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I know someone that works a part-time minimum wage job and his roommate also works a part-time minimum wage job. But as far as I know, they support themselves. I don't know how they do it.
You should ask them, and then tell us what they say.
I'm not talking about people living in McMansions. In those cases, unless they're rich, it's obvious that they're in debt.
I'm talking about young people that work part-time minimum wage jobs but somehow they manage to support themselves.
I know someone that works a part-time minimum wage job and his roommate also works a part-time minimum wage job. But as far as I know, they support themselves. I don't know how they do it.
They don't live a life of luxury. But they don't live in poverty either. They pay for college, rent a house together, drive cars (which is expensive when you add up the price of the car, insurance, gas, and maintenance), and they go out to eat.
You can live a life of luxury, even on a low-paying part-time job, if you live at home with your parents and they pay all or most of the bills. All or most of your money then is essentially disposable income. You can do a lot with $15,000 a year in spending / fun money...
That begs the question, how did you get by when you were these kids' age, working a part time job, sharing a room, paying tuition and getting around?
Worked straight through from 15 - 55, no breaks for having kids or a period of unemployment. Had after school jobs and summer jobs all through high school. Parents drove me to work. Had a full time job when in college. Worked full time during the day and went to college part time in the evenings - graduated with no debt. Had roommates between ages of 18 and 21. Walked or took the bus up until age 21 when I lived in DC. Struggled through marriage and paying bills in my 20s on Long Island but never lived large. Didn't have a new car until I was around 40ish.
I'm not kidding. There are people making 20k, paying no taxes, and receiving 10k checks as tax returns vis-a-vis child credits.
30k isn't much but it's better than 20k. The kids also receive state medicaid and the parent may qualify for medicaid or subsidized health insurance.
It's more widespread than you think.
Basically, if you're truly middle class in the US, you're screwed. The rich take from you and so do the poor.
I ask myself this often. I see many younger people using poor money management skills. Like buying that new BMW when you graduate so you 'look the part'. But debt always catches up with them, and its a bitter pill to sweallow. Most women hope to get married...I've known a couple that had some money problems, so she tried to get married. Now the hubby has money issues.
I'm not kidding. There are people making 20k, paying no taxes, and receiving 10k checks as tax returns vis-a-vis child credits.
30k isn't much but it's better than 20k. The kids also receive state medicaid and the parent may qualify for medicaid or subsidized health insurance.
It's more widespread than you think.
Basically, if you're truly middle class in the US, you're screwed. The rich take from you and so do the poor.
This can't be restated enough.
If you make $20k and have 2 kids, you keep every cent of that $20k and get thousands in child credits. You and your kids also become eligible for Medicaid and day care services.
Essentially you're not much worse off than the childless guy making $50k, especially if you live in a lower cost area.
Just look at our tax brackets, it maxes out at about $250k ($250k was $1 million in the 1940s). Medicare and SS only assess first $100k of income. The middle and upper middle class work like dogs to pay for this country. The upper middle class (professional class) is also sacked with hundreds of thousands of dollars of student loans at high interest rates and must pay them off at the highest tax brackets.
The rentier class (people who make money from capital gains and rent) and the nonproductive dregs of society both win in this setup. Neither work much for a living. Is it any wonder the country is in trouble?
I'm not kidding. There are people making 20k, paying no taxes, and receiving 10k checks as tax returns vis-a-vis child credits.
30k isn't much but it's better than 20k. The kids also receive state medicaid and the parent may qualify for medicaid or subsidized health insurance.
It's more widespread than you think.
Basically, if you're truly middle class in the US, you're screwed. The rich take from you and so do the poor.
Yeah, 30k is better than 20k. But isn't that negated by the fact they have kids?
If you have no kids, 30k is definitely better than 20k. But if you have kids, what good is that extra money? It would just go toward the kids. Sure, the government pays for some stuff. But not everything.
I'd rather make 20k with no kids than make 30k but have kids to pay for. Neither scenario is desirable, though.
Kids make you lose money, not gain money. One of the reasons I'm never having kids.
Too many young adults spend money like they're shooting a gun. Decades ago I noticed how so many young families, and singles as well, had so much so soon in their lives. But damn few of them had the money on hand to buy them, so the 70's and 80's experienced a booming reliance on credit cards. Thus, they were in debt up to their eyebrows. I've had two friends whose lives depended on their credit cards.
I do think there is a renewed awareness to being more financial savvy.
If you make $20k and have 2 kids, you keep every cent of that $20k and get thousands in child credits. You and your kids also become eligible for Medicaid and day care services.
Essentially you're not much worse off than the childless guy making $50k, especially if you live in a lower cost area.
Just look at our tax brackets, it maxes out at about $250k ($250k was $1 million in the 1940s). Medicare and SS only assess first $100k of income. The middle and upper middle class work like dogs to pay for this country. The upper middle class (professional class) is also sacked with hundreds of thousands of dollars of student loans at high interest rates and must pay them off at the highest tax brackets.
The rentier class (people who make money from capital gains and rent) and the nonproductive dregs of society both win in this setup. Neither work much for a living. Is it any wonder the country is in trouble?
I don't know about that. On another post, it was mentioned that a parent making 20k ends up making 30k when you factor in the tax returns.
And they have a family to support on that 30k.
The guy making 50k has over 30k after taxes, and he only has himself to support.
I think it's beyond disgusting (criminal, actually) that people who have made the choice to have children but have limited incomes are subsidized by everyone else (both those with children and those without) who have normal incomes. Modern science has allowed us the choice or having or not having children, through birth control. Anyone with a modicum of responsibility will consider their financial resources before making choices about financial commitments. I chose for quite a few years to pursue motorcycling as a hobby, but I did not expect any else to subsize that choice. Those who choose to have a pet or pets (I do not) also should be able to feed and take care of their pet(s) without subsidy from others. All this is even more true when we consider that our world is dangerously over-populated right now, a fact that is little talked about. I suppose people prefer to pretend that everything is fine with the world rather than admit that there are huge and intractable problems facing us and our offspring.
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Financial consequences of our choices
