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September 22, 2007


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How would someone live beneath their means if they have student loan debt and a minimum wage job?

And why would someone with student loan debt earning minimum wage need to know what an index fund is?


I catch the counter-point from you quite often...This time, I figured I would reply...

If you have student loan debt and are only making $8/hour at can one of two things...

1.) pretend like you are never going to move up, complain all the time and be negative about everything [wink, wink, hint, hint]


2.) realize that you just graduated, your young and ready to tackle the world by the balls, one day you'll make better money and be positive about life

I get this feeling that you side with #1 a tad to often.

It doesn't cost a NICKEL to open a Roth IRA account or brokerage account at Sharebuilder or Zecco. Not a DIME. Open up an account and start sending $5 a week [Start with $2.50 if that's all you got, which I HIGHLY doubt] as you begin to make saving as a part of your financial life. It becomes part of your life, sending money into a Roth when you didn't have any and hopefully if you scrounge up money when you don't have any, when you start to make some paper, you will carry on with the savings. So after you pay a measly $5/week into your Roth IRA, how about taking YOUR FINANCIAL life by the horns and NOT get into consumer credit card debt as well? That means you will have to cut out iPods, iTunes, Cold Stone creamery ice cream etc. etc.

So after a few years out of college, if you actually can put away $1000 or so and NOT have credit card debt, you will be AHEAD of the game doing just about NOTHING.

To make it even easier, set up online bill-pay for FREE with 99.9% of the banks out there, save yourself postage and send, literally, $2.50 a week if that is what you got.

You are looking for a handout or sympathy and you are NOT going to get if from me. It would be unfair to you for anyone to sit back and swim in the pool of your misery.

It's also funny to hear the minimum wage discussion AND student loans, as if once you graduate from college and get that first job at a florist, you will have reached the pinnacle of you professional career. Your days of minimum wage earning is TEMPORARY with a college degree unless you live in Greenland.

Um, I've been out of college for quite some time, and I am now twice as old as the average new graduate.

IOW, at my age, with my job history and lack of career-related experience, I really don't see a better job in my future. I look and look at job postings and don't see any non-menial jobs I think I could get.

Cut out iPods, iTunes, Cold Stone? I have NEVER purchased an iPod, an iPhone, an iTune, a Cold Stone anything, a Starbucks anything, a DVD player, a new PC, a new VCR, etc etc.

My diet is based largely on mac and cheese, rice, beans, pasta, potatoes, and PB&J. My idea of dining out is two double cheeseburgers at McDonald's when I have to work a double shift because my relief didn't show up for work. I don't have a TV or a car. Rent, utilities, bus pass, and debt service consume almost all my income.

People always give illegal immigrants a hard time.

I read that they earn less than minimum wage, and yet they save up. The money that they saved up is usually sent back to their home country, and are usually spent more wisely (or invested more wisely) than people on minimum wage.

I know someone is going to say that money is flowing out of the country this way. To me, it's better to let them work for the money and send it back to their home country than for us to just give handouts to some third world country.

I'm not against the poor. I think they should be helped. But sometimes when people tell me how bad they have it, I point to the truly poor in this world -- the people who are less unfortunate. Those who live in a developing country AND poor in that country.

Minimum...You don't have $2.50 a week to send to a Roth IRA? OK, send in $1.00! Can you handle sending in ONE FREAKING DOLLAR a week or is that to much for you as well?

How about .50 cents? JUST START already.

Move to a new location NOW if you can't find a job for a college grad.

You got an excuse....errrr...counter-point for everything I will say. Stop already!

Around here, illegal immigrants earn more than minimum wage - they do a lot of construction-type work and are paid cash, i.e. without taxes withheld, or claim umpteen dependents, reducing their withholding and qualifying for Earned Income Tax Credit. Those who bring their wives here often get to have a stay-at-home mom getting at least some forms of public assistance (my state government here has a don't ask-don't tell policy for dealing with illegal immigrants). They might live in overcrowded housing (e.g. two families together), esp if they are single - you can live very cheaply when many share the rent. Basically, they are willing to live under crowded conditions the rest of us are unaccustomed to and would not tolerate.

I have student loan payments plus acreditor who is prepared to jump all over me (garnishment of wages and bank account, etc) if they don't get $250 on time from me every month. I certainly cannot afford to invest money in a retirement plan which is not liquid if I really need the money in a hurry.

Minimum Wage - I'm curious what college degree you earned that you aren't able to find an entry-level job earning more than minimum wage...

Is it just me or does minimum seem bitter and unwilling to do anything to better his/her situation. No one owes you anything. If you want success get it. If you have a college degree making minimum wage its YOUR fault. You are lazy and full of self pity. I have a degree and it took me two weeks of emailing my resume to find a job. I hadn't even started going all out with callbacks.

You seem to be focused on what everyone else has, everyone else gets, etc. And not focused on yourself. That is your problem. At minimum wage you can infact pay $250 a month, save, and eat better than rice and beans. Do you only work part time at minimum wage or something?

Get a roommate and/or smaller place to live, maybe a one room studio apt. With no TV, Car, Cable etc. Its hard to imagine where all your money goes. drugs?

You remind me of a guy on named czarangeuls(sp?) he always blames everyone but himself for being poor with a college degree.

Oh and knowledge is free form the right sources. It never hurts someone to learn about things like index funds. Might give them some motivation to go out and earn enough to invest in one.

Minimum Wage - Ever hear of Starbucks, Walmart, Menards, Home Depot, etc? They all pay over min. wage and all your excuses or no excuse! Take on two jobs then if you need more money. Funny, it always seems like you are checking these blogs constantly; Who is paying for the internet access? Your obviously not working when you're on here, maybe that's why you can't find a job. Try or, spend more time on those websites!

As far as the post goes, I hope people know most of that stuff before they are +18 years old!!!!!!

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