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Ultrarunner, thanks for sharing your experiences . You make a good point about one deal having the potential to be worth more than several years wages .
Trading time for money isn't a good path to wealth for most people .
I remember hearing the saying that the wealthy don't work for money they have their money work for them .
There was really tremendous opportunity during the housing crash . Especially with leverage the returns were incredible .
Houses bought for 70k and worth $375k today .
Even without any leverage that's an amazing return .
I remember seeing homes in Vegas and Phoenix for practically nothing .
I luckily bought my own residence during the crash , but I probably would of done better just buying cheaper investment properties and building up cash flow .
It seems unlikely we will see such an opportunity again .
But everything is cyclical so and all real estate is local so I'm sure there will be some opportunity .
As late as 2012 prices were still rock bottom in a lot of places... of course the best areas didn't see anywhere near that kind of drop...
It was a little bittersweet because I had found my forever dream property... and came in a 100k over the offer that had been accepted that morning... for 59 days I was in the backup position and that will be the one that always got away... it's about doubled in value so that ship has sailed...
When I bought my first home it was also during a time of the worst unemployment since the Great Depression... modest homes could be bought and would cash flow with a little sweat equity... the hard thing was getting loans and then they were 13 to 15%... so distressed property needed creative financing... seller carry or big down payments...
I worked minimum for a number of years while I was going to school and if I had that part to do over... I would do it the same... learned a lot and was given responsibility at a young age...
The parts store where I worked was a specialty shop for antique and custom cars... most of the customers were well off... at least well off enough to have expensive hobbies and they were willing to give advice to the kid.. most said the real money they made or wealth was tied to Real Estate... even when they sold their businesses... they often kept the property...
Working those low paying jobs put me in touch with people I would have never ever met... Pan Am pilots, Judges, Contractors, Merchandisers, Lawyers, Doctors, Police Chiefs...even a mayor...
To answer the question of this thread... yes, every time minimum wage went up I got a raise.
I will tell you what does not happen when the min wage raised unemployment does not go up prices do not go up a huge amount it is just fear mongering by Republicans who want to protect their rich overlords.
I will tell you what does not happen when the min wage raised unemployment does not go up prices do not go up a huge amount it is just fear mongering by Republicans who want to protect their rich overlords.
Can you tell me when a U.S city has had a 50 percent jump in the minimum wage?
All the stuff out there is based on relatively tiny increases in the minimum wage so those studies or research are irrelevant .
Businesses affected have already said they will be cutting back hours or looking towards automation
also rich overlords??
Most of the small businesses that will be affected in a city like LA the business owners are unlikely to be rich and mom and pop fast food joints like pizza shops , sandwich shops , kabob shops , yogurt shops generally don't have much pull with the political elite in Washington DC
The big " rich " companies like Apple, Google , etc likely have few minimum wage employees
It's not the rich overlords or 1% that gets hurt here , it's the small guy
Comments like this show how out of touch people are on this issue about who will really be effected .
It will mostly be the middle class business owner many of whom are immigrants . The same immigrants the Democrats claim to care about .
Come visit Los Angeles and see who owns these businesses that will be effected .
As far as McDonalds and Walmart they can choose not to do business here and still succeed abroad by adding more shops in China etc as they have been
Automation is often overlooked... just think about how it has transformed much of farming... sure it is expensive to implement but that is the upfront cost.
My grandparents farm as did all the generations before them... my Uncle can do alone what it took many to do in the past...
Why do you think much of American manufacturing went offshore... cheap labor tops the list and less regulation comes in second.
Automation is often overlooked... just think about how it has transformed much of farming... sure it is expensive to implement but that is the upfront cost.
My grandparents farm as did all the generations before them... my Uncle can do alone what it took many to do in the past...
Why do you think much of American manufacturing went offshore... cheap labor tops the list and less regulation comes in second.
So make them pay US minimum wage to export to the US.
With purely domestic policies all you have to do is to tax the profits from using labor at less than US minimum wage any where in the world. Not the companies, but the capital gains on stocks and the dividends paid on stocks. Tax it at 110% if they sell anything made by anyone at less than US minimum wage employ anyone at less than US minimum wage, or use anything made by anyone at less than US minimum wage.
We will see what will happen, my bet is the small business owners will win, more than suffer loss. More bottom end spending.
How much more money will they really have once their taxes go up, the cost of everything for them goes up?
If they buy 1 burger for lunch are they going to start buying 2 burgers instead?
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