Archive for Jericho

Security Guards: Income and Debt

Based on information from a leading internet salary comparative website, as of January 2012, security jobs average around $9 to $16 salary an hour, depending on the inherent hazard of the job, seniority, specialization as well as the state where the security guard is employed. Assuming a security guard has regular work that means a day’s salary is around $72 to $128 or $1,512 to $2,688 a month. It is important to note that the Federal minimum wage is set at $7.25 for security jobs. This may increase or decrease depending on the state but not by much (about $1 to $2). This means that a regularly employed security guard is still earning more than the minimum wage.

Minimum wage for a security guard is set in order to provide each worker with enough income for a sufficient standard of living. This means that for so long as a security guard lives within his or her means, getting into debt is not going to be a problem. And, a relatively comfortable lifestyle is still possible.

That doesn’t mean that being a security guard isn’t hard work of course.  Many people imagine that it’s just a matter of sitting around watching TV and using a video proxy site to browse through Netflix.  This is definitely not the case and it’s often a difficult and tiring job with a lot of stress and responsibility.

What constitutes “living within his or her means?” This does not mean a zero sum income and expense worksheet (income minus expenses equals zero). Rather this means spending a reasonable amount for necessities, utilities, shelter, food, clothing, medicine, etc. making sure to keep a specific amount, around 10% to 30% of the salary as savings or as an emergency fund every month.  Remember, security guard lack job security therefore it is important to save for a rainy day.

A 10% to 30% savings monthly is really not that much. That is why a security guard has to make sure to keep out of debt. This can be done by planning his or her finances properly, taking free financial freedom seminars and getting a part time job if possible. The key really is not to get into debt. However if debt is already a reality then it would be wise to communicate with the lender or creditor to come up with some sort of an arrangement. The best arrangement possible is one that allows payment on installment with little or no interest charged. This is better than avoiding and running away from the debt because on interest alone the debt may balloon to twice the amount within a year. If installment payment is not a possible option then seriously consider filing for bankruptcy, rather than be forced to pay on installment at unconscionable interest rates.