Friday, January 27, 2023

How much you need to earn in central Florida to meet basic needs, says expert

Orlando Florida. , According to economist Rafael Botero, residents (or future residents) of Central Florida who want to meet their basic needs without hardship should earn $33 an hour.

The expert pointed out that given the cost of living in the state, the low earnings can further adjust the pocket amid inflation.

“If we’re being realistic, real estate in Florida and, during the pandemic, has gone up so much and rents are so expensive, that you can’t make less than $32 or $33 an hour, so that under the rules you can pay rent, furnishings and services, health, education and savings,” Botero said in an interview with Telemundo 31.

The state minimum wage in Florida is $11, with an increase of $1 each year until reaching the $15 established by law.

For many, this means saving amid inflation that has crippled the US economy.

“It is time to do what does not suddenly command the American economy; Control our consumption. Look at prices for lower demand or a more rational way to help reduce inflation,” Botero said.

ThenHow to spend less this year 2023?

Botero recommends buying in volume and having a low value for the product the consumer has for the next six months, he explains.

Similarly, it advises that people know their expenses well and rationalize their consumption well. “For example, we should be aware of the cost of gasoline and look for places that offer rewards,” he said.

“This year we have technically been in a recession and a complicated situation is expected for 2023… With the amount of inflation, it is difficult to save if there is any money left, although you should always save However, that number will be small,” the expert advised.

Be careful while using credit card

As long as you don’t use credit cards or pay before they’re billed, you’ll enjoy better financial health because the first thing to trigger interest from the Federal Reserve is mortgage interest and credit card interest, Botero said. commented.

As a result, “you have to be disciplined to the extent that you can because there are people who are losing the ability to pay, inflation and living only on credit cards,” he said, for which he encouraged all people with good credit Recommended , look for good offers for new credit cards in which you can transfer your outstanding amount to an option that offers you six months of loan transfer with 0 interest.

“This is a year that comes with a lot of uncertainty with a complicated economy where we will see a downturn in the economy as the Federal Reserve will want to raise interest rates forcefully,” he stressed.

Nation World News Desk
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