How Much Money Should You Be Earning?
The Summer Finance Blogoff 2012
Entry From Vanessa’s Money ~ Enter to win £50/$50!
How much money should you be earning?
Vanessa from www.vanessasmoney.com
I realize, right off the bat, that this post does have a subjective element to it. Different people have different circumstances and different problems that need to be addressed. However, a discussion while out with some friends the other night fascinated me and I am curious to see what my fellow PF bloggers have to say on this subject.
My friend claims that, aside from tuition, $10 000 is the amount a student should earn while in university. This figure was met with outrage as my fellow friends insisted that the number be lower — no one can earn $10 000 while studying full-time, they reasoned. I, of course, sat quietly and listened.
Those who know me well know that I am a workaholic and that I love earning and saving money. I think that the lowest amount of money I’ve earned in a single year was $13 000 and that was way back when I was 17. Usually I hover around the $20 000 mark.
So, what does it take to earn $10 000 a year in Canada? Well, our minimum wage is $10 an hour and our summer breaks are 16 weeks long. Some simple math brings up a figure of $6 400 for a full summer of work (this is, of course, assuming minimum wage, which, is a foolish assumption if one is studying a high-demand subject like engineering).
Working backwards, the ‘missing’ $3 600, when spread over the 36 other weeks of the year, requires a student to work a mere 10h a week to gross $10 000 in yearly income.
Does this mean that my friends are really, honestly unable to work 10h a week while studying? Do they have that much of a social life or that much homework? Unfortunately, I don’t think so. I think that my friends, like many Canadians that I study with, are a bit lazy or misguided when it comes to having a part-time job.
Personally, I feel that having a part-time job would benefit students. It would teach them how to manage their time and how to manage their money. In addition, it would give students a bit of work experience to bring into the real world after graduation as well as allowing them to test out different jobs/skills to see what they enjoy or are good at (ie, I’ve learned through part-time work that I’m a horrible salesperson).
What do you think? Do you find that $10 000 is too high, too low or just the right amount that a student should be earning while studying?
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