$18,000 a Year And Some Missing Pieces

I recently read over an article chronicling a number of individuals who live on $18,000 a year by choice in order to pursue their passions and it got me thinking. On one hand, I admire these people. Hopping off consumerism merry-go-round (I’ve tired of the hamster wheel analogy) and living life they way you choose can and should be commended. On the other there are a few pieces I think are missing from the equation.

Emergencies:

As it stands I have just under $10k stashed away as an immediate cash emergency fund. If my car blew up or I was injured in some way I have that cash on hand and I’ve had to tap it only a handful of times in the past few years.  How much can these individuals put toward their emergency fund? Will it keep up?

Health Insurance:

Since many of these individuals are part-time workers, I’m curious as to how they cover themselves for health insurance. Going out on your own to get insurance is very expensive and would take a large chunk out of that $18k income.

When I look at my current budgetary guidelines, I wonder what I would have to cut if I was making exactly $18k (I’m assuming before taxes). My car, for example, is currently paid off, but I do have a car fund that will be ready for the inevitable day that my car bites the big one. That would have to go. I also pay as much as I can towards my student loan, which would have to be brought down to the minimum. Doable, certainly, but likely outside of my comfort zone.

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