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PaperclipPerfector  10d ago (text post)   2531 thread views

Small-Scale Question Sunday for October 6, 2024

Do you have a dumb question that you're kind of embarrassed to ask in the main thread? Is there something you're just not sure about?

This is your opportunity to ask questions. No question too simple or too silly.

Culture war topics are accepted, and proposals for a better intro post are appreciated.

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I'm 26yo, single, no dependents, in Alabama. My gross income is currently 71% of “Area Median Income” according to the U.S. Department of Housing and Urban Development. I'm currently paying 17.4% of my gross income in rent. I'm working a W-4 job at 75% FTE and enrolled in undergraduate at 9CH/semester (75% my school's definition of full time) as a Senior graduating with a bachelor's of science this December or May.

Are there any kind of “gibs” that might be available to me in this situation?

  • I looked up “housing choice vouchers”, but it seems that while I do technically qualify, those require you to (a) spend thirty freaking percent of your income on rent; and (b) move into a housing authority affiliated property. Paying more money for less safe housing is of course no advantage.
  • I looked up food stamps, but it seems that I don't even qualify for those, as after taking the standard deduction, rent, renter's insurance premium (required by landlord), and Earned Income deduction, I'm still grossing about 164% of the Eligibility Limit.
  • My employer offers a 401(k), in which I am putting all my spare income into a Roth account, so low-hanging fruit of the Saver's Credit is definitely already got. I'm also in generally excellent health so I'm just taking the Obamacare-Certified HDHP which my employer pays two-thirds of the premium on, and stuffing a bit of HSA money to get myself out of the higher tax bracket.
  • Day-to-day expenses are already about as low as they'll get, aside from a $100/mo cash allocation for social activity.
  • My GPA of ~2.1 (already exercised retroactive withdrawal cleanup) and my white male status together I suspect make fishing for scholarships a waste of time.

The biggest gains will probably come from the income side. For new grads there is often a path of increasing job titles e.g. associate --> staff --> senior --> manager. If you stay at one company each jump is usually a minimum set amount of time and the pay bump is often somewhat fixed based on your current salary. If you look externally for the next step/network you can sometimes get to the next job title sooner and be offered higher pay.

Also, a good perk to consider is employers that pay for continuing education that can be leveraged into higher paying jobs (e.g. an employers that pays a large percentage of tuition reimbursement for pursuing a master's degree).

The biggest gains will probably come from the income side. For new grads there is often a path of increasing job titles … each jump is usually a minimum set amount of [seniority] and the pay bump is often somewhat fixed based on your current salary.

Yeah, I've been working at the same company since graduating HS 7 years ago, and been arguably under-compensated. My boss has all but guaranteed me that my pay will approximately double immediately upon graduation; if it doesn't, I'll be rezzing up the resume right away to start shopping around for when the brief no-quitting-allowed period expires after my current company reimburses me for this last 1 or 2 semesters of school.

Mostly, I just want to get through this last stretch a bit easier.

Day-to-day expenses are already about as low as they'll get

You may still want to double-check against the numbers published by the Bureau of Labor Statistics—specifically, the "gross income less than 15 k$/a" column in the "size of consumer unit by income before taxes" table. (Note that these numbers were gathered in the 2022–2023 period, so they should be multiplied by something like 5.2 percent to account for inflation from January 2023 to today.)

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