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10 Things Only Minimum Wage Workers Understand

10 Things Only Minimum Wage Workers Understand
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From the waitress always putting on a smile when you walk through the diner door, to the convenience store clerk whose occupation is fraught with low pay and dangerous work conditions, there are some things in life only minimum wage workers can understand.

If you work for minimum wage then I can imagine you will identify and understand these ten feelings. As a once minimum wage employee myself I wrote these from experience. For those of you who never have worked for minimum wage, may this give you some insight into the world of the worker.

You feel a sense of injustice among your peers

Low entry requirements usually mean trouble when it comes to the societal parts of minimum wage work. Based on seniority, you can feel as though your peers are always trying to put you in a box. From pushing your shifts around to taking your days off, it’s easy to feel left out.

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You can never get ahead financially

Since you don’t make enough money to ever really save, the slightest problem will set you back. Often the pay is so low you are barely able to provide food on the table. When something circumstantial happens, like a flat tire or a visit to the doctor, your whole finances are ruined for months.

You budget life around work

Instead of living life, you live the company’s schedule. The desperation really sets in when you work swing shifts and miss out on important family or friend meet-ups. This leads to you feeling left out of forward progress, and can make you pull away from social events altogether.

You experience the true difficulty of mobility

When you work a minimum wage job you can barely afford true transportation, like a car. This culture is created via government regulation, like property taxes on cars and high gas prices. It takes work just to get to the low paying job. A lot of mass transit systems in the United States just aren’t adequate.

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You are crushed by corporate pencil-pushing delays

When you work for a low wage, a two-week pay schedule can be devastating. Employers need to understand that the people they are hiring are relying on that paycheck week to week. It’s unfair to pay so little and still expect workers to wait out a one week hold, plus a two week pay schedule.

You feel stuck in one location

Want to smell the ocean air or climb the tops of the Blue Ridge Mountains? Not a chance for many who work low paying jobs. You can’t afford to take a vacation, nor whimsically move into a new location where the same minimum wage jobs are your future.

You can work hard and still go unnoticed

Ever feel like you go the extra mile, but management never notices? You aren’t alone! A lot of people that work a minimum wage job feel like no matter what they do they will never see an advancement within the company they work for thanks to pedigree.

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You rarely feel any benefit for working as much as you do

We can all feel like we are going nowhere at times, but it’s especially true for those who are working minimum wage jobs. Day after day you go into work, and by the end of the week you aren’t any better off than you were the month before. It’s a sinking feeling.

You make less money, even when you make more

The tax code is set against those rising up from the bottom. You pay an employment tax, not an investment tax. So when you finally do get a leg up and make some decent money, you lose it to Uncle Sam. Working more for less breaks the spirits of those who want to achieve.

You feel pressure from your dependents

They love you and you surely love them. One reason you work long hours, swing shifts, and put up with low wages is due to people counting on what little money you do make. It feels impossible to make a transition towards a better career when you constantly have to produce bread for the family.

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It’s important to remember that even though it feels like the wind of life is against you, you can still improve your skill set and gain better positions of employment. Often we have to take five steps forward and two steps back to go forward at all.

At the end of the day we have to persevere, gain power through knowledge, and apply ourselves. Once you decide to be something in life, you can truly be it!

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Joseph Mongan

Journalist

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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There
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Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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