You work 40+ hous at a job that doesn’t cover all of your expenses. You have credit card debt and you can’t afford to fill your tank. Want another way to have more money in your bank account? Get a different job that pays more money, fools. If you aren’t earning enough money, it’s your fault. Negotatie harder for salary increases. Improve your education. Work longer hours.
Oh wait, snap, it seems that it’s getting harder & harder to find a job that pays above the poverty line.
What does poverty look like in America? In 2006, the most recent year for available data, a family of four earning $41,228 or less qualified as a low-income family. [MSNBC]
Does your family of four survive on $50K or less/year? Do you feel like you spend too much money on your fancy car and consumer goods? Can you save 10% by cutting back on milk and drinking tap water, instead? Would you like to have powdered mac & cheese for dinner instead of a protein and veggies?
If so, Jeffrey Strain has some awesome financial advice for you.
{ 9 comments… read them below or add one }
Damn, this guy really got you riled up! Three posts on his article! I would hate to get on your bad side. Like communism this guys thoughts work perfectly on paper.
The poverty level really needs to be raised. I don’t know how a single person can live on anything less than 30,000.
@Nick No, the guy is super-nice and means well. I just think his advice is superficial. I’m really appalled by the failure of corporate america to treat employees as an asset and an investment. What is this? China?
@Rachel AMEN.
Laurie, this is getting a little obsessive. Don’t be surprised if Strain files for a restraining order on you.
As for the rant against Corp America, don’t forget about their love of outsourcing. Are they outsourcing HR talent yet? US companies I work with are already sending their engineering work to India and China. And if the engineers aren’t safe, nobody under the boss is.
Maybe point #12 should be “You have a job that someone can do by e-mail or over a phone in another country for 1/3 of your pay.”
But don’t knock the advice about more education. The best investment anyone can make is to invest in themselves.
OK, I’ll bite again
First, I have no problem with anyone disagreeing with me because as long as they are talking about personal finance, there is a good chance that people will learn something new. Better that than no discussion at all.
To some degree I do believe it is your fault if you aren’t earning enough — because I believe you should never place yourself in a position where you rely on others exclusively for your income. It’s why I always encourage people to have a side business (for the tax breaks — one of the few places even those not making a lot can write off ton of expenses — even if you don’t earn a lot at it) and so you always have at least a small income that you can rely on that is determined by you and not someone else.
When you place yourself in a position where you don’t have to take the job, then you are the one in control and not the company. Getting to that position takes a lot of hard work (I know, I’ve been there) but if I can do it, then anyone can.
I also believe that while it would be nice if companies treated their employees better, there are concrete actions that you can take to make it better for yourself for the majority of people. If you aren’t willing to at least try these things, then it is your fault. Sometimes they work, sometimes they don’t, but if you aren’t willing to make the effort to improve your finances, nobody else is going to.
Again, I will make my offer. Send me your budget / monthly spending and I will work with you for a few months. If you think my advice is still “superficial” after that, I won’t say another word. But at least be willing to try before roundly condemning me. The worst that can happen is that you finances start to look better than they are now
@Sinfanti I very rarely explain myself, but this is far from obsessive. I’m taking advantage of the interconnection between Strain’s article and some of the news. Linking back to my previous posts is a very relevant way to drive up traffic on my site per ProBlogger (and my site has mad traffic on this subject), so I’m trying to maximize my visibility and expose my ideas to new readers.
As you can see from Jeffrey’s comments on my blog, he is a well-intentioned man and is getting plenty of good press from this discussion. We have emailed and I have offered him a platform on this site.
It’s all good. No one is angry or grrrrr obsessed. That is all I’ll say on that subject.
$40-50K is the poverty level? Damn, we’re even more spoiled in this country than I thought.
@ Jeffery – I really liked you article, but I am an equal-opportunity corrector and must point out a bit of potential misinformation you gave above. You are correct that having a side business allows you to write off a lot of expenses, BUT those expenses must be related to the side business and the write-offs cannot exceed the taxable income brought in by the activity. Now I agree that there is a wide interpretation of these rules according to the IRS, but they’ll slap an audit on you if you get too creative. I have friends who are DJs that would happily write off $50,000 worth of records and equipment, but can’t based on the fact that their moonlighting only brings in a few grand a year. Best to consult a CPA specializing in small business taxes to get the exact details.
@ Laurie – Aren’t you glad I’m here to help keep this topic as feisty as it is?
I guess I asked for it, Steve.