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What if his car broke down and the money in his checking account from his last paycheck was spent on fixing his car so he could get home from work at midnight?? You appear to be out of touch with the realities faced by burger flippers on the ground
Even burger flippers can have an emergency fund.
That someone may not have a lot of money in no way changes the way that money works.
I was trying to illustrate that some things in life are about more than money. Arguably, more valuable things. Time is our most limited resource and once you spend it, it's gone. Money is a renewable resource.
I agree on that point. But the thing is, if you use your money the right way, you can actually buy time.
There was a recent thread in this sub-forum, now closed, about minimum wage workers who rush out to cash or deposit their paychecks the minute they have it in their hands. (The OP was describing a situation where the employer still issued paper checks, but his point was that the workers were always living on the edge). Of course it was pointed out that it is rather difficult NOT to live on the edge if one makes minimum wage or close to it. It was also pointed out that people with decent incomes also sometimes live on the edge financially. Those are the ones I am asking about in this thread. I am interested in the underlying attitude which allows this. I realize that cases of severe, tragic illnesses (for example) can place people on the edge, but that's not what I am talking about.
Another problem is defining what "decent" income means. I couldn't think of a better way to word my thread title, but let's take a broad view of it as meaning considerably better than minimum wage.
I was a public school teacher (high school) for 34 years. Our earnings were rather pathetic, but were certainly considerably more that the fast food employees were getting. In the school district I worked for (the same one for the entire 34 years) our yearly salary was divided by ten and we got checks on the first of the month for 10 months, meaning two months without a check. This was a problem for some teachers, who would have preferred 12 monthly checks for a smaller amount each month. I didn't see it as a problem as I always just spent less than I made. I used to point out to people that over a year's time, we would receive exactly the same income under either system. So that's your income and you just budget accordingly.
Even worse, some teachers found the one month interval between checks to be a problem. One guy used to borrow $20 from me near the end of the month.
There is certainly an extreme difference in mindset at work here. It's a lucky thing for all us California teachers that the 9% withheld from our salaries to support the pension system was involuntary and was done before we ever saw the money! Sort of like a pay-yourself-first thing that we had no choice about. It's the same reason why Social Security has to be involuntary.
I think it's a mental thing, people spend the money that comes in and only think to the next payday. I remember co-workers that thought getting paid every week was the best thing ever. I think they seriously thought they made more money.
That someone may not have a lot of money in no way changes the way that money works.
When I worked at the bank I tried to setup some low wage workers with a Xmas fund. Unfortunately most dipped into it but a few stuck with it. One of the best moments is when a single mother thanked me during Xmas. She followed the plan and used the $300 (she transferred $25 a month from her checking) to by Xmas gifts for her kids. In the past she'd have to borrow. I suggested next year that we increase the amount and have a fund for emergencies and the like. She really liked that idea but I left before we could start.
When I worked at the bank I tried to setup some low wage workers with a Xmas fund. Unfortunately most dipped into it but a few stuck with it. One of the best moments is when a single mother thanked me during Xmas. She followed the plan and used the $300 (she transferred $25 a month from her checking) to by Xmas gifts for her kids. In the past she'd have to borrow. I suggested next year that we increase the amount and have a fund for emergencies and the like. She really liked that idea but I left before we could start.
At my first job after college I got a credit union account. They offered to take money from my pay-check before I ever saw it and could miss it. That is a great tool.
What if his car broke down and the money in his checking account from his last paycheck was spent on fixing his car so he could get home from work at midnight?? You appear to be out of touch with the realities faced by burger flippers on the ground
Arguably they should have lived close enough to their job to make a car unnecessary.
I know a couple who lives this way, and I don't understand it. They married later than average. They don't have kids. They do have some student debt. They both have decent paying jobs. Middle-upper middle class income. They have no savings. They seem to send money on entertainment and other interests, and complain that they can't afford to move. Every time they bring it up, I want to volunteer to help them with a budget. It's not my place, though.
I know a couple who lives this way, and I don't understand it. They married later than average. They don't have kids. They do have some student debt. They both have decent paying jobs. Middle-upper middle class income. They have no savings. They seem to send money on entertainment and other interests, and complain that they can't afford to move. Every time they bring it up, I want to volunteer to help them with a budget. It's not my place, though.
Yes, it is frustrating to hear people gripe about their lives when they aren't willing to do anything differently to get what they say they want.
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