Interesting Article About Poverty in the USA

[FunInTheSunParticipant 8283]

http://www.cbsnews.com/news/the-high-cost-of-being-poor/

Do you have any advice for people living in poverty?

I think there are ways to alleviate the problem:

1. Do not have children.
2. Try to get a bank/credit union account instead of using check cashing services (if the monthly bank fee is cheaper).
3. Ride the bus if you live in a city.
4. If you’re a guy, don’t spend a lot of money dating women.
5. Buy stuff from discount supermarkets and department stores.
6. Keep your entertainment costs low. See a matinee movie. Have picnics in the park.
7. Try to find extra work.
8. Donate blood.
9. Try to get bills paid before the due date to avoid late fees.
10. Use coupons in newspapers.
11. Go to a library and read books that pertain to an occupation you’re interested in.
12. Look for new job opportunities.
13. Try to get a grant for a trade school.

"I saw that there comes a point, in the defeat of any man of virtue, when his own consent is needed for evil to win-and that no manner of injury done to him by others can succeed if he chooses to withhold his consent. I saw that I could put an end to your outrages by pronouncing a single word in my mind. I pronounced it. The word was ‘No.’" (Atlas Shrugged)

[Savage WillParticipant 181]

Learning to cook has cut down my monthly costs by a decent margin.
BTW like your forums custom signature

Don't fucking tell me it's nighttime when the sun is clearly shining in the sky.

[Knightz of the RoundSpectator 319]

FunInTheSun wrote:

1. Do not have children

That is so true. People will have 4 or 5 kids and not be able to support them. Hell, if it wasnt for food stamps millions of kids would starve to death.

They Steal, Kill, and Destroy

[Y_Participant 4591]

I think when I was down and out in my early years my main concern was feeding myself and a roof. It was an eye opener to know people would help you if only there was something in it for them. If you are alone this path is much much easier.

I would add one item to the list – faith in your own ability to change your destiny.

Believe. You are what you believe you are.

[hollowtipsParticipant 681]

I just did some research I thought it was 1/3 people in the u.s, but it’s closer to 2/3 people in the U.S have less than 1000$ in savings. So if you want to be beating 66% of the population just have 1000 bucks in your savings.

https://www.fool.com/retirement/2016/09/25/nearly-7-in-10-americans-have-less-than-1000-in-sa.aspx
http://fortune.com/2016/09/23/majority-of-americans-are-woefully-unprepared-for-financial-emergencies/

[Chris1234Participant 353]

I’ve found myself in a good financial position in my mid 30’s by doing the following:
1. No Marriage/Kids
2. Don’t waste money on too much alcohol (social drink with friends is ok in my books).
3. Never borrow money for a depreciating asset (car etc).
4. Thrift store for jeans, work shirts and pants. If you go on holidays to any asian country (thailand etc) get tailored suits and shirts then.
5. Buy a used phone and use a prepaid sim, I got my phone off gumtree and its works perfectly. People who line up out the front of the apple store for the latest Iphone are fools!
6. You can learn most things for free online especially in regards to IT, I have a university degree and work in the IT industry and I have learnt more watching tutorials on youtube than I did at university. If you struggle for internet access use Library wifi.
7. Save as much as possible and buy a cheap apartment/ house that needs work and do it in your spare time. Before you purchase make sure you know what the rental return would be vs repayments. Then smash the mortgage as hard as possible so if you do need to rent it out it will cover the repayments.
My 2 cents!

[It’sallbsParticipant]

Yep spot on.

http://www.leavemeansleave.eu

[BeerParticipant 11832]

hollowtips wrote:

I just did some research I thought it was 1/3 people in the u.s, but it’s closer to 2/3 people in the U.S have less than 1000$ in savings. So if you want to be beating 66% of the population just have 1000 bucks in your savings.

Honestly its because most of them are f~~~ing idiots. Up until fairly recently I managed to live off 40k a year, pay my way through college part time, build equity in my condo, and still have way more than 1k in cash in the bank. As far as I’m concerned anyone making 40k+ a year who doesn’t even have 1000 in the bank is in the position entirely because of bad choices…the only excuse that wouldn’t boil down to bad choices is medical issues. Now I’m working with people making north of 100k who are so broke they can’t budget anymore for retirement savings than the minimum to get the full employer match and they just plan on working til their 70s. Its insane.

Chris1234 wrote:

I’ve found myself in a good financial position in my mid 30’s by doing the following:
1. No Marriage/Kids
2. Don’t waste money on too much alcohol (social drink with friends is ok in my books).
3. Never borrow money for a depreciating asset (car etc).
4. Thrift store for jeans, work shirts and pants. If you go on holidays to any asian country (thailand etc) get tailored suits and shirts then.
5. Buy a used phone and use a prepaid sim, I got my phone off gumtree and its works perfectly. People who line up out the front of the apple store for the latest Iphone are fools!
6. You can learn most things for free online especially in regards to IT, I have a university degree and work in the IT industry and I have learnt more watching tutorials on youtube than I did at university. If you struggle for internet access use Library wifi.
7. Save as much as possible and buy a cheap apartment/ house that needs work and do it in your spare time. Before you purchase make sure you know what the rental return would be vs repayments. Then smash the mortgage as hard as possible so if you do need to rent it out it will cover the repayments.
My 2 cents!

Some good advice…several are things I’ve done as well. A lot of people just think some of these things are too much sacrifice though…like ditching their primo cell phone package for a cheaper one, or cutting back on how much they spend going out to bars/restaurants.

The other things I’ve noticed is once people get stupid and go buy a 60k truck, charge some vacations on a credit card, then take a huge mortgage out, and top it all off with student loans…they’re pretty much buried for life at that point. I know plenty of people that could cut their monthly budget down to 1/3 of what it is if they simply never dug themselves into debt.

[Author]

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