Latest news with #MichelleBoisjoli
Yahoo
21-06-2025
- Business
- Yahoo
This Minnesota mom of three is struggling to survive on her $37K annual teacher salary — and she's not alone
Michelle Boisjoli, a 37-year-old mom of three from St. Louis County, Minnesota, starts her days early and ends them late — not because she wants to, but because she has to. As a full-time teacher earning $37,000 a year, she's become part of a growing demographic of working Americans who need a second job to get by. 'It takes multiple incomes to survive in this economy,' Boisjoli told CBS News. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Boisjoli's days are a strained balance of child care, lesson plans and DoorDash deliveries. She feeds her young children — ages 1, 4 and 8 — before eating whatever leftovers remain to "try to make every dollar count.' 'I always grew up thinking about the stereotypical American dream, where you own a house and you have a yard to play in. And I think that dream is dying," she lamented. Her story highlights a harsh reality confronting many today. A CBS News poll found that 2 out of 3 Americans are stressed about their finances, and 3 out of 4 say their income is not keeping up with inflation. For Boisjoli, the reality is more cereal, less eggs and bacon — and the constant calculation of whether she can afford to gas up the car. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Boisjoli's experience is far from unique. The cost of basic necessities, like food, gas and housing, has risen dramatically in recent years. In early June, the U.S. Bureau of Labor Statistics Consumer Price Index showed a 2.4% year-over-year increase in inflation, driven largely by housing and food prices. Wages, however, have not kept pace. According to a report by Pew Research Center, real wages — what people earn when adjusted for inflation — have fallen since the pandemic, eroding purchasing power across the board. The median adult full-time, year-round salary dropped by more than $4,000 per year (from $64,321 in 2021 to $60,000 today). Americans are working multiple jobs to get by. Since May 2024, the U.S. Bureau of Labor Statistics consistently found that more than 5% of the workforce — about 8.5 million people — were holding more than one job. That figure includes professionals like Boisjoli, who, despite full-time employment, must work evenings or weekends to afford life's basics. 'I've had to take on a second job just because everything has gotten so expensive,' she said. Boisjoli's frustration isn't just with the cost of living, but also with the systems that allow it to persist. 'A lot of the people making the decisions for us are wealthy, don't know what it's like to work two jobs, don't know what it's like to have to pay for gas with quarters,' she said. 'If they knew a little bit about the average person who is fighting every day to make ends meet, I think that maybe they would make decisions that were actually helpful for the average person.' She represents a disillusionment of younger working-age people with the American dream — a concept once defined by upward mobility, homeownership and economic security. More than half of U.S. adults under 50, feel the dream is no longer possible — or was never possible. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
CBS News
13-06-2025
- Business
- CBS News
Americans grapple with affordability crisis: "Hard for me just to survive"
As the U.S. grapples with an affordability crisis, "CBS Evening News" spoke to Americans who are struggling to make ends meet. They're not alone: A recent CBS News poll found two out of three Americans are stressed about their finances, and three out of four said their incomes aren't keeping up with inflation. CBS News spoke to a teacher who has taken on a second job to pay the bills, a police officer trying to buy a home for his family and a 70-year-old widow looking for work. A teacher delivers for DoorDash: "It takes multiple incomes to survive in this economy" Michelle Boisjoli, a 37-year-old mom of three, is pictured with two of her kids. Michelle Boisjoli, a 37-year-old mom of three, is a teacher earning $37,000 a year in St. Louis County, Minnesota. Teaching is "definitely not something that people go into for the money," she said. "They go into it because they love it, which is why so many of us do have to work two jobs to make ends meet. It takes multiple incomes to survive in this economy." To supplement her income and afford rising costs, Boisjoli has started delivering for DoorDash after work. She said she tries "to make every dollar count," feeding her kids first and then eating their leftovers. The average salary for teachers is around $72,000 per year and $46,000 for starting salaries, according to the National Education Association, the largest labor union in the U.S. Even with record pay increases in some states, teachers are still making 5% less than they did 10 years ago when adjusted for inflation. "I always grew up thinking about the stereotypical American dream, where you own a house and you have a yard to play in, and I think that dream is dying," Boisjoli said. "A lot of the people making the decisions for us are know what it's like to work two jobs, don't know what it's like to have to pay for gas with quarters, and yet they're making the decisions for us," she said. "If they knew a little bit about the average person who is fighting every day to make ends meet, I think maybe they would make decisions that were actually helpful for the average person." For this police officer, homeownership feels out of reach Anthony Bartolini, 29, eats a meal with his family in Waterbury, Connecticut. Anthony Bartolini, 29, has been a police officer in Waterbury, Connecticut, for about a year. He and his wife have been looking to buy a house for a few years for their family of five. "We've been having trouble finding the right home, because the bigger the home, the more expensive it gets, and we need the room for the family, the dogs, they need a yard to run around in," he said. "To put 20% down on a house, that's a lot of money. Even I can't do it, working double shifts," he said. "In today's economy, even if I got a second job, I wouldn't be able to afford it." The dream of homeownership is fading for millions of Americans. Last year, only 24% of housing sales were by first-time homebuyers — down from 50% in 2010, according to figures from the National Association of Realtors. The average homebuyer is now 38 years old — about 10 years above historical norms. Only about 1 in 5 listed homes in March were affordable for households with $75,000 in annual income, according to a NAR analysis of property listings. Today, a household with an annual income of $50,000 can only afford 8.7% of listings, down from 9.4% a year ago, according to the data. CBS News went with Bartolini as he toured a house for sale — but the sellers had accepted an offer above the asking price before they arrived. "You do get defeated knowing that homes are so expensive after looking today," Bartolini said. "I hope people in power, they change the price of things. There has to be a way to make everything go cheaper. There's no way that it can just keep going up and up and up cause then people won't be able to live." A 70-year-old widow seeks new work: "Hard for me just to survive" Olivia Moreno Carlson, 70, shops for groceries in Sante Fe, New Mexico. Olivia Moreno Carlson, of Santa Fe, New Mexico, is 70 years old but can't afford to retire on Social Security alone. After paying the monthly lot rent for her mobile home, she has $190 left over for bills and expenses, and she's looking for work after recently losing her job in retail. Moreno Carlson cared for her husband, who had multiple sclerosis, until his death in 2016. CBS News went with Moreno Carlson as she visited the library to use their internet for her job search and as she stopped into Walgreens to check on a recent job application there. "I have a masters in counseling," she said. "I did not think that being 70 would be like this." About one in five people over age 65, or approximately 11 million Americans, are still working — a twofold jump from the 1980s, according to the Pew Research Center. Millions of Americans nearing their golden years are still financially unprepared for retirement. According to U.S. Census Bureau data, 50% of women and 47% of men between the ages of 55 and 66 have no retirement savings. Moreno Carlson turns to her bible study class to help her persevere, telling CBS News that "there are times I do feel like giving up." "My biggest obstacle right now is being able to support myself. It is hard for me just to survive," she said. "I wish people in power would think more with their heart." She added, "It is hard for me to accept that I am not able to enjoy the rest of my life because I have worked hard all my life." contributed to this report.
