My father lived during a time when every penny counted, nothing was wasted and quality goods and services were expected upon purchase. Today, we seem to have moved away from these values as we become more addicted to frivolous spending.
I was always taught to never accept a minimum wage job as a career. Such a job is sought as a last resort. One takes a minimum wage job while seeking something better, financing your own business, attending college or as a supplemental income when your hours are cut at your full time job.
The Endless Cycle
The problem with minimum wage is that no matter what the current rate happens to be, the market prices rise to exceed what you earn. You can only survive on minimum wage and never build upon your earnings. Worse case scenario is that your spending everything you earn monthly on bills and still coming up at a loss. Negative profit at the end of the month makes poor business sense, regardless what your profession.
Intangible Goods and Services
This relates to all those goods and services we spend money on yet are intangible. Cable television, Internet and expensive smart phone plans are goods and services we we do not own. Even rented housing applies. When you spend for these goods and services you are left with nothing of your own to show for it. You pay for the service, but haven’t actually gained anything for your money. This type of spending should be reduced as much as possible. Even if you must share a mobile phone with family, visit the local coffee shop to use WiFi or save for your RV, camper or trailer. It’s not attractive or fashion, but you own these items or at least direct the best use of your money spent on intangible goods or services.
It doesn’t matter how successful you are or how much your bring home pay may be, these are the lessons our previous generations have tried to instill within us as our lives become increasingly more expensive and our ability to keep up diminishes. Regardless of your income, if you are capable of keeping more than you spend you are getting ahead. Perhaps these lessons taught by our previous generations are simply common sense. But as our national debt now exceeds 17 trillion and we continue to live our lives on borrowing and renting we should each take these lessons to heart.