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That sounds great, do it. Many of us would be happy to see you take action and move forward in your life.
But what marketable skill do you have that ISN'T a job skill?
I buy and sell in an online niche (eBay, Etsy, Amazon). It's possible only online because the market is too thin to do as a primary business locally. (Many local shops do carry a small selection as a sideline, which represents a tiny proportion of their total sales.)
So there probably aren't any businesses which would hire a person to specialize in this area. There are probably a few dozen or so self-employed people doing this for a living but they're probably not actively hiring. What got me started is that in the early days of eBay I saw someone making a lot of money in the same niche and decided I could do that too.
The great thing about eBay is that it opens up a national market for thinly-traded items which are easy and cheap to ship; you need only one bidder out of 300 million people - preferably two or more - to make money selling an item. The odds of finding that one buyer in a brick-and-mortar local shop are poor; on eBay the odds are very good.
Lemme see, I can't afford to retire, so I toil all year for a lousy $16K, and then I gotta pay more tax than someone who makes $18K and has a retirement plan at work?
Someone help me understand the reasoning there.
Well, you could use the wonderful internet to actually look things up, but no, you WOULDN'T "pay more tax than someone who makes $18K and has a retirement plan at work". You see, the "saver's credit" is an amount you can get if you save money in a "retirement account", which would include an IRA. Simply "working somewhere that has a retirement plan" doesn't get you money, it's actually saving money IN a "retirement plan", which would include an IRA.
Also, the saver's credit at low income levels (like 16K or 18K/yr) is 50% of the amount you actually save (up to $2000 of savings). So for every $2 you save in a retirement account, the government will toss in an extra buck for you.
I totally get that at low income levels, "saving your way out of poverty" is immensely difficult (you didn't start this thread, but have certainly espoused that view many times). That said, if you can learn how to save even a small amount at low income levels, that can serve you very well as you increase your income.
I am also of the opinion that income inequality is a serious issue, that there are many people facing a lot of roadblocks in terms of increasing income and pulling themselves out of poverty to a better life. I realize there are a lot of companies that make money off of poor people in ways that impose more obstacles (20+ years ago when I was broke and living in NY, the banks there would not credit my payroll check to my account for several business days because it was an "out-of-state" check. The company was based in CA and so their payroll checks were drawn on a CA bank - of course, the company was well-established and the location I worked at was next door to the bank, but hey, float for the bank, right? So what if it made my life that much more difficult?)
But, even given ALL OF THAT, you apparently have at least some college education, and obtained it many years ago when college costs had not increased as dramatically relative to inflation as they have over the last 20+ years. You complain about earning ~$16K/yr, when you have apparently had...30 years to possibly improve that? EVERY time someone points out some small item which could make your life a little better, you dismiss it out of hand and continue complaining.
Maybe if you'd been a little more willing to do just some things, instead of constantly complaining about everything that wasn't working the way you'd like, you'd be in a slightly better position today. Even tiny incremental changes for the better can add up over 30 years. Would it make you a millionaire? No, probably not. Would it remain true that many people get advantages that have nothing to do with their intrinsic skills, that can sometimes equal an entire lifetime of "better" choices? Yes, sadly, that would still be the case. But none of that is any reason to stop you from striving to find and act on opportunities to make your life better. I'd also add that doing so gives more credibility to your own voice if you work to provide a more level "playing field" for all people.
they never take control of their lives . they just float like a cork bobbing in water and where ever life drags them is where they stay .
then thy have a list of excuses as to why they have to stay there .
When you're poor, you can't even get control of your living environment, unless perhaps you are a Subsidy Kid in subsidized housing. Without control of my living environment, I cannot sell successfully.
Well, you could use the wonderful internet to actually look things up, but no, you WOULDN'T "pay more tax than someone who makes $18K and has a retirement plan at work". You see, the "saver's credit" is an amount you can get if you save money in a "retirement account", which would include an IRA. Simply "working somewhere that has a retirement plan" doesn't get you money, it's actually saving money IN a "retirement plan", which would include an IRA.
Also, the saver's credit at low income levels (like 16K or 18K/yr) is 50% of the amount you actually save (up to $2000 of savings). So for every $2 you save in a retirement account, the government will toss in an extra buck for you.
I totally get that at low income levels, "saving your way out of poverty" is immensely difficult (you didn't start this thread, but have certainly espoused that view many times). That said, if you can learn how to save even a small amount at low income levels, that can serve you very well as you increase your income.
I am also of the opinion that income inequality is a serious issue, that there are many people facing a lot of roadblocks in terms of increasing income and pulling themselves out of poverty to a better life. I realize there are a lot of companies that make money off of poor people in ways that impose more obstacles (20+ years ago when I was broke and living in NY, the banks there would not credit my payroll check to my account for several business days because it was an "out-of-state" check. The company was based in CA and so their payroll checks were drawn on a CA bank - of course, the company was well-established and the location I worked at was next door to the bank, but hey, float for the bank, right? So what if it made my life that much more difficult?)
But, even given ALL OF THAT, you apparently have at least some college education, and obtained it many years ago when college costs had not increased as dramatically relative to inflation as they have over the last 20+ years. You complain about earning ~$16K/yr, when you have apparently had...30 years to possibly improve that? EVERY time someone points out some small item which could make your life a little better, you dismiss it out of hand and continue complaining.
Maybe if you'd been a little more willing to do just some things, instead of constantly complaining about everything that wasn't working the way you'd like, you'd be in a slightly better position today. Even tiny incremental changes for the better can add up over 30 years. Would it make you a millionaire? No, probably not. Would it remain true that many people get advantages that have nothing to do with their intrinsic skills, that can sometimes equal an entire lifetime of "better" choices? Yes, sadly, that would still be the case. But none of that is any reason to stop you from striving to find and act on opportunities to make your life better. I'd also add that doing so gives more credibility to your own voice if you work to provide a more level "playing field" for all people.
Except that the saver's credit is not at issue here, a state "retirement savings contribution credit" is. Probably other states have similar tax credits; Oregon has a retirement income credit (see at the bottom).
Quote:
Originally Posted by mysticaltyger
I'd also add there's a $200 credit just for having a retirement account if your income is 18K. It's call the "retirement savings contribution credit". So you take the $200 credit and add it on to your retirement savings. Yes, when your income is that low, earning more is generally your best option, but that extra $200 toward your retirement adds up.
Do I qualify for the Oregon Retirement Income Credit?
We'll automatically calculate your Oregon Retirement Income Credit if you qualify. You qualify for this credit if all of the following are true:
You were age 62 or older on December 31, 2015, and receiving retirement income, and
Your household income is less than $22,500 ($45,000 if Married Filing Jointly), and
Your Social Security benefits and/or tier 1 Railroad Retirement Board benefits are less than $7,500 ($15,000 if Married Filing Jointly), and
Your household income plus your Social Security and/or tier 1 Railroad Retirement Board benefits is less than $22,500 ($45,000 if Married Filing Jointly).
When you're poor, you can't even get control of your living environment, unless perhaps you are a Subsidy Kid in subsidized housing. Without control of my living environment, I cannot sell successfully.
you have it backwards . your poor BECAUSE YOU DIDN'T TAKE CONTROL . now it is to late once you put yourself on the course to being poor .
Last edited by mathjak107; 01-16-2016 at 07:17 PM..
you have it backwards . your poor BECAUSE YOU DIDN'T TAKE CONTROL . now it is to late once you put yourself on the course to being poor .
??? ??? I had control and was making money online until health issues put me in hospital with no income and I thereby lost control of my living environment.
I love some of the ideas here.
Go get an education. because that's so easy. It's not like there's fees like tuition (sure, paid off by Pell grant, etc), books, and other related costs. Stacked on top of the living expenses you're going to have whether you go to school or not.
Work hard. Let's do a reality check. Nobody in the history of modern capitalism has ever gotten far "working hard" in a minimum wage or menial job. Well, unless you did it in the 50's and 60's. You can slap burgers together and perform magic at the drive thru window until you're sweating bullets (please don't sweat on the food, thank you). The best you can hope for is a pat on the shoulder and to get back to work. And no sane, respectable company is going to put an uneducated worker up into higher positions. The sort of learning you get from a basic Associate's degree in business is going to make anything you learn doing a low end job look petty. I'd never trust a hard working burger flipper to make financial decisions for the company.
Think rich. This is honestly hilarious to me. What do you figure? That you're a high brow member of the rotary clubs around town when you scarcely have a car less than 2 decades old and rent out a studio with 2 buddies from high school? Sounds more like a way to overspend. Also sounds like someone a drug dealer or door to door salesman would say to motivate themselves to rip others off.
The reality is you have two major things that matter. You can have a situation that accommodates you to move up easily. Usually this requires that you come from a at least comfortably wealthy family who is supportive and doesn't disown you. The other thing is to humble yourself and make some goals. Live with your parents and go to college or vocational training with perhaps a job on the side to supplement your lavish lifestyle. Share a place with roommates to keep rent and utilities low. that sort of thing. Make things work for you. Always have a goal ahead that IMPROVES you and your life and actively pursue it, even if you're not heading toward the goal as fast as you ideally would.
??? ??? I had control and was making money online until health issues put me in hospital with no income and I thereby lost control of my living environment.
I think you get some form of welfare and food stamps. Have you checked?
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