this post was submitted on 18 Sep 2024
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[–] Maggoty@lemmy.world 3 points 1 month ago (1 children)

Or the working class can't afford everything it needs. So a raise goes towards buying more necessities.

It's kind of hard to save when every dollar is accounted for in food, shelter, and utilities.

[–] Kecessa@sh.itjust.works 1 points 1 month ago (1 children)

And these necessities are very often procured from stores that pay their employees minimum wage, so it all comes back to what I was saying... But even for people who get paid way more than minimum wage, a significant proportion is living paycheque to paycheque or close to it.

[–] Maggoty@lemmy.world 2 points 1 month ago (2 children)

People are coming at you because it sounded like you were saying the poor were poor because of bad financial skills.

[–] Rekorse@sh.itjust.works 2 points 1 month ago

well the best way to make money in America seems to be to have money. The more money you already have now the more you can use it to make more money.

Thats probably why poor people stay poor. Not enough to snowball, its all gone ever day.

[–] Kecessa@sh.itjust.works 1 points 1 month ago* (last edited 1 month ago) (1 children)

If you look at my message I'm clearly painting a broad picture, "people are bad at saving money", I never said it only applied to people with lower income. I've known of engineers making 300k/year panicking because 200$ were missing from their paycheque and they wouldn't be able to make their payments... They just own a bigger house and a Porsche instead of renting an apartment and driving a Civic, in the end they have 0$ set aside and if their income goes up they just find more stuff to purchase...