Author Robert Powell is a financial genius. I think I'll look him up and have him manage my money.
"$8,000 [per year]...is likely to be inadequate."
Sometimes I think my family of four spend that much on food alone. I don't keep track but it seems that we can't go to the grocery store without spending at least $100. Many times it's more like $150. That does not include eating out, which we don't do all that much anyway.
Just one example but I recently watched as Oscar Meyer bacon went from $3.99 per pound to $4.99 per pound to $5.24 per pound in the space of about a month at W-M. I ask you, who can live without bacon?