 

 

 

 

 

Waitress

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

$100,437

 

 

$135,896

 

35.3%

 

 

 

 

 

Developer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Housekeeper

$24,585

 

$30,658

24.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations

 

 

$30,920

 

 

$38,007

 

22.9%

 

 

 

 

 

Assistant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Therapist

$105,092

 

$128,837

22.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General Nurse

 

 

$104,741

 

 

$127,979

 

22.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Java

$116,679

 

$140,986

20.8%

 

 

 

 

 

Developer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Barista

 

 

$24,760

 

 

$29,598

 

19.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Materials

$27,317

 

$32,030

17.3%

 

 

 

 

 

Handler

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Host/Hostess

 

 

$25,267

 

 

$29,601

 

17.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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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