Posted by JD Seller on June 06, 2015 at 07:04:15 from (208.126.198.123):
In Reply to: Raising $400? posted by Traditional Farmer on June 06, 2015 at 05:18:14:
There where times during the mid 1980s that we could not have come up with $400 at times during the month. There wwhere a few times I walked out of the bank after paying my notes that I did not have a dollar left. I had to hustle up some side work to have food money.
That is one of the reasons we changed our way of doing things. I sold a bunch of later model equipment and bought much older equipment. I also started working at the JD dealership then too. Since then I have had a good emergency fund.
A big part of the trouble is the lower wages many get as pay. I do not mean minimum wage either. Around here there are darn few $18-20 an hour jobs and a lot of $10-12 dollar an hour jobs. MY youngest son and his wife had those type of jobs until he got on with the welding outfit his is working for. HE came to me 4-5 years ago and asked me to help them get their budget set up. HE was tired of living check to check. HE was making $11.80 and she was making $9 per hour. So they had the two boys and themselves to provide for. After they paid their rent, utilities, and reasonable food cost they had about $50 bucks each month left. They did not have a spending issue they had an income issue. My son did a fair amount of after hours repair work and that is the only way they stayed afloat. Now with his better job they are doing fine.
So I think that the loss of good paying manufacturing jobs that have been replaced by lower wage "service" jobs have shrank the middle class. Then you add in the fact that our schools do not even teach basic economics anymore you have train wrecks. I remember my High school basic math class teaching us how to balance a check book, set up a house hold budget and figure an insurance proration, etc. Just normal everyday house hold things. Now that is not done. They claim they don't have the "time" for it. But they can teach kids how to use a condom.
Also credit cards are not good for most people they end up paying retail plus for everything they buy. So this shrinks their buying power even lower. It just starts a snowball effect of a economic trouble. They do not have enough for this months electric bill so they "charge" it to their credit card. So next month they still are "short" plus now have a larger credit card balance. So then they can't make their credit card payment and switch to PAYDAY loans, the modern day "legal" loan sharks.
The saying: "Poor people have poor ways" is really true today. Many people are poor due to their poor habits and actions. I also think that there are more predatory businesses these days that take advantage of the poor money habits many have. The rent to own and payday loan type of businesses.
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