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Old 08-09-2014, 02:29 PM
 
Location: SoCal desert
8,093 posts, read 13,242,460 times
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Quote:
Originally Posted by freemkt View Post
How much do you expect out someone earning minimum wage to save?
Why do you keep asking the same question over and over?
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Old 08-09-2014, 02:36 PM
 
188 posts, read 170,807 times
Reputation: 433
Personal Responsibility I think this is an issue that is critical not only to one's financial success but also to life in general.

Some people understand that they are responsible for their lives, and others go through life letting things happen. People need to realize that their lives are shaped by the decisions they make.

Years ago I spent a year as a college professor. During that time I encouraged students to come in and talk to me if they were having any problems or questions. The A and B students talked to me about the grades they earned while the D and F students talked to me about the grade I gave them.

I look at life as floating down an uncharted river on a log. You can go where the currents take you or you can grab a branch and use it as a paddle to direct where you go. You may not end up where you wanted to, but you certainly have a better chance than if you left your future to the whim of the current.

I know people who's extra cash at the end of the pay period is spent on tatoo's, beer, cigarettes, and lottery tickets. I would be willing to bet that they have no personal savings. Unless something significant happens to change their thinking, they will be the one's who must rely on Social Security when they grow old, and I'm not even sure how much they will be eligible for as they tend to prefer cash jobs where no taxes or SS is witheld.

Of course there is the possibility that they will hit it big with the lottery and never want for anything for the rest of their lives! But I'm not holding my breath.
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Old 08-09-2014, 02:37 PM
 
2,000 posts, read 1,190,936 times
Reputation: 2280
Quote:
Originally Posted by Tallysmom View Post
Two things -- anyone CAN save money and invest it. That's why we hear about people who worked menial jobs like shoe shiners or newspaper vendors who die and leave millions. It really does happen.

And with an increasingly gimme pig society, where any idiot can open a gofundme account for any stupid reason, and people want want want with no idea of work (like a friend told me -- one of her coworkers who didn't last a week said -- I don't want to work, I just want a paycheck) just a gimme gimme gimme attitude...

I think a lot of us are compassioned out.

And frankly -- the ones that need compassion aren't asking for it.

We earned money and worked hard, lived below our means, and did crazy things to save even more money -- things that make people laugh, like wash ziplock bags. I don't know why that's funny, but it makes people laugh. We still wash zip lock bags.

I read books about money management, and investing, and we jumped in with both feet.

I was a part time bank teller, and my husband was a security guard, until he got laid off and couldn't find another job, and we fell into janitorial. We've never made so much damn money....but even now -- where we live, we are earning less than the local average.... and yet we have a net worth of over a million dollars... and it's not in our house.

I didn't work miracles. This isn't magic. It's taking the bull by the horns and taking control.
I totally disagree that anyone can save money. In my state someone making minimum wage would not only not be able to save, they wouldn't be earning enough money to pay their basic living expenses. As in, they wouldn't have enough money for food, shelter, health insurance, and transportation to get back and forth from work. If they have children to support, forget it. A person that doesn't make enough money to pay their basic living expenses is not an irresponsible person. They are a person that has gotten totally screwed by a system that will give trillions of dollars to soulless corporations, but won't pay them enough to live a life of dignity and respect. And then on top of that, people like you will then claim that it is all their fault!

People today do not have the same opportunities that prior generations had. It is really sad.
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Old 08-09-2014, 02:39 PM
 
2,000 posts, read 1,190,936 times
Reputation: 2280
Quote:
Originally Posted by KYBob View Post
Personal Responsibility I think this is an issue that is critical not only to one's financial success but also to life in general.

Some people understand that they are responsible for their lives, and others go through life letting things happen. People need to realize that their lives are shaped by the decisions they make.

Years ago I spent a year as a college professor. During that time I encouraged students to come in and talk to me if they were having any problems or questions. The A and B students talked to me about the grades they earned while the D and F students talked to me about the grade I gave them.

I look at life as floating down an uncharted river on a log. You can go where the currents take you or you can grab a branch and use it as a paddle to direct where you go. Yuo may not end up where you wanted to, but you certainly have a better chance than if you left your future to the whim of the current.

I know people who's extra cash at the end of the pay period is spent on tatoo's, beer, cigarettes, and lottery tickets. I would be willing to bet that they have no personal savings. Unless something significant happens to change their thinking, they will be the one's who must rely on Social Security when they grow old, and I'm not even sure how much they will be eligible for as they tend to prefer cash jobs where no takes or SS is witheld.

Of course there is the possibility that they will hit it big with the lottery and never want for anything for the rest of their lives! But I'm not holding my breath.
What about the responsibility of banks, insurance companies, and other corporations that were gifted trillions of taxpayer money but won't lend money to small businesses to create jobs, won't pay their workers a fair and living wage, and won't stop sending all of the jobs to foreign nations to avoid paying taxes?
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Old 08-09-2014, 02:43 PM
 
Location: Montana
1,754 posts, read 1,658,054 times
Reputation: 5951
I will be going into retirement with about $25,000 in savings and a mortgage, but I have a government pension indexed to inflation with full medical benefits until I turn 65, then my part B is covered by my current insurance. SS will be paid on top of my pension benefits. We can live comfortably on my pension alone.

in response to the query by Never2L8: I had a little over $100,000 in stock, and two rental properties in 2008, and thought I was in great shape for retirement, but was crushed by the 1-2 punch of the real estate crash and stock market crash. Had two properties unrented for about 6 months and hung on as long as I could without touching the stock, but sold pretty near the bottom to keep my rentals (and my credit rating). Sold one of the rentals last year for about what I paid for it and got socked with a $13,000 tax bill (I wrote a check) adding insult to injury. Second rental is at about the value of what I paid for it, but I have been living in it and reset the cap gains tax liability. We are building our retirement home, and will sell this home and move to a lower cost of living state, and downsize in payments/mortgage, but will still have a mortgage going into retirement.

So while I am one of the 19% over 55 with little to no savings going into retirement, I'll be OK short of a federal government collapse, and if that happens, we're all screwed no matter how well we planned.
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Old 08-09-2014, 02:45 PM
 
91 posts, read 95,027 times
Reputation: 131
Sometimes it comes down to do I save less and have more to spend while my kids are growing up and having less in my senior years? I might well decide I'd rather have it for the kids than just myself later.
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Old 08-09-2014, 02:49 PM
 
Location: Florida -
8,767 posts, read 10,857,014 times
Reputation: 16640
Quote:
Originally Posted by mathjak107 View Post
no , let them find a way.


skilled professions come and go and technology kills old jobs off and creates new ones. its the demand for the skills we need and the availability of those skills that create the job markets and the pay scales.

that skilled photo finisher, the buggy whip craftsman , even the corner shoe maker all faded into the past with little demand for their skills as consumer buying habits and technology killed off demand for those skills.

people have to shift gears and do what they have to do so they can stay ahead of the curve.

an old sam kinison skit really said it best.

he is sitting on the stage floor and sifting through a pile of sand. he goes this is sand... nothing grows in sand... it will always be sand. so why not send all those starving folks in these 3rd world countries u-hauls and vans instead of food. that way they can move to where the food is.

we have sand in our deserts in america too but no one lives in them and starves , we move to where the food is.it was a funny skit but soooooooo much truth. go to where the food is... what a novel idea.

folks have to do whatever it takes to earn a living. anyone stuck at min wage needs to find the food . they have to do whatever it takes to have good solid marketable skills that are in demand .

sorry but flipping burgers has a worker pool thats endless as anyone of us can do it.

if you have no skill set that sets you apart then you need to find jobs that take very common skills , things anyone can do or things where workers are over saturated and put a personal value on them and hope customers will pay them more then the job function is worth to an employer through tips.

waiters who can present themselves as suitable for the better eateries make amazing money for their job skill set.


there are always folks that just float through life like a cork just floating in a pond. they just drift around where ever they are pushed is where they end up and then they fail financially and blame everyone and everything around them.

then there are others who are in control and set their own path and they make sure things happen for them the way they would like.

your success and failure in life all boils down to which one are you.

many have to stop chasing the ghosts that were their last jobs or cosen career path and go to where the food is.

not everyone can do that and those who can't will be the financial failures which we will always have quite a few of. in any large group.
... In addition, "time and chance happen to us all" (Eccl. 9:11)
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Old 08-09-2014, 02:50 PM
 
188 posts, read 170,807 times
Reputation: 433
Quote:
Originally Posted by dysgenic View Post
What about the responsibility of banks, insurance companies, and other corporations that were gifted trillions of taxpayer money but won't lend money to small businesses to create jobs, won't pay their workers a fair and living wage, and won't stop sending all of the jobs to foreign nations to avoid paying taxes?
And what does any of this have to do with people being responsible for the decisions that affect their lives?

You are making my point. Some people just want to blame their lot in life on other people, banks, insurance companies, corporations, while others look at what they can do to make their lives better.
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Old 08-09-2014, 03:14 PM
 
29,789 posts, read 34,889,516 times
Reputation: 11715
Quote:
Originally Posted by KYBob View Post
And what does any of this have to do with people being responsible for the decisions that affect their lives?

You are making my point. Some people just want to blame their lot in life on other people, banks, insurance companies, corporations, while others look at what they can do to make their lives better.
Bada Bing and is this the new mantra that corporations are responsible for maintaining the nations social welfare? Has the individual and now government failed that badly?
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Old 08-09-2014, 03:19 PM
 
33,046 posts, read 22,083,092 times
Reputation: 8970
Quote:
Originally Posted by Gandalara View Post
Why do you keep asking the same question over and over?

Because SO MANY people in this forum seem to think minimum wage workers can adequately save for retirement, and I would like them to quantify that expectation.
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