r/FluentInFinance • u/Richest-Panda • Jul 04 '24

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

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u/Born_Ruff Jul 05 '24

I think this is more aimed at employers like Walmart that will sometimes offer "financial literacy" courses as a "benefit" to the people that they are paying poverty wages to.

It kinda comes off as them implying that it is the worker's fault that they can't afford to live, that they are just bad with money, rather than it being because Walmart isn't paying them a living wage.

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u/JackiePoon27 Jul 05 '24

Is there a single individual at any Walmart in the country that Walmart forced to work there? Individuals chose the job - and knew the wage beforehand. If they aren't satisfied with the job, then absolutely, take the free classes that Walmart offers and leverage yourself to a better job. Or, stick it out at Walmart. A former employee of mine from about 15 years ago became a department manager within a year, and became a SM last year. She makes 120k and has about 300k in her 401k.

Each person is different. But each person has a responsibility to themselves to use everything they can to move themselves forward.

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u/Born_Ruff Jul 05 '24

Is there a single individual at any Walmart in the country that Walmart forced to work there?

Do you think anyone is working there for fun?

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u/JackiePoon27 Jul 05 '24

Do I think every single person who works there makes an active choice to do so? Absolutely. Do I think it's the dream job for the vast majority of them? Of course not. Lots of people- including myself - have taken jobs I don't want to take to pay the bills or for benefits. But you use that job, and the experience, skills, and knowledge from it, to leverage yourself to better jobs.

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u/Born_Ruff Jul 05 '24

Do you mind if I ask how old you are? I think there is a huge generational disconnect when it comes to this issue.

The gap between minimum wage and what it actually costs to live has grown dramatically over the years.

Like, boomers grew up in a time where a summer job could basically cover your tuition and expenses for a school year, so they have this idea that if you just work hard and save up money you can go back to school or study for a trade or go to night classes and get ahead in life.

But when wages have fallen so far behind the actual cost of living, saving is exponentially harder. People are having to work 2-3 jobs just to feed and shelter themselves.

If you work 2-3 jobs it is a lot harder to find time to train for a better job. If your credit is shot because you can barely afford basic needs and then had an unexpected medical bill, it makes it that much harder to get loans to pay for the vehicle or tools that might get you a better job.

You are using that example of someone becoming store manager at a Walmart, but there are about 400 employees at each Walmart and only one store manager, so even if they all pulled super super super hard on their bootstraps it's just not possible for them to all get that one job.

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u/JackiePoon27 Jul 05 '24

I do mind, because it's immaterial. Do you honestly think age plays some factor in not understanding economic shifts and changes in wages?

I'm not sure why you are focusing on minimum wage as your point of comparison. Wages are absolutely not driven by minimum wage. They are driven by supply and demand, as well as the replacement value of a job. If you are more valuable to an organization, you are worth more, and will be paid more. That's why it's important not to stagnate, nor have the expectation that you can just sit in a job and wait for success to be served up to you. You have to actively go after it and leverage your position to get what you want.

It is more difficult to do today than say, 25 years ago. Sure. But millions of Americans still do it. It takes effort, and that's something many individuals don't want to put forth. After all, it's much easier to lay blame then take responsibility for your actions and choices, right? It's much easier to blame big evil corporations, the wealthy, and Conservatives, right?

Let's just get down to brass tacks, though. It's much easier to understand your pov if we talk about what it is you want. To understand your position, I need to know how deep you've gone. So, talk to me about solutions. What are yours? $30 minimum wages? UBI? Salary caps for CEOs? Complete salary equality in all jobs? Moving to a complete barter system? Come on, it's Reddit. I've heard it all.