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I don't mean to sound stupid,but he makes $23,000 a year as a single man in cheap Indianapolis.
I would say from the sounds of it he is doing pretty good. What about a part time job?
The truth of the matter is, in the investing world, people with tiny incomes don't matter. And truthfully, even for a budgeting "expert" like Dave Ramsey, there is a point where when people make so little that even the best budgeting and planning advice isn't going to help much other than to say, "no debt, spend nothing." Which is only sometimes true.
Reality is, for people who are making under 30k/yr, the best "investment" is to invest in yourself. The only "way out" of this situation is to raise your income. I know lots of successful people, and almost all of them had some pretty lean years early on, or worked extremely hard for several years before making really strong salaries.
There are three ways to increase your income: go to school for something to increase your hourly rate, start a side business to generate income, or get a second job (or a combination of all of those). I know at one point I had a full time, fairly low paying job, two side businesses, and apps/studying for grad school. One of my friends at one point had a full time job, full time educational credits, and a freelancing business. Tons of other friends who were working full time and going to school, working full time and starting a business, starting a business while in school, etc. Reality is, working 40 hours a week at a low wage job and not doing anything else to get yourself out of the situation is not going to work, is not sustainable and should be something you strive to get away from as soon as possible.
You have many options available to you so you can improve your situation, it is not something you can't get out of, and I know many, many people who have gotten out of it. Heck, I have an aunt who literally never had a job, her husband got sent to jail for embezzling money, she was left broke at the age of 55ish, and within 3 years was pulling in a nice, livable wage after starting at a low wage job, developing clients on the side and getting a certification in her field. If you can't figure out an educational thing or a side business right away, get a second job. Spend the boring hours in a lot of those low wage jobs to think about ways you can improve yourself. Think about connections that these jobs might bring you to start a related side business, and develop it. Or go back to school to develop something. Reality is...it is a situation many successful people have been in, and while it may sound overwhelming to deal with, it's very possible.
I don't mean to sound stupid,but he makes $23,000 a year as a single man in cheap Indianapolis.
I would say from the sounds of it he is doing pretty good. What about a part time job?
One very interesting thing about public internet forums is the extreme range of points of view, which stretches our boundaries and horizons. Your post is one such extreme. I do not understand by what possible stretch of the imagination a person making $23,000 a year as a single man or woman anywhere in the United States can be said to be "doing pretty well" (adjective corrected to adverb - I just couldn't type it the other way). Sure, that salary allows one to survive; one is not going through trash cans for something to eat and one is able to keep some sort of roof over one's head. One is able to have decent enough clothing to not look like a hobo and even the occasional movie or similar. I do not think there is even anything wrong with earning that level of wage - after all not everybody is an intellectual and not everybody has a high-level skill such as welding, plumbing, electrical knowledge, and the like. But "doing pretty well"? I don't see it. "Surviving" I would call it. The amount we are talking about is just marginally above minimum wage in many places. It is Walmart clerk territory, basically.
Edited to add: The other extreme is represented by a thread just a few threads below this one at the present time, with a title something like "Is $100,000 the new minimum wage?" I think that is totally absurd. To me, $100,000 per year is upper middle class, very comfortable, territory I never entered and probably never will. See what I meant about a wide range of attitudes?
Last edited by Escort Rider; 04-23-2012 at 06:54 PM..
One very interesting thing about public internet forums is the extreme range of points of view, which stretches our boundaries and horizons. Your post is one such extreme. I do not understand by what possible stretch of the imagination a person making $23,000 a year as a single man or woman anywhere in the United States can be said to be "doing pretty well" (adjective corrected to adverb - I just couldn't type it the other way). Sure, that salary allows one to survive; one is not going through trash cans for something to eat and one is able to keep some sort of roof over one's head. One is able to have decent enough clothing to not look like a hobo and even the occasional movie or similar. I do not think there is even anything wrong with earning that level of wage - after all not everybody is an intellectual and not everybody has a high-level skill such as welding, plumbing, electrical knowledge, and the like. But "doing pretty well"? I don't see it. "Surviving" I would call it. The amount we are talking about is just marginally above minimum wage in many places. It is Walmart clerk territory, basically.
Edited to add: The other extreme is represented by a thread just a few threads below this one at the present time, with a title something like "Is $100,000 the new minimum wage?" I think that is totally absurd. To me, $100,000 per year is upper middle class, very comfortable, territory I never entered and probably never will. See what I meant about a wide range of attitudes?
No everyone who makes 100,000 a year has it made. I make that amount,but what you and many others don't see is that I work 2 full time jobs as an Rn. If I didn't work 2 jobs I would be making about 50,000 a year,maybe even less. I work hard for my money,but what you and others fail to see is the hard work that goes into making that much. Having to wake up after a 3 hour nap to get to the next job is hard. People are always asking me"why do you work 2 jobs,are you crazy?" Then,these very same people try to make me feel guilty for making $100,000. Plus,they always complain about the fact they are broke and no one cares about the poor.
I can look on craigslist and see 500 dollars for a one bedroom in Indianapolis. Subtract $6,000 from $23,000 and he is still left with $18,000. Being he is a vet,he doesn't have to pay for health insurance,which is a big plus.
If he takes two full time jobs making the same hourly,that's $46,000 for a single person.
Last edited by jerseygal4u; 04-23-2012 at 10:45 PM..
No everyone who makes 100,000 a year has it made. I make that amount,but what you and many others don't see is that I work 2 full time jobs as an Rn. If I didn't work 2 jobs I would be making about 50,000 a year,maybe even less. I work hard for my money,but what you and others fail to see is the hard work that goes into making that much. Having to wake up after a 3 hour nap to get to the next job is hard. People are always asking me"why do you work 2 jobs,are you crazy?" Then,these very same people try to make me feel guilty for making $100,000. Plus,they always complain about the fact they are broke and no one cares about the poor.
I can look on craigslist and see 500 dollars for a one bedroom in Indianapolis. Subtract $6,000 from $23,000 and he is still left with $18,000. Being he is a vet,he doesn't have to pay for health insurance,which is a big plus.
If he takes two full time jobs making the same hourly,that's $46,000 for a single person.
I was not trying to make anyone feel guilty for earning $100,000. But I was pointing out the absurdity of people who make that much and complain it isn't enough. You do "have it made" in a purely financial sense, but I recognize that your life is not easy working 80 hours a week. I admire your hard work.
Good point about the cost of living differing so much in different locations. I wonder if that $500 one-bedroom in Indianapolis is a real hell-hole or is a fairly decent place? In any case as a single peron, the OP probably has some, albeit small, federal income tax liability each year in addition to the FICA payroll taxes which are deducted, so he doesn't have quite $18,000 left over after rent.
I visited the Dave Ramsey website, under the getting started > budgeting section, and the lowest monthly income is $3,000
At work, Vanguard had one of their representatives come out and give a retirement class. In the pamphlet they handed there was a chart giving examples of how much money one could theoretically earn over the years (401k), and the lowest wage they had on the chart was $30,000.
I could continue with Suze Orman, this forum itself ("Business, Finance, and Investing"), and on...
I get it, i'm a looser. I try but my whole childehood was abusive, I have SAD, and latter I ended up with combat PTSD. I'm gathered and doing better, but at the age of 29 years and only making $11.86 an hour at a warehouse - with no direction in life, I just want to die
The absolutely first thing you must do is seek help for your psychological problems and the VA sounds like your best bet. You cannot succeed at anything if your mental issues are going to undermine you.
On the plus side, you seem to be physically healthy and you have some income however minor it may seem. Once you get a handle on your psychological problems (maybe anti-anxiety meds or anti-depressives) you can start to focus on improving your income with a promotion, new job or just a part-time opportunity. Then you can focus on getting a savings program going. Nothing risky, just a nest egg.
One small step at a time and that first step is to get with the VA ASAP. Even f you were to double your income tomorrow it would be irrelevant, given your state of mind. Focus on your first priority: your mental well-being!
Good luck. Make yourself a success story starting right now.
I was not trying to make anyone feel guilty for earning $100,000. But I was pointing out the absurdity of people who make that much and complain it isn't enough. You do "have it made" in a purely financial sense, but I recognize that your life is not easy working 80 hours a week. I admire your hard work.
Good point about the cost of living differing so much in different locations. I wonder if that $500 one-bedroom in Indianapolis is a real hell-hole or is a fairly decent place? In any case as a single peron, the OP probably has some, albeit small, federal income tax liability each year in addition to the FICA payroll taxes which are deducted, so he doesn't have quite $18,000 left over after rent.
For me,living in Nj it isn't. But then again,I don't make that much after taxes. $60,000 is what I really make after taxes and health insurance costs.
you seem to have a lot of time on your hands. Use it more creatively. You have a computer and you know how to use it. Why not open a free online store at a place like Zazzle.com? It saved me from eviction, and now pays my rent with a little over to save for a vacation. You dont need to be artistic. Lots of things sell with just quotes or sayings on them. Have a look around at the site. To see what I do go visit my shop at [url=http://www.zazzle.com/funny_tshirt]Zazzle Gallery Funny_Tshirt: Home: Zazzle.com Store[/url]. Honestly doesnt cost a bean, they pay on time every month and its fun! Try it, you've nothing to lose but time. Good luck.
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