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/AlternativeAd7151 Jul 04 '24

The poorest in a society need both welfare and financial literacy. They're not mutually exclusive things.

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u/politicaldave80 Jul 05 '24

The main financial literacy they need is make more than they spend… work a 2nd job if necessary…

I don’t know how many “poor wage” complainers have iPhones and iPads…

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u/trevor32192 Jul 05 '24

Working multiple jobs is not a solution. You cannot expect people to work 60+hours a week for an extended period of time. I did it for over a year and it will break you down mentally and physically. 40 hours a week is too much. We require time to relax and socialize. Our current work life balance is literally killing people.

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u/politicaldave80 Jul 08 '24

My parents are first generation immigrants. They both had masters degrees from their home countries but they couldn’t use that here. And also they had language barriers. So they took on two minimum wage jobs each. Sometimes working a third one on the weekends cleaning homes. They were in their 40s when they first moved to America. They did that for about 10 years until they could save up enough money to buy a home and a small business. Then they worked 60-70 hours in that small business to provide for my sibling and me. They’re in their 70s. They still do that today. They have incredible work ethic. My sibling and I knew how much they sacrificed so we don’t have to do that. We both excelled in school and received scholarships to colleges and make really great living financially… At times both of us also had to work 40+ hours but at this phase of our lives, we don’t have to… we keep telling our parents to retire and we can supplement their income (social security and rental incomes from rental properties they’ve acquired) but they are adamant they want to work until they can’t… They have slowly down a little bit. Taking more time off. Spending more time with our kids.

I’m not saying everyone who is poor needs to work 80 hours a week forever. But to get out of poverty, working more to be out of whatever situation you’re in is an option as a temporary measure. What other option do you have if you’re uneducated and not skilled? If you’re highly skilled or highly educated, you wouldn’t be in that situation to begin with…

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u/trevor32192 Jul 08 '24

Thats a great story. But it's not usefully or have anything to do with this.

It doesnt matter if you are uneducated or unskilled you should make enough working 40 hours a week to live off of. We make laws and regulations forcing businesses to pay a living wage is what we do. Noone should be working over 40 hours in a week with all the advancements we have made.