ORLANDO, Florida. – Residents (or future ones) of central Florida who want to cover their basic needs without much trouble should earn $33 an hour, according to economist Rafael Botero.
The expert explained that, given the cost of living in the state, earning less could adjust the pocket even more in the midst of inflation.
“If we are realistic, real estate in Florida and, during the pandemic, has gone up so much and rents are so expensive, that you cannot earn less than $32 or $33 an hour so that under the rules you can pay rent, goods and services, health, education and savings,” Botero said in an interview with Telemundo 31.
The state minimum in Florida is $11 with projections to increase by $1 each year until reaching $15, as established by law.
For many, this means saving in the midst of inflation that has crippled the US economy.
“It is time to do what suddenly the American economy does not command; Control our consumption. Look for prices to demand less or in a more rational way to help inflation come down,” Botero said.
ThenHow to manage to spend less this 2023?
Botero advises buying in volume and for the next six months since the consumer has a lower value for the product, he explains.
Likewise, it advises that people know their expenses well and rationalize their consumption well. “For example, we must be aware of the cost of gasoline and look for those places that give rewards,” he commented.
“This year we have technically been in recession and a complicated situation is expected for 2023… It is difficult, with the volumes of inflation, to be able to save so if there is any money left, you always have to save, although that number will be less,” advised the expert.
Be careful when using your credit card
As long as you don’t use a credit card or pay before it is billed, you will enjoy better financial health because the first thing that triggers interest from the federal reserve is mortgage interest and credit card interest, Botero commented.
As a consequence, “you have to be disciplined to the extent that you can because there are people who are losing their ability to pay, inflation and living only on credit cards,” he said, for which he recommended to all people With good credit, look for good offers for new credit cards to which you can transfer what you owe to an option that offers you to transfer the debt with six months of 0 interest.
“It is a year that comes with a lot of uncertainty with a complex economy where we will see a slowdown in the economy because the federal reserve will seek to strongly increase the interest rate,” he stressed.