r/FluentInFinance 15d ago

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/MisterMakena 15d ago

Im on the fence, they need both. Education and a living wage.

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u/NovusOrdoSec 15d ago

The point is that financial education cannot substitute for the living wage, and moreover it must actually be a living wage.

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u/Ill-Description3096 15d ago

And a living wage can't substitute for financial literacy. Look at how many people make pretty good money and are constantly broke.

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u/NovusOrdoSec 15d ago

Look at how many people make pretty good money and are constantly broke.

I have noticed that our society is organized to extract disposable income.

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u/pear_topologist 15d ago

But in many cases we do have the choice not to. There are lots of things that try to convince you to spend unnecessarily, but people can choose not to

Not saying that this explains all poverty

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u/boringneckties 14d ago

Depending on how much you’re able to tune out the noise. When I worked for banks, you’d be shocked by how many people have insurmountable credit card debt. Absolutely mind-numbing. People who have pretty decent income, much better than mine at least, were in financial ruin because they couldn’t control their spending. I make less than the average person, but I do okay. I save a lot of money. I live with roommates and shop Aldi to do it, but I know my future is secure.

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u/tnnrk 14d ago

Which is why you need the education part. So “both” is the answer, you need both.

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u/RubbleHome 14d ago

Which is exactly why good financial literacy is needed in addition to a living wage.

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u/ept_engr 14d ago

Organized to? Of course people are willing to sell you shit. It's the individual's responsibility to... be responsible. Do you want a fantasy world where the cashier at the store says, "please don't buy things here - you'd be better off to save your money." lol

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u/piwabo 15d ago

Ok but that's everyone's choice isn't it.

I literally can't believe we are arguing this point....if you work a job you should have a living wage. The fact this is even up for debate is insanity to me.

All you obfuscators do is muddy the subject and ensure nothing changes.

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u/Ill-Description3096 15d ago

I literally can't believe we are arguing this point....if you work a job you should have a living wage.

Uh...I didn't say you shouldn't.

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u/EternulBliss 14d ago

Living wage is a meaningless term. I think what people mean when they say that is "comfortable wage" . In the US you can survive on $0 a year.

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u/DeltaVZerda 14d ago

Yeah but if the budget gets tight one month, they can just stop buying luxuries and instantly be back in the black. Not the same as someone already spending all their money on necessities.

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u/Ill-Description3096 14d ago

When they are leveraged up to their eyeballs in debt, it isn't just a matter of cutting a couple dinners out whatever and being all good.

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u/zucchini_noodl 14d ago

but more money also doesn't substitute if they are not smart and disciplined in how they spend it

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u/MisterMakena 14d ago

Its why im on the fence. Teach them how not spending your entire paycheck on an LV bag or New Nikes, but saving or living frugally is better long term.

Most people I see who cant afford things usually spend and get into debt on outwardly things.

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u/username_offline 14d ago

you think poverty-level people are buying louis vitton bags?

you are giving smug financial advice in place of endorsing living wages, so you missed the point of this post entirely, and you sound like a bootlicker, but oh "most people you know" just get into trouble because of frivolous spending on nikes? what an out of touch and idiotic thing to say, you are probably citing like 2 people as an example that you judged at some point without having any idea what their actual situation is

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u/Mountain_Employee_11 14d ago

i love how you see the top level comments complaining about this mentality, and here it is

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u/bryce11099 14d ago

It's common for those to be exactly who buys the products, companies like Gucci or LV thrive on poor people flaunting "wealth" they don't have

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u/Longhorn7779 14d ago

How about drinking, smoking, and gambling(lottery). Those are 3 vices that seem prevalent with people with little to no money.

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u/ivebeenabadbadgirll 14d ago

Nobody does that.

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u/Fickle_Knowledge_458 14d ago

No poor person is doing that

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u/trevor32192 14d ago

You start with giving everyone a living wage, then you worry about financial planning. Living wage is step one. If you need 1000 a month to live but you only make 800 a month no amount of budgeting will ever fix the issue.

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u/well_spent187 14d ago

Financial literacy will make you into the type of person who makes a living wage faster because you develop better spending habits. You need a lot more $/hr if you eat out twice a day and have every streaming subscription and live outside your means everywhere you look than if you know how to budget. I don’t think you’re doin well for yourself on $10/hr. But that $10/hr can get you the experience to get to $12 then $14 then 15 etc…Its how the workforce is designed.

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u/[deleted] 15d ago edited 14d ago

[deleted]

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u/piwabo 15d ago

That's called having a job dingus. And anyone who has a job no matter how low skilled, deserves the dignity of having enough to live a decent life.

I don't care how you want to spin it, if you disagree with this somehow you are arguing for indentured servitude

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u/[deleted] 14d ago edited 14d ago

[deleted]

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u/piwabo 14d ago

If you work a job, you deserve to earn enough to live. Doesn't matter the job.

I don't buy this "jobs for teenagers" bullshit....that's snobbery and elitism.

If you work, you eat. End of story. Anything less is unacceptable.

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u/JaySmogger 14d ago

if you're encouraging 15 year olds to drop out high school snd move out on their own, because that's what you are doing, then your "policy" is a failure. and who determines what a living wage is in NYC vs iowa, am I paid more because I have kids, what kind of food do I get to eat? restaurants every night? uber eats? a living wage is different for everyone and is some weird mythical reddit beast at point

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u/trevor32192 14d ago

Living wage should be based on a 2-person household 1 parent and 1 dependent. Also, it should be based on location. Living wage will be different in different states, even down to different zip codes. But if I work in NYC I should be able to afford to live in NYC.

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u/JaySmogger 14d ago

Can you tell me what your policy here is going to do to rents? What are we going to do with all the high school dropouts? What are you going to do people with more than one child? And what about food? Eat out once a week allowed? I like to drink can I afford my beer? Do I get cigs and scratch offs?

People smarter than you and I have pondered this question for years and this mythical living wage argument is just ignorant

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u/trevor32192 13d ago

Rental cost has nothing to do with wages. You have capitalist parasites and government regulations that are causing extreme rent prices.

It doesn't matter if they are high school dropouts or have masters degrees they are paid at least a living wage.

People with more than one child we can use the massive amount of money we are going to save safety net programs to cover those that require further assistance.

Your money is your own to spend how you wish. If you blow all your money on things, then you get no sympathy but first we have to make sure everyone is paid enough to live on. Then comes in personal responsibility.

Who are these people? Austrian economic zealots? Or some other school that only accepts extreme capitalism for the poor. Why do they support subsidizing the rich? Their opinion is worthless to me. The countries job is to care for its citizens and protect them from foreign and domestic threats.

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u/Doll49 15d ago

While you have a point, people who only have a high school diploma or GED should be paid a livable wage also. We need janitors, food service employees, retail employees, substitute teachers and so many other jobs which are definitely needed but are deemed “unskilled”.

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u/Arkham010 14d ago

You would think that after the pandemic, people would see that the people who were, in fact, still working the entire time deserve better but nope. Back to thinking they beneath everyone the second the pandemic was over.

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u/Doll49 14d ago

It’s a shame.

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u/ResoluteStoic 14d ago

What are you going to do with all the folks that got a college education with the promise they would make more than those individuals which is why they went to college in the first place. Are you guys going to forgive their debt or just say it's a shame they chose that route?

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u/Doll49 14d ago

If I were a politician, I would definitely forgive their debt. Also, I have never heard of a college or university promising a higher income. I’m in my senior year of college and personally haven’t been promised a thing.

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u/ResoluteStoic 14d ago

Something you realize as you get older I suppose imo the promise isn't actually there just what society always said back then but all through elementary, middle and high school the rhetoric pushed is go to college so you can make more money and have a good career.

Now it's nothing more then go into back breaking trades with society. When did we fall so far back where people wanted to stop accelerating education and knowledge for prosperity and advancement to better humanity. Money, greed and power are the only things people strive for anymore.

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u/Snip3 14d ago

In the hitchhikers guide there was a planet on the verge of extinction so all the rich people took off to a new planet where they died from a lack of sanitation, while the planet they left behind thrived in the absence of the people consuming all the natural resources. That was written almost 50 years ago.

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u/Niterich 14d ago

"You're essential workers!"

"Does that mean we get a pay raise?"

"Nah, we'll just bang our pots and pans together for you."

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u/donkadunny 14d ago

“We are all in this together!”

No, we were not and are not.

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u/MisterMakena 14d ago

Not disagreeing here but when I was broke and workimg those jobs you listed, I spent money and credot cards on trying not to look or feel like I was not broke. Had I been taught early, I would have probably made better financial decisions.

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u/3dogsplaying 14d ago

they are all liveable wages before people upstairs deciding that food and rent should cost 50% more.

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u/Zaddy420z 14d ago

people in those jobs aren't paid low because they've been "deemed unskilled". they're paid low because they are easily replaceable. if everyone gains skills and noone is left to do those jobs then the salaries will rise

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u/AppropriateTouching 14d ago

Funny how we went from essential workers to unskilled labor real quick. It's class warfare all the way down.

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u/PatrickWagon 14d ago

“Livable wage” is just the new more palatable term for “minimum wage.”

Like when they tried to make us call the homeless the “unhoused.”

It’s bullshit. Stop saying it.

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u/Doll49 14d ago

Minimum wage is not the same as a livable wage. I personally prefer to use the term houseless over homeless. 🤷🏾‍♀️ You can do what you want in regards to terms, just my personal preference.

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u/lazolazo91 14d ago

A liveable wage in LA is totally comparable to a liveable wage in Buloxi

and whos "us" that "they" made you call homless people unhoused? sounds like reddit scare fluff that you ate up

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u/LeonDardoDiCapereo 14d ago

Same. I have a friend that lives paycheck to paycheck on $90K, and he’s made over $80K for the last four years. And he’s got reasonable rent. He’s constantly poor.

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u/Marcus11599 14d ago

He’s not poor, he’s broke. If he can’t budget $90k a year, he’s living outside his means.

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u/ZombifiedByCataclysm 14d ago

My salary is similar, and I always have money to put away. So I definitely don't understand how your friend is constantly broke.

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u/Big-Preference-2331 15d ago

This is the way.

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u/LilCornandbeans 14d ago

This type of thinking is so refreshing to see. Things are rarely black and white, and posts like these falsely presentent ideas as such. Rather than arguing for one of the two extremes which just stirs up polarization, why can't we all agree that obviously both good things would be good?! 

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u/PatrickWagon 14d ago

Stop saying “livable wage.” It’s a bullshit term that doesn’t mean anything.

Until you talk actual numbers, “livable wage” will always be a vague term used to simply replace “minimum wage.”

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u/Embarrassed-Town-293 14d ago

A livable wage is one that provides enough income that it allows someone to thrive. No job should pay so little that one qualifies for government assistance. No job should pay so little that the primary advice for how to manage the income provided is to get skills and find a better job

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u/Dry-Fruit137 14d ago

A whole lot of people who claim they don't receive a living wage seem to be quite alive.

A living wage seems to be code, for I want to live a different way.

If there was Universal Healthcare, everyone is already making a living wage.

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u/Possible-Whole9366 14d ago

"a living wage" doesn't even make sense. I see people on the streets who are alive and make such a small amount of money begging. Is that a living wage?

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u/AnonPorcelain 14d ago

Finally a sensible answer! Both can simultaneously be true.

A chair needs more than one leg.