Jay Angler wrote:If someone is already struggling on minimum wage...
Technically you may be correct, as often people are given a nominal (often only $0.25 to $1) raise. But this is strictly for the bosses benefit to decrease the turn-over of staff, *not* to give the employee a living wage. In my geographical area, the "general" minimum wage is $12.65/hour (workers that get tips get less). The minimum "living wage" is considered to be just over $20/hour. Finding a roommate is not a choice, it's a necessity for anyone earning less. I would have to check, but I suspect anyone working in Fast Food would find that there's a *very* solid ceiling on what they can earn through "merit" regardless of how good they are. My sister worked briefly in Management Training for a large chain. That meant they could give her a "salary" and expect her to work extra hours for free. The only day off she got, was the one the company held the Management Trainee meeting, so she didn't even get all of that off. She quit and became an accountant, but with all the automation in that field, even that job didn't pay what she deserved and often expected unpaid overtime. She definitely did not get the pay she merited. I personally know of many similar situations.
Your experience may be different from mine, but I have never seen anyone work for minimum wage permanently.
Jay Angler wrote:The people I know who succeeded against the odds, were those who for whatever reason, were able to ignore the societal norms that pushed so many that I knew into spending beyond their means, were able to think outside the box and who learned or taught themselves practical skills.
Jay Angler wrote:Humans tend to puff themselves up by thinking/seeing that they are richer than those around them, and we're bombarded with technology that tells us that "richer" means "owns more stuff". That means there is huge inertia in the status quo! This is not a situation that will be solved easily.
Jay Angler wrote:Actually, I'll add one more to my little list Greg quoted. Learn and teach your family/friends the benefits of "delayed gratification."
Dale Hodgins wrote:I have a fiance from a country with near zero safety net, who grew up in extreme poverty. Dead father, mother with mental problems and three siblings. She has a few scars on her legs and back, from getting caught in the wire, while stealing food as a child. She was working as a house slave at 8 years old. She is very tight with money, and I don't think that's ever going to change. Every day, I earn approximately three times her former monthly income. She knows this, but was still reluctant to spend money when we spent two months together in the Philippines. She kept a lot of greedy relatives from bugging me about money. She checked what I paid for everything, and scolded me if I paid too much. I gave her many opportunities to waste a little bit of money, but she did not. Money is the number one thing that couples fight about, so we also had a very wonderful time together..... We have disagreed about money. Because of growing up in poverty, she has what I call a poverty mindset. Afraid to invest in things for fear of losing money. Afraid to try some new things. Afraid of almost anything that entails Financial Risk. I understand that this was necessary for her, but now we will be starting a farm and building a small motel and we will start a plantation of some sort, along with several other business enterprises. All of these involve some risk. To alleviate her worries, I always tell her how much I plan to invest in each thing, and how many days I had to work in Canada to earn the amount we will invest. Because otherwise the numbers seem much too large for her to risk losing. So, she has to learn about taking some risk, for greater gain. But, mostly we are on side, since neither of us put any value on fancy vehicles or fancy restaurant meals. She thinks we should put everything into our home and business. So do I. Although we have many differences, that one is very important to have agreement upon.
Jennifer Richardson wrote:You can save for retirement on low wages if your needs are small, but not very fast. I have never made more than $15,000 a year. My average is probably around $8,000 since age 18. I worked before that and ran small “businesses,” but mostly for pocket money. I have $45,000-$50,000 in the bank that I have saved (it varies, as a portion is in stocks). I am 31. I need about $200,000 to be financially independent. I hate to work for money, so I tend to work at appealing low-paying jobs or a very small number of hours at high paying, flexible jobs or businesses. This is more of a choice than a necessity, although at some point it does become difficult to break into a “career” type job or trade without getting a new credential of some kind (which costs money).
It's fun to be me, and still legal in 9 states! Wanna see my tiny ad?
2019 PDC for Scientists, Engineers, Educators and experienced Permieshttps://permies.com/wiki/100059/PDC-Scientists-Engineers-Educators-experienced