Adulting 101: Words to Know

MONEY-RELATED TERMS

  • MINIMUM WAGE: The least an employer can pay you. Minimum wage in Louisiana is $7.25. After 40 hours a week, your boss has to pay you time and ½.
  • SALARY: This is a set amount. It is a guaranteed wage whether you work over 40 hours or under 40 hours. There is no overtime.
  • SERVICE INDUSTRY WAGES/TIPPING JOBS: Tipping jobs such as waiting tables have a smaller hourly pay, but tips can average $100 per day. This is safely $2,000 per month or $24,000 per year before taxes.
  • MILITARY PAY: Military starting-pay is $1,468 per month or $17,616 per year.
  • COLLEGE GRANTS: Money you don’t have to pay back.
  • COLLEGE LOANS College loans are often low interest, but they do still have to be paid back. Many college students still have jobs through the school or off campus.