Woman Who Earns $100K Explains Why She Was 'Better Off' Making Minimum Wage 10 Years Ago
There's a pressing need to address the economic issues affecting many.
CrizzyStudio / Shutterstock It's no secret that the cost of living in 2023 is drastically different than it was a decade ago. Not only here in the United States, but also in other parts of the world, especially in Canada, which seems to be the case for Sam, a Canadian content creator currently living in British Columbia.
In a TikTok video, Sam shared exactly why she feels that 10 years ago was better financially for her compared to today, even though she makes significantly more money.
She earns around $100,000 today but was 'better off financially' making minimum wage 10 years ago.
"The cost of living is so high in 2023 that I was better off financially when I made minimum wage in 2012 versus me making $100,000 today," Sam began in her video. She explained that in 2012, she was living in a two-bedroom apartment with a roommate and their rent was only $700.
Between Sam and her previous roommate, she only had to pay $350 for her share of the rent. On top of that, she was only spending around $100 to $150 on groceries and their apartment utilities were barely $100 a month for everything, including water, gas, heat, and electricity.
Her take-home pay from making minimum wage was around $1,300 to $1,400 a month, and after paying her bills and other necessities, she still had a sizable amount left to spend on herself.
"I had so much money left over. Not a lot of money but several hundred dollars left over," she recalled. "I was able to go out to eat multiple times a week, I mean, nothing fancy but I was still able to go out. I really like buying clothes and makeup, and I was able to do that."
Photo: Industrial Photograph / Canva Pro
However, in 2023, still living in British Columbia, Sam's rent is now $3,300, a significant increase from 10 years ago. She still has a roommate and they split the cost, so Sam only has to pay $1,650.
Her apartment utilities are around $200 to $300 a month, she has student loan payments which are several hundred dollars, and because she had to move out of the city, she now has monthly car payments, and gas to worry about too.
"It adds up and obviously I am making a decent salary. I can afford it but I really feel like I had a lot more disposable income in 2012 when I was making minimum wage."
Many Americans have admitted to feeling anxious about their financial situations.
According to a Mind over Money survey conducted by Capital One and The Decision Lab, financial worries include a broad range of issues from savings and retirement to affording a house or child’s education. While 77% of Americans reported feeling anxious about their financial situation, 58% felt that finances controlled their lives and 52% had difficulty controlling their money-related worries.
Americans are most worried about their financial future, which includes: not having enough money to retire (68%), keeping up with the cost of living (56%), and managing debt levels (45%). This impact of financial stress has bled into the mental well-being of people as well, including many who feel fatigued (43%), find it difficult to concentrate at work (42%), and have trouble sleeping (41%). A quarter of respondents (25%) said financial stress affects their relationships.
Similarly, in a report conducted by Primerica, 72%, of middle-income families say their earnings are falling behind the cost of living.
However, in Canada, specifically, the cost of living has risen there as well, especially when it comes to housing. Per Business Insider, the average home value in Canada has more than doubled since 2011, and the country is steadily heading toward a recession. Many Canadians are in debt — 75% of it from mortgages.
There doesn't seem to be a solution in sight for anyone, and in this current reality, individuals find it increasingly difficult to maintain the same level of financial comfort they enjoyed in previous years, pointing to a pressing need for addressing the economic issues affecting many.
Nia Tipton is a Chicago-based entertainment, news, and lifestyle writer whose work delves into modern-day issues and experiences.