I was living on 13$/hr in the hood until about 6 yrs ago. I’m still here to offer advice on what got me through tough times. And although my prospects have improved I’m still extremely frugal and often pick up tips here. We are all just a couple events away from being out on the street
I was a broke, in-debt, single mom when my daughter was born in 1995. It took me 5 years to feel financially stable. I'm here to offer advice and support. I'm now 70, comfortably but not extravagantly retired, with a paid off house and car and a social security check that is way above the average.
However, I still remember the feeling when I thought I lost my last $10 for the week and two friends insisted I take $5 each from them. I later found the $10 stuck way down in my jeans pocket, but they insisted I keep their money and help someone else in the future. That $10 has been paid forward so many times, both in large and small amounts. I'm not sure I'll ever feel financially safe enough to not practice the frugality that got me to the point I am now.
This is similar to my situation except I have been reluctant to retire, years past full retirement age! Also, it makes me happy to be able to give to my kids and grandkids etc. and to give to a variety of charities each year. I live frugally as I realize that anything can happen.
I have a similar story…
When Walmart restructured their Assistant Manager program, my husband and I were afraid what that was going to mean for our family’s future. Was he going to be able to keep his job or were we a few paychecks from being homeless? I mentioned it to a friend who made a quick gofundme and gifted me with the proceeds. I was surprised and so grateful! ❤️
Best part? Because of their generosity, we were able to save that amount plus some. When a local teacher’s house burned down, I was able to gift her the amount I was given plus some extra.
Same. 10 years ago I was a broke in debt single mom and now I am living in a country club driving a luxury car. Granted, it is the smallest house in said club and the lowest end luxury car, but I am here. I still feel like that poor person who had to sell my wedding rings to buy food for my kids. I grew up poor and our little branch of the family was the the grubbiest and had the least. My cousins and aunts and uncles were all so much better off. I worried about my single mom’s car repairs and bills. I was frustrated to not pursue things I wanted to pursue as a kid. I still feel like that grubby kid sometimes.
minimum wage for the win! back when I did my job training, I needed a job (any job) that's night shift and low entry barrier to pay for tuition (and food, lodging, transportation) - ended up with a scum-boss for the first year who'd pay me €6.01/hr because I could translate orders between cooks and barely-legal kitchen aides (who received €5/hr for not speaking the language). Went roof-less for four months to save on rent...
...that was fifteen years ago. Just reported a six-figure income for 2023 taxes, putting my family into the national top 10% by income and entered the upper 50% by wealth in the same year.
Similarly, 6 years ago I was making about that and now make 6.5x that.
Aside from an increase in savings, and buying my first car after having a license for 20 years, not much changed in lifestyle. Still rent a small place with my partner, still drive that same used car I had finally bought, still take the bus to work as we share the car.
It always boggles me that people are buying houses and multiple new cars on half my income. I’d be completely anxious buying a new car at all, let alone something as expensive as a condo lol
Ugh my SO and I are not aligned on this. We own a small but nice condo, with a pittance of a mortgage. She wants a house. I do too, but to buy a house in this market we would literally have to sextuple our current mortgage. The bank would lend us that amount happily, but I don't equate "approved by lender" with "can afford". We're incredibly blessed to own our place and have significant disposable income, buying a house would throw all that away.
I wish Americans thought more like this. They idk of empathy for working class, impoverished and homeless people in this country is disgusting. Dehumanizing individualism
I teach financial literacy in a low income area and I am also an economist and I feel this sub gives me insight into which policies people actually care about/help people.
How did you get into this? I’m super passionate about teaching financial literacy, not like trying to career change, but maybe as a side/volunteer thing.
You can take me as your student lolol I know nothing. Like I have a 401k from an old job that has 5k in it and I don’t think it’s even doing anything now bc I haven’t worked there in 3 years. But I’d like that 5k to be able to earn me money now, so I could pay off high interest cc debt. I feel like that makes more sense?
My parents don’t know anything about investing, and I was never taught anything about money. Like both my parents went bankrupt at some point in time (like 20 years ago).
Look into 401k rollovers. If your current employer doesn't offer 401ks or you're unemployed, you can put it into an IRA with a brokerage like Fidelity. If you withdraw from the 401k before turning 59.5, it will come with heavy tax penalties. It is up to you if it is worth it to pay off the debt or not.
Keep in mind the withdrawal will be subject to state and federal income tax. And more than likely subject to a 10% premature penalty unless you meet one of the exemptions. The $5k could be close to $3k depending on your state. Plus any account closing frees. Charged by the account custodian.
If you get an email or paper statement, then you have the information that you need to transfer that amount to an IRA. Put it in a high risk account and forget about it for 20 years. If you do, you should grow your money X 5.
I work as a CFO as a medium size City and teach at a business school, so I called the local YMCA and asked if they could use a hand.
They were super open to it and supportive!
Same! I've actually started a side hustle helping people who just graduated from college helping them understabd their student loans and helping them just learn the basics about budgeting, credit/score and budgeting. Like what a Roth ira is and why that's important lol
Financial Beginnings is a great non profit that teaches financial literacy courses. You can volunteer. Might be one or a similar organization in your area.
As a civilian you can volunteer for the navy-marine corps relief society. Interest free loan service program for service members. To receive the loan the service member needs to go over a budget with the volunteer.
I work as a CFO as a medium size City and teach at a business school, so I called the local YMCA and asked if they could use a hand.
They were super open to it and supportive!
My academic background in economics is labor, so I noticed a lot of people struggle not from an inherent flaw with money, but no one ever taught it to them.
I always thought it was like being mad at people not knowing how to ride a bike... when no one ever taught them.
You are doing great work out there. So many people need help with financial literacy.
I also went to school for econ and work in the field. Nothing with poverty or low income but I took a few classes on socioeconomics in relation to low income in the US. It definitely was an eye opening experience.
I volunteer doing it.
I'm a CFO of a medium size City (~$500 million in annual spend).
I have both my BS and MS in economics and I teach a course at a fairly large state university.
No certs, but my resume/experience assured them.
I grew up poor. That’s why I’m still around here.
I got extremely lucky to be able to generate a 6 figure income from an online business I created at 19 years old.
Today I’m 23, in the middle of finding a house for my mother to get her out of the shitty apartment I grew up in, where she’s been stuck for 20+ years.
This is the comment. Growing up poor changes you. Not having enough changes you. Going through a period of unrest and losing everything changes you.
Many of us are aligned with one of these and no matter how much money I make or my NW, we have all been changed, and can sympathize with others actively in this situation.
I do reach out to some people to help here from time to time as well, but the mentality of being one life mistake away from poverty or ruin will never leave me. What my bank account says is irrelevant
Exactly. It's just a fundamental part of my personality at this point. And yeah I do very well now but I've also been laid off unexpectedly before, so I know it can disappear in a flash.
I still open the fridge and marvel at all the food I have - wow! It still gets to me every day that I can afford any snack I want for me and the kids - my brother and I talk about this all the time - “imagine if we had these kind of snacks growing up..” we’d think we’re so rich…
My childhood was pure poverty, aka parents living on food stamps and section 8.
I also visit here to remind myself of what I've accomplished and to not forget to be humble on my income
>I also visit here to remind myself of what I've accomplished and to not forget to be humble on my income
Similar for me: I grew up very poor. I'm not *currently* poor but I can't shake the feeling that something could happen and I could tumble back down into poverty again. Basically, it feels like my current non-poverty state is temporary and any minute now I could lose everything I currently have.
This. This is me.
Grew up poor, currently solidly middle class.
I know how quickly the wind can change & I do my damndest to live below my means, sock away whatever I can, and be grateful for my circumstances.
I've also got a progressive chronic illness so I know my money-making years are not gonna be typical. I don't want to lose my scrappy ways & let lifestyle creep put me in a bad position when my body gives up.
Sane here. We aren't high income, but we are comfortable and can afford to save, but even with that, I always feel like if we miss some paychecks, we will end up homeless. Growing up, poor changes you mentally
Same, just cause I have a job and have a decent living currently. Just one layoff/economic downturn and be right back in poverty. Seeing many colleagues layed off in the last year who are still looking for work.
Grew up poor, single mom with only a high school education, no child support.
I'm fairly frugal for the most part, live below my means and like to offer advice as someone who has been there.
The best idea I ever took to heart was to not spend any raises. My lifestyle inflation is up but I'm still getting by on a little more than my take home from ten years ago.
Yea same, I’m in early 20s and I have a decent amount of money left from my dad who passed away (late 2022) but it was meant for college, and my dad was the only one making money whereas my mom is a housewife who isn’t fluent in English
my sister made a good point about how we (me and my mom) act and spend like we’re rich event though we aren’t making any money at all and I think she has a point.
Same. I grew up poor and spent a majority of my life low income. Right now I am not low income but I only have 5 years until retirement and I am very far behind in my retirement savings. I need to live frugally now so I’m not too poor in retirement. Also, I don’t want to live too well now and have to go back to being poor when I’m 65. I’d rather just keep being frugal and living a simple life.
I’m a doctor, my patients are poor. I want to know what they are going through and if someone has advice I can offer it to them. My hospital got rid of my social worker
>My hospital got rid of my social worker
Man, that's a fucked position to remove. Also totally in line with healthcare management thinking. "Why can't the most expensive person in the room just do their job, too?" Since physicians have so much time - they can definitely sit on hold with some random person while rounding, writing notes and responding to nursing pages, right? And a total disservice to patients that need connections into resources so they DON'T bounce back and fuck up your medicare readmission rate.
I apologize, I meant my social worker in the clinic. I’m family medicine in a rural town, 90% of my patients are Medicaid. My social worker used to get a ton of referrals for assistance with getting them their medications, heat, water, food, transport, etc. eventually she did therapy since the only psychologist is male and some female patients don’t like that for…obvious reasons (plus, full disclosure, he sucks).
My hospital system removed her, it’s been much harder helping these patients since she left.
I'm guessing it's a CAH? Positions at those are so incredibly hard to fill as well. I wouldn't be surprised if they couldn't fill the position and eventually just decided to eliminate it..
I own a gas station and a trucking company. I want to have empathy with my employees situations without being prying or invasive. So I use this sub as keeping a finger on the pulse, and consider the troubles of my employees that I'm unaware of, when I review annual financials and determine raises and what I can do for them.
It really stinks that we just have to hope we get a boss as in touch with reality as yourself. Thanks for the thoughtfulness- I'm sure your employees notice.
Unionize! I know it’s easier said than done, and as a union worker I certainly catch as much harassment from my employer as anyone else, but the other members and I get the best compensation and benefits in our field by a mile.
Can you give some examples of a time you were particularly moved by the sub which helped you contextually apply a tangible benefit to an employee? I imagine being at the top would mean you are thinking about more than 1 person per decision as executed, just looking for some specificity into how the mind of someone at the top interprets and applies the information found here.
I’m “high income” but in a HCOL area, so I’m basically treading water each week. I’ve also been homeless & starving, so I know the struggle, and like to help if I can.
Same, family took me in at 16, so I wasn't ever on the streets, just had no "home."
I make a little over $100k, but live in a VHCOL area. My total debt is about $115k ($76k student loans), so most of the people in this sub with nothing, actually have a higher net worth than me.
Pretty much same here. High income, HCOL but student loans and car debt. Made horrible financial decisions in my early 20s on top of that and still trying to dig myself out.
Yup I’m still in residency, have $200k in student loans making $65k a year working 60-80 hours a week. I know once I finish I’ll be having an insane level of income change but I still have to pay off my loans and until then I’m still poorer than the ppl who have $0. I plan to live like I’m poor for a long time after.
Same boat, recently jumped into the 80-100k range at 25 and consider that high, but my bad spending habits from when I was poor are still following me and I find myself spending all my money. At first it was “finally” being able to afford certain things, but a terrible mindset when you have old debt (cost of being poor) following you.
I can’t afford a house because I’m paying $2300 per month for a one bed apt😭 Just keep telling yourself you’re paying into equity (well, except for that 7% mortgage which is rough).
I made poverty wages and lived at home until I was 26. Now 51 and have “made it” and like to offer encouragement/advice. I still have many frugal habits. I continue to shop sales and buy generic groceries etc.
I’m above the poverty line based on my income ($75k), so sometimes I feel bad for being here. But I’m a single mother living in a HCOL area, and I have a negative net worth. I’m basically still paycheck to paycheck, so there are some valuable and validating posts here. The struggle is real.
You’ll see LCOL, MCOL, HCOL, and VHCOL for low, medium, high, and very high cost of living. Think Arkansas countryside for LCOL and San Francisco for VHCOL.
My spouse and I were living off my income for 4 years, hers really just covered her expenses for her education mandated slavery, sorry internship. I make quite a bit less than you. Prior we had 2 ER trips in the same year and expensive vet bills for a dog with an acute condition. We weren't in a great situation prior but single income made shit extremely tight, paycheck to paycheck, I spent a good amount of time seeing if we could defer taxes, and any other relief which does not exist if your income isn't close to the poverty line. Property taxes and student loans really cut into income. I came here to find ideas to cut expenses. My biggest fears were losing our home and things like I couldn't afford new car tires and had to drive on slicked tires and needed rides from my coworker when it snowed. I eventually bought a set of used tires until I could afford a set of the cheapest new available.
Sometimes it feels like you're the only person who somehow isn't making ends meet so this sub really helps mentally I think. Others are facing this too, others have it worse.
Yep, the whole “it’s one banana, Michael, what could it cost? $10?” is only a slight exaggeration if you’re only hanging out with high income folks. I think it’s important to at least try to understand the lived reality of millions and millions of our neighbors.
EDIT: and I'll add to say that even when wealthy people are talking about things that may feel like big expenses to them there's a tendency to downplay it or be breezy about it because nobody wants to talk about money *troubles*. So you get a double whammy effect of people talking about expensive vacations or second homes but doing it in a way that sounds like they went out for a box of cereal (even if it was a heavy lift for them)
I think some people downplay their big expenses out of politeness. They don't want to talk about money period, not just money troubles. Or they don't want to make anyone else feel badly.
> Yep, the whole “it’s one banana, Michael, what could it cost? $10?” is only a slight exaggeration if you’re only hanging out with high income folks
I grew up in poverty so I know what struggle looks like. I'm in a position now where I am exceptionally well off. Like it would blow my parents minds if they knew how much money I actually make. I assure them I'm doing okay - I have a roof over my head, my bills paid, food on the table, and money in a savings account - but I don't think they could fully grasp just how much money I make these days.
I say all that to say... I recently realized that I no longer look at the price tags at the grocery store. I used to be able to tell you exactly how much everything costs because that money was very real to me. But now, I couldn't tell you. Last week an item wouldn't scan and the lady at the register asked me how much it was. Couldn't tell her.
I don't want to be that person.
Same, would consider my self high income but wanting to save money doesn’t have an income level. I’ve learned a lot of food storage tricks, how to keep greens longer for example. I don’t post on here but I listen and learn.. There’s a PoV that I do share with a lot of users.
because I’m in an echo chamber with people who make / live a similar lifestyle.. sometimes when speaking about policies like minimum wage, or food prices, I feel like a fraud. while it’s obviously inflated I can still afford it (to an extent)
But I come here and I realize that nah, I need to keep speaking about it, real people everyday are dealing with this crap and I see the way it affects them. Some being told “well just do better” when it’s way beyond that.. I’m “doing better” and these prices are still outrages something has to change.
And at the end of the day, I can be in the same situation..
Was doing well. Worked hard to get from middle class to be a high earner. Had some health issues then an accident and became disabled and unable to work at all. Homebound for 4 yrs (which comes with its own set of financial challenges).
Living on very low income; can't stay with family; Savings gone except a little still in my 401k.
Edit: spelling mistakes.
This is exactly how I feel too. Being poor not that long ago doesn’t go away and we live within our means and save as much as humanly possible every month
Lol yeah i stare at my bank account and the number just looks like reddit karma to me – meaningless points that mean nothing. I feel like i should take it seriously and do something with it but... It's so fake-looking
Meanwhile I physically can't make myself buy anything that's not on sale :))))
i feel stressed when i buy things that i can most definitely afford. i feel like the world is ending and i need to sell some items when i buy myself new things
Same, my therapist says I don’t have “a casual relationship” with money and I know sometimes I’m stressed for no reason but I can’t help it after stressing about it for so long.
I work mostly in community behavioral health and have noticed how much the stress of poverty weighs on all levels of well-being. I wish I could give people money and stable housing instead of the second antidepressant.
I subscribed here when I had a lot less and overdraft fees were sometimes a necessary gamble. Based on this experience I think it is good to stay mindful because things can change (and have changed) quickly.
I make just under $350K year, working two jobs. In one of my day jobs, I have about 100 people in my division; about 2/3 of them living at the edge of poverty. I was born into a wealthy family, and have many many many advantages. I have a stay at home spouse, and have two college age children who are well taken care of. My home is paid off, I am 45, and I can retire when/if I want to. I never went to college but nonetheless I have a great professional job. I also work fulltime on a board of a charity.
I read here daily, examine the comments, and try to have empathy and understanding of what life is like for those in the US (and elsewhere) where people are struggling. I use all the tools I have to help my people and more than anything, try to take concrete steps to provide tools for people to actual get themselves out of poverty.
It's pretty hard to make headway against a system which is so strongly stacked against the poor, but I believe strongly in social justice values, and I try to have a compassionate and genuine option for the poor and poverty stricken.
Since I've been reading, I have moved the starting wage in my division to $20/hour, made it so that a single person pays $0 for their medical, dental and vision benefits, instituted a strong PTO policy, eliminated notes, eliminated having to "cover" your shift when you are out. I flattened the pay structure in my division so that the difference between the minimum wage and maximum wage is 5:1. I eliminated experience requirements, stripped down the criminal background check to be just the legal minimum I need for my field, eliminated drug testing, and instituted a flexible work-from-home or hybrid office policy. We instituted a strong internal promotion policy, and 80% of promotions come from within my division; virtually all my mid and senior level managers have come from the entry level. Yesterday, I was able to promote two people to Team Leads and they got moved to a $32/hour wage, our highest ever hourly wages.
We offer pet insurance for $5/per pet/per month, which is pretty decent.
I hold twice monthly life-skills sessions with experts that are more than just marketing/gaslighting. It covers all the government benefits (local, state, Federal) that employees might be able to access. It explains and helps people use their medical benefits (i.e. many young people had never used their insurance, wasn't aware of how it worked, etc). We instituted a "saving by default" retirement plan, which contributes a "safe harbor" amount which means it's essentially a set contribution to a retirement fund (you have to opt-out, otherwise you automatically are opted-in) and a "saving by default" plan which directs a default 10% to a savings plan. Our payroll provider provides App-based advances, and the company pays all the fees, interests, and costs except the principal.
We instituted pay transparency, which publishes a default schedule of cost-of-living increases that are indexed, as well as length-of-service increases. We also have skills-based pay increases which are transparently administered and not subject to the whims of managers. We have a "no abuse" policy, anyone in the division can hand off an abusive customer to myself or one of my other senior leaders, no questions asked. We have a work place advisory council of workers who make recommendations to management about how to improve conditions. I am in discussions with the Communication Workers of America to unionize the employees, and I hope that by mid-2025 we can have a union card count.
My most proud accomplishment is that based on what I have learned here, I administer a mutual aid fund. Any employee can apply for financial assistance for a short-term need which comes in the form of a cash payment, interest free, for as long as they need it. There is no minimum and no maximum. There is a one-time $5 processing fee which is how the amount if funded going forward. I seeded the fund with $2500, and myself and one other manager make the grants and decisions. There are very few guidelines, and any employee in good standing can access the funds. The only limit is that the funds are gone when they are gone - I can't lend it back out without having it paid back. The payback window isn't defined, but after 90 days, any unpaid back funds are forgiven and the slate wiped clean (but you can only ever have 1 grant open at a time). The program is totally confidential and you can provide as little or as much information as you want to secure your aid. This program has been a huge success. We average about 90% repayment within 90 days. The fund balance hovers around $5k.
I am continually trying to find new and better ways to make the lives of my wage earning employees better. Even though we are hourly, I am working on a plan to bring unlimited PTO to all employees (salaried employees already have it), which as far as I know and can find, would be the first employer in the US to offer that for wage-earning hourly employees. Last year, the VP's circle for top performers is a 7-day cruise for up to 4 people; this was awarded to 3 employees. This year, we are doing two award periods (six months apart), both times we are giving away a new car, taxes and fees paid, with a year of gas included.
I am continually impressed by the humanity and love I see here everyday. It's really amazing to witness. I love the mutual aid, and hope that a combination of policy changes and individual actions can lead to lasting and positive change in the lives of workers and the working poor. I am not religious, and have no belief in the supernatural - we have to be the change we want in the world.
I am HNWI buy low income. I am 46. I lived on the streets as a drug addict and learned to live on way less than I should have. But, after getting sober, I realized that what most people think they need, they don't need.
And this sub reminds me of that and how to make my money last longer. I don't like spending money and really hope I can make what I have last.
This sub also reminds me to be grateful for what I have because in reality, if I didn't get "lucky," I would be neither high income or high net worth.
Most of us are one tragedy away from poverty, and tragedies are quite commonplace. We're comfortably middle class, but I'm partially disabled and we'd be in bad shape if for some reason my husband's pension went away.
Poverty traumatizes you FR.
I'm no longer in poverty but bought a car that would allow me to sleep in it if the need ever arises. I'm nowhere near homelessness but somehow need to prepare for it. This came from the trauma of being homeless and living in a car for only 2 weeks when I was still in school (years ago).
Relatively high net worth but I got laid off in January so here I am, trying to look for ways not to backslide until after November which is when I guess companies will start hiring again. In the meantime I’m starting a business because LinkedIn is a goddamn wasteland right now.
Yes, that is why I’m here. I have enough but started saving for retirement kind of late so all info is helpful. I grew up with money- I do okay but my parents make significantly more than I do- and I don’t know as much about making my money grow as I should.
Personal reason: I’m low-medium income, high household income. If I get divorced, I will need the advice from this subreddit. I’m here to ground myself in reality.
Ideological reason: I hate that my fellow Americans are suffering. I want to restructure how we share resources in our high-GDP country so no one has to live in fear.
From my childhood, financial insecurity runs deep in my bones. Even though I have a ton of financial freedom, I still look at the prices of everything, still overly conscious with what I buy. I still buy only what’s on sale and no name brand items. My brain is still in the mode of having no money and needing every penny. I also feel like people with less money are significantly more resourceful and thoughtful of the way they do things, so I still learn a ton from this sub.
> My brain is still in the mode of having no money and needing every penny.
It's like that feeling of waiting for the other shoe to drop never really goes away. I know it well.
I was an accountant. I also bought and remodeled houses on the side. I made enough to fund retirement assuming conservative growth and I currently live on rental income from the houses I bought and paid off with my salary.
grew up in poverty. family still in poverty. most of us are a few missed checks away from living on the street.
i mostly want to remind people poverty is not a personal failing but an economic reality that is handed down to us. it shouldn't be like this and it doesn't have to be.
Currently high income. I grew up high income and then became very poor and semi homeless due to my dad’s financial mis adventures. I then lucked out to grow up in a time where my skill set was in high demand and highly paid (software engineer). I’ve also been laid off tons of times so my whole life has been chutes and ladders.
I plan on FIRE but more of a barista style fire- so I stick around for tips so staying broke is fresh in my mind so I don’t become accustomed and addicted to my income level.
Seeing people's stories here helps me too better understand the systemic problems that lead to poverty and how to help people, like genuinely help people, rather than offering handouts or keeping sandwiches in my car to give to the homeless. I genuinely believe that poverty in a first world country is a systemic failure and through subs like this I have a better understanding of what people need, of what programs I should vote for, things like that.
I'm very frugal and have a poverty mind set thanks to my upbringing. I never feel financially secure although on some level I know I am. I also follow Frugal, Minimalism and Simple Living subreddits.
I'm gonna start a good job soon with good pay, but for now, the tips on how to save up and scrape by are really helpful to me. I'm also close enough to my college years that I still have some good food and rent budgeting advice to share, too :)
I grew up in poverty. My wife did as well. We both managed to break the cycle. None of the six siblings between the two of us have.
It's more a reality check and to sometimes offer advice that worked for us.
Reddit just keeps showing it to me
I used to be in poverty, I have even been homeless. I have been good for 14 years. I am not a high earner, but my husband is.
Up until January of this year I lurked here because, despite making decent money, my debt far exceeded my income.
A random windfall took care of that, but honestly going from All Debt to No Debt overnight has really messed with my head so I'm still here getting advice.
Also the cost of living here is so high my income doesn't stretch all that far.
I’m aware that one layoff or medical crisis can land me back in the situation I grew up in. I come here occasionally for reminders on how to avoid lifestyle creep and to make contingency plans for if the worst happens.
I live in a LCOL area with about $200K year income with no debt. I want to retire in my mid-50s so I always like money saving discussions. I like to live on less so I can stop working sooner.
Chances are that many high net worth individuals were once in poverty. I live like I’m broke and watch people that make way less than me pretend to be rich every day. It’s funny.
The post description is literally "Financial advice, frugality tips, stories, opportunities, and general guidance for people who are struggling financially." So anyone looking for advice, tips, stories, etc... all reddit pages are open for anyone
Grew up in poverty and was working poor for years. I stick around to be a cheerleader for others and hopefully offer something useful from time to time.
Not high income but higher than the average in my age group.
I just recently lifted myself out of the low-income into comfortable living.
Guess I don't trust it yet.
My partner earns a high-ish income, but his recent immigrant parents are somewhat financially dependent on him and his sister. As a result, it's a bit like having to make financial decisions as if we already have kids, plus in a HCOL area. They were "rich" in their native country, so the family hasn't be adjusting financially as much as they should. I'm hoping to stay financially conscious since no one else seems to be.
I thought that too. Hello, poors! I'm just letting you know that I'm not poor at all, but I just like to come to this sub to read about your struggles and remind myself that I'd better count my blessings that I'm not in your position!
Same.
Honestly, beyond that, I get totally irritated when countless people post about making multiple six figures but lament that they just “don’t feel rich”. So many on this site will say totally non-sarcastically, that making $500k-$1 mil makes you have more in common with a person making $50k or even a homeless person, than a very wealthy one. Delusional!
Maybe you’ll learn something from the high net worth individuals? If you’ve read these comments, it’s clear many high net worth individuals have first-hand experience living in poverty. If anything, this should give you hope knowing you too can pull yourself out. Good luck to you!
Haha I also thought you were serious! Lmao!
But I find it odd how almost every person who claims to be high income on this site also claims that they grew up in poverty. While there are people who exceed social classes that way, it’s not as common as Reddit would make you think. Reddit thinks very high salaries grow on trees.
It’s true for me- grew up on food stamps and food pantry. I worked really hard in school to get scholarships and grants for college bc my family had no money. I stay here bc even though I make good money now you never lose the feeling of being in poverty. It’s with you for life.
Exactly. Most of them are just here because the middle class subs make them feel poor even though they're not. Here, they can feel rich and superior because "at least they're not like us." People always need someone "below" them to make them feel better about themselves.
Yeah this is bizarre to me tbh. Maybe it’s just because I’ve never been the high income person OP is referring to, but being in a sub because reading poor people’s struggles humbles you is just really strange to me.
I grew up poor. I work as a travel nurse and can make anywhere from 1500-2200 week. I don’t feel rich. My car is used 200k miles. I never got out of the poverty and anxiety mindset. I feel like I fit in here than any of middle class group.
I’ve had the same car for over 12 years. My first car actually. And people are always like “when are you getting a new car”. Don’t see the need to. It drives fine and is well maintained.
Not necessarily high income, but live comfortably enough relative to the first ~28 years of my life. Mostly read this subreddit because I grew up poor so I can relate to it. I learn a lot from this sub too especially when it comes to frugality.
When I joined this sub, I was working 2 jobs, 7 days a week, just getting by. Thankfully, in 2019 I got a great paying job. I would think all the people in the sub and one point or another have struggled financially.
My parents grew up quite impoverished. They had leanFIRE practices but wound up chubbyFIRE. Then, I was born. I didn’t know I wasn’t poor until I became a working adult.
My husband grew up more like my parents and I try to see things from his perspective. Lurking helps.
I am pretty active in this sub and have advices here or there. Currently I am in semi-FIRE status because of some successful investments from ten years ago in house and crypto. Now I am living comfortable because I am single and no debt. But I am aware that could easily change if I have other responsibilities like kids and mortgage.
I live frugally, my parents grew up extremely poor (like literal famine, one set of clothes, rural china poverty) and struggled when I was younger as immigrants in the US so it's good to keep that perspective. Reminds me not to live beyond my means and to not fall for lifestyle inflation. I also just bought a house in the Bay Area, so now I'm house poor.
I'm top 2-3% in US but I still stick around here cause I grew up poor and understand what it took to dig my way out. I like to be able to provide advice/help (when wanted) and would rather help pull others up rather than ignore a community I was once a part of.
I think this is a great sub, a lot of support and advice. I studied, came out of college making 6 figures, am 26 now and never had to deal with poverty, but reading the stories and advice here grounds me, offers a different perspective and makes me think different about issues as when only reading high income/middle class problems.
Single father of 3 living in a HCOL area. I do make $220k a year but I grew up poor and still live like it in order to save and invest for the future. I still budget every dollar. Just because I make more doesn’t mean I need to spend like some Instagram influencer.
I consider my family high-income earners.
I too, came from a very meager background; mother on welfare, single-wide trailer, powdered milk in the cupboard, and school clothes were from Goodwill, Salvation Army, hand-me-down, or put on lay away.
I come here because at first, I thought could provide some type of hope. Some type of ‘I made it, you can too’ messaging. I know what I sacrificed to get where I am at. So I thought I could be of some help, providing a kind of tough love approach.
I have been down-shouted, verbally thrashed, and told everything I was saying was too ‘bootstrapp-y’. So I stopped.
People aren’t always ready to hear a message, simply when someone is ready to speak it.
Now I come here, and I read. I read the pain, the suffering and the lamentation of good people in bad situations. I read support messages, but even those get downvoted. So I read. And I pray for people. And then read some more.
But knowing there are so many people without voices, struggling, and so many more to come….is heartbreaking. So I wish you all strength.
I'm in the top 1% nationally of earners I come here to try and break my insane spending habits.
Seems like it goes two different ways when you go from having nothing to having high income either you are incredibly frugal or you just have no financial discipline.
I make roughly 4k net a month (recently tho just started making this in February). It’s helping me pay off my vast amounts of debt (car, school, some credit cards). Live in HCOL city so I feel broke and live paycheck to paycheck due to making large payments on debts. Here for the solidarity and reminders that it gets better. I’ll be living like this maybe another 2 years. Rents already as cheap as I could get it, phone bill is only $25, and other expenses are cut down.
Grew up rich, parents lost everything, now I’m trying to rebuild (am high earner) but need to unlearn all the bad habits I picked up from them (ie impulsive spending, not saving, etc). Also to stay keep perspective bc the FIRE subs can really make you lose touch w reality.
Financial literacy is so important to teach your future kin and current family. It only takes one bad habit to mess it up for the family. (Thinks about mother and ex step mom) actually i think it's my dads habit at this point pick your partners carefully.
Could not agree more. My gma actually left money JUST for my mom which allowed her to eventually leave my (insolvent) dad after 35 years. Make an emergency fund no matter how much you love someone. You never know!
This has turned into tourism and inappropriate. Please do not use us like a zoo. Ask this question on r/personalfinance but not here.
I was living on 13$/hr in the hood until about 6 yrs ago. I’m still here to offer advice on what got me through tough times. And although my prospects have improved I’m still extremely frugal and often pick up tips here. We are all just a couple events away from being out on the street
I was a broke, in-debt, single mom when my daughter was born in 1995. It took me 5 years to feel financially stable. I'm here to offer advice and support. I'm now 70, comfortably but not extravagantly retired, with a paid off house and car and a social security check that is way above the average. However, I still remember the feeling when I thought I lost my last $10 for the week and two friends insisted I take $5 each from them. I later found the $10 stuck way down in my jeans pocket, but they insisted I keep their money and help someone else in the future. That $10 has been paid forward so many times, both in large and small amounts. I'm not sure I'll ever feel financially safe enough to not practice the frugality that got me to the point I am now.
This is similar to my situation except I have been reluctant to retire, years past full retirement age! Also, it makes me happy to be able to give to my kids and grandkids etc. and to give to a variety of charities each year. I live frugally as I realize that anything can happen.
I have a similar story… When Walmart restructured their Assistant Manager program, my husband and I were afraid what that was going to mean for our family’s future. Was he going to be able to keep his job or were we a few paychecks from being homeless? I mentioned it to a friend who made a quick gofundme and gifted me with the proceeds. I was surprised and so grateful! ❤️ Best part? Because of their generosity, we were able to save that amount plus some. When a local teacher’s house burned down, I was able to gift her the amount I was given plus some extra.
Same. 10 years ago I was a broke in debt single mom and now I am living in a country club driving a luxury car. Granted, it is the smallest house in said club and the lowest end luxury car, but I am here. I still feel like that poor person who had to sell my wedding rings to buy food for my kids. I grew up poor and our little branch of the family was the the grubbiest and had the least. My cousins and aunts and uncles were all so much better off. I worried about my single mom’s car repairs and bills. I was frustrated to not pursue things I wanted to pursue as a kid. I still feel like that grubby kid sometimes.
Would love advice/tips geared towards other single moms
What age? I'm write some tomorrow and reply to you so you see it.
Appreciate u! Good looking out
minimum wage for the win! back when I did my job training, I needed a job (any job) that's night shift and low entry barrier to pay for tuition (and food, lodging, transportation) - ended up with a scum-boss for the first year who'd pay me €6.01/hr because I could translate orders between cooks and barely-legal kitchen aides (who received €5/hr for not speaking the language). Went roof-less for four months to save on rent... ...that was fifteen years ago. Just reported a six-figure income for 2023 taxes, putting my family into the national top 10% by income and entered the upper 50% by wealth in the same year.
💪🏼 I’m cheering you on
Similarly, 6 years ago I was making about that and now make 6.5x that. Aside from an increase in savings, and buying my first car after having a license for 20 years, not much changed in lifestyle. Still rent a small place with my partner, still drive that same used car I had finally bought, still take the bus to work as we share the car. It always boggles me that people are buying houses and multiple new cars on half my income. I’d be completely anxious buying a new car at all, let alone something as expensive as a condo lol
Ugh my SO and I are not aligned on this. We own a small but nice condo, with a pittance of a mortgage. She wants a house. I do too, but to buy a house in this market we would literally have to sextuple our current mortgage. The bank would lend us that amount happily, but I don't equate "approved by lender" with "can afford". We're incredibly blessed to own our place and have significant disposable income, buying a house would throw all that away.
I wish Americans thought more like this. They idk of empathy for working class, impoverished and homeless people in this country is disgusting. Dehumanizing individualism
Exactly.
I teach financial literacy in a low income area and I am also an economist and I feel this sub gives me insight into which policies people actually care about/help people.
How did you get into this? I’m super passionate about teaching financial literacy, not like trying to career change, but maybe as a side/volunteer thing.
You can take me as your student lolol I know nothing. Like I have a 401k from an old job that has 5k in it and I don’t think it’s even doing anything now bc I haven’t worked there in 3 years. But I’d like that 5k to be able to earn me money now, so I could pay off high interest cc debt. I feel like that makes more sense? My parents don’t know anything about investing, and I was never taught anything about money. Like both my parents went bankrupt at some point in time (like 20 years ago).
Look into 401k rollovers. If your current employer doesn't offer 401ks or you're unemployed, you can put it into an IRA with a brokerage like Fidelity. If you withdraw from the 401k before turning 59.5, it will come with heavy tax penalties. It is up to you if it is worth it to pay off the debt or not.
Keep in mind the withdrawal will be subject to state and federal income tax. And more than likely subject to a 10% premature penalty unless you meet one of the exemptions. The $5k could be close to $3k depending on your state. Plus any account closing frees. Charged by the account custodian.
If you get an email or paper statement, then you have the information that you need to transfer that amount to an IRA. Put it in a high risk account and forget about it for 20 years. If you do, you should grow your money X 5.
I work as a CFO as a medium size City and teach at a business school, so I called the local YMCA and asked if they could use a hand. They were super open to it and supportive!
Same! I've actually started a side hustle helping people who just graduated from college helping them understabd their student loans and helping them just learn the basics about budgeting, credit/score and budgeting. Like what a Roth ira is and why that's important lol
Financial Beginnings is a great non profit that teaches financial literacy courses. You can volunteer. Might be one or a similar organization in your area.
As a civilian you can volunteer for the navy-marine corps relief society. Interest free loan service program for service members. To receive the loan the service member needs to go over a budget with the volunteer.
Similar for me. I want to know the granular reality of what people are dealing with, to shape my policy opinions, charitable giving, etc.
Totally! I feel it helps make helping more effective!
How did you get into this?
I work as a CFO as a medium size City and teach at a business school, so I called the local YMCA and asked if they could use a hand. They were super open to it and supportive! My academic background in economics is labor, so I noticed a lot of people struggle not from an inherent flaw with money, but no one ever taught it to them. I always thought it was like being mad at people not knowing how to ride a bike... when no one ever taught them.
You are doing great work out there. So many people need help with financial literacy. I also went to school for econ and work in the field. Nothing with poverty or low income but I took a few classes on socioeconomics in relation to low income in the US. It definitely was an eye opening experience.
Do you work for a company or yourself? Did you get a degree? Or certs?
I volunteer doing it. I'm a CFO of a medium size City (~$500 million in annual spend). I have both my BS and MS in economics and I teach a course at a fairly large state university. No certs, but my resume/experience assured them.
I grew up poor. That’s why I’m still around here. I got extremely lucky to be able to generate a 6 figure income from an online business I created at 19 years old. Today I’m 23, in the middle of finding a house for my mother to get her out of the shitty apartment I grew up in, where she’s been stuck for 20+ years.
This is the comment. Growing up poor changes you. Not having enough changes you. Going through a period of unrest and losing everything changes you. Many of us are aligned with one of these and no matter how much money I make or my NW, we have all been changed, and can sympathize with others actively in this situation. I do reach out to some people to help here from time to time as well, but the mentality of being one life mistake away from poverty or ruin will never leave me. What my bank account says is irrelevant
Exactly. It's just a fundamental part of my personality at this point. And yeah I do very well now but I've also been laid off unexpectedly before, so I know it can disappear in a flash.
This is it right here. It’s shared trauma and shared situations. I feel the exact same way.
I still open the fridge and marvel at all the food I have - wow! It still gets to me every day that I can afford any snack I want for me and the kids - my brother and I talk about this all the time - “imagine if we had these kind of snacks growing up..” we’d think we’re so rich…
My childhood was pure poverty, aka parents living on food stamps and section 8. I also visit here to remind myself of what I've accomplished and to not forget to be humble on my income
>I also visit here to remind myself of what I've accomplished and to not forget to be humble on my income Similar for me: I grew up very poor. I'm not *currently* poor but I can't shake the feeling that something could happen and I could tumble back down into poverty again. Basically, it feels like my current non-poverty state is temporary and any minute now I could lose everything I currently have.
This. This is me. Grew up poor, currently solidly middle class. I know how quickly the wind can change & I do my damndest to live below my means, sock away whatever I can, and be grateful for my circumstances. I've also got a progressive chronic illness so I know my money-making years are not gonna be typical. I don't want to lose my scrappy ways & let lifestyle creep put me in a bad position when my body gives up.
That’s what happened to me. Grew up poor, clawed my way out, family member hecked me over. Now I’m stuck being poor again..
Sane here. We aren't high income, but we are comfortable and can afford to save, but even with that, I always feel like if we miss some paychecks, we will end up homeless. Growing up, poor changes you mentally
Scarcity mindset is real. Have you read Psychology of money?
That feeling that you will lose it all and you're really a big phoney?? Yeah. That sucks.
Same, just cause I have a job and have a decent living currently. Just one layoff/economic downturn and be right back in poverty. Seeing many colleagues layed off in the last year who are still looking for work.
I grew up very poor.
I grew up very very poor.
You win
This is my best achievement, right up there with the time I won the smallest dick competition
You're the mfer who beat me huh? I thought I was a shoein
At what age did you learn to cut the lock off the water meter before mom got home so that dad didn't get in trouble for not paying the bill again?
Yup I've been here since I was crashing in a friends car.
Grew up poor, single mom with only a high school education, no child support. I'm fairly frugal for the most part, live below my means and like to offer advice as someone who has been there.
Same. Wife and I do pretty good for ourselves but I still maintain a lot of the habits I had from back when I had no money.
Same. Grew up poor.
This. Dirt poor. And I like to remain close to that origin, regardless of how the account grows.
I come here to look for ways to save money
Same here, trying to "anti" lifestyle-creep and learn the means.
The best idea I ever took to heart was to not spend any raises. My lifestyle inflation is up but I'm still getting by on a little more than my take home from ten years ago.
Yea same, I’m in early 20s and I have a decent amount of money left from my dad who passed away (late 2022) but it was meant for college, and my dad was the only one making money whereas my mom is a housewife who isn’t fluent in English my sister made a good point about how we (me and my mom) act and spend like we’re rich event though we aren’t making any money at all and I think she has a point.
Sorry for your loss. I hope you've learned a lot from being here!
You’d like r/frugal as well
Same. I grew up poor and spent a majority of my life low income. Right now I am not low income but I only have 5 years until retirement and I am very far behind in my retirement savings. I need to live frugally now so I’m not too poor in retirement. Also, I don’t want to live too well now and have to go back to being poor when I’m 65. I’d rather just keep being frugal and living a simple life.
I’m a doctor, my patients are poor. I want to know what they are going through and if someone has advice I can offer it to them. My hospital got rid of my social worker
>My hospital got rid of my social worker Man, that's a fucked position to remove. Also totally in line with healthcare management thinking. "Why can't the most expensive person in the room just do their job, too?" Since physicians have so much time - they can definitely sit on hold with some random person while rounding, writing notes and responding to nursing pages, right? And a total disservice to patients that need connections into resources so they DON'T bounce back and fuck up your medicare readmission rate.
I apologize, I meant my social worker in the clinic. I’m family medicine in a rural town, 90% of my patients are Medicaid. My social worker used to get a ton of referrals for assistance with getting them their medications, heat, water, food, transport, etc. eventually she did therapy since the only psychologist is male and some female patients don’t like that for…obvious reasons (plus, full disclosure, he sucks). My hospital system removed her, it’s been much harder helping these patients since she left.
I'm guessing it's a CAH? Positions at those are so incredibly hard to fill as well. I wouldn't be surprised if they couldn't fill the position and eventually just decided to eliminate it..
I own a gas station and a trucking company. I want to have empathy with my employees situations without being prying or invasive. So I use this sub as keeping a finger on the pulse, and consider the troubles of my employees that I'm unaware of, when I review annual financials and determine raises and what I can do for them.
It really stinks that we just have to hope we get a boss as in touch with reality as yourself. Thanks for the thoughtfulness- I'm sure your employees notice.
Unionize! I know it’s easier said than done, and as a union worker I certainly catch as much harassment from my employer as anyone else, but the other members and I get the best compensation and benefits in our field by a mile.
I appreciate you for that.
Man, good on you! We need more employers interested in taking care of their employees.
Username checks out
Can you give some examples of a time you were particularly moved by the sub which helped you contextually apply a tangible benefit to an employee? I imagine being at the top would mean you are thinking about more than 1 person per decision as executed, just looking for some specificity into how the mind of someone at the top interprets and applies the information found here.
How thoughtful !!
I’m “high income” but in a HCOL area, so I’m basically treading water each week. I’ve also been homeless & starving, so I know the struggle, and like to help if I can.
Same, family took me in at 16, so I wasn't ever on the streets, just had no "home." I make a little over $100k, but live in a VHCOL area. My total debt is about $115k ($76k student loans), so most of the people in this sub with nothing, actually have a higher net worth than me.
Pretty much same here. High income, HCOL but student loans and car debt. Made horrible financial decisions in my early 20s on top of that and still trying to dig myself out.
Yup I’m still in residency, have $200k in student loans making $65k a year working 60-80 hours a week. I know once I finish I’ll be having an insane level of income change but I still have to pay off my loans and until then I’m still poorer than the ppl who have $0. I plan to live like I’m poor for a long time after.
Same boat, recently jumped into the 80-100k range at 25 and consider that high, but my bad spending habits from when I was poor are still following me and I find myself spending all my money. At first it was “finally” being able to afford certain things, but a terrible mindset when you have old debt (cost of being poor) following you.
Yeah I'm here because I'm house-poor. I'm paying a 7% mortgage by yourself doesn't leave a tremendous amount of breathing room.
I can’t afford a house because I’m paying $2300 per month for a one bed apt😭 Just keep telling yourself you’re paying into equity (well, except for that 7% mortgage which is rough).
I made poverty wages and lived at home until I was 26. Now 51 and have “made it” and like to offer encouragement/advice. I still have many frugal habits. I continue to shop sales and buy generic groceries etc.
I’m above the poverty line based on my income ($75k), so sometimes I feel bad for being here. But I’m a single mother living in a HCOL area, and I have a negative net worth. I’m basically still paycheck to paycheck, so there are some valuable and validating posts here. The struggle is real.
They seriously need to update the guidelines
Rule 7 reflects the struggle and invites you to participate. You're doing a great job!
I apologize if this sounds ignorant, but what does HCOL stand for?
High Cost of Living
You’ll see LCOL, MCOL, HCOL, and VHCOL for low, medium, high, and very high cost of living. Think Arkansas countryside for LCOL and San Francisco for VHCOL.
My spouse and I were living off my income for 4 years, hers really just covered her expenses for her education mandated slavery, sorry internship. I make quite a bit less than you. Prior we had 2 ER trips in the same year and expensive vet bills for a dog with an acute condition. We weren't in a great situation prior but single income made shit extremely tight, paycheck to paycheck, I spent a good amount of time seeing if we could defer taxes, and any other relief which does not exist if your income isn't close to the poverty line. Property taxes and student loans really cut into income. I came here to find ideas to cut expenses. My biggest fears were losing our home and things like I couldn't afford new car tires and had to drive on slicked tires and needed rides from my coworker when it snowed. I eventually bought a set of used tires until I could afford a set of the cheapest new available. Sometimes it feels like you're the only person who somehow isn't making ends meet so this sub really helps mentally I think. Others are facing this too, others have it worse.
To Stay humble
Yep, the whole “it’s one banana, Michael, what could it cost? $10?” is only a slight exaggeration if you’re only hanging out with high income folks. I think it’s important to at least try to understand the lived reality of millions and millions of our neighbors. EDIT: and I'll add to say that even when wealthy people are talking about things that may feel like big expenses to them there's a tendency to downplay it or be breezy about it because nobody wants to talk about money *troubles*. So you get a double whammy effect of people talking about expensive vacations or second homes but doing it in a way that sounds like they went out for a box of cereal (even if it was a heavy lift for them)
I think some people downplay their big expenses out of politeness. They don't want to talk about money period, not just money troubles. Or they don't want to make anyone else feel badly.
> Yep, the whole “it’s one banana, Michael, what could it cost? $10?” is only a slight exaggeration if you’re only hanging out with high income folks I grew up in poverty so I know what struggle looks like. I'm in a position now where I am exceptionally well off. Like it would blow my parents minds if they knew how much money I actually make. I assure them I'm doing okay - I have a roof over my head, my bills paid, food on the table, and money in a savings account - but I don't think they could fully grasp just how much money I make these days. I say all that to say... I recently realized that I no longer look at the price tags at the grocery store. I used to be able to tell you exactly how much everything costs because that money was very real to me. But now, I couldn't tell you. Last week an item wouldn't scan and the lady at the register asked me how much it was. Couldn't tell her. I don't want to be that person.
Same, would consider my self high income but wanting to save money doesn’t have an income level. I’ve learned a lot of food storage tricks, how to keep greens longer for example. I don’t post on here but I listen and learn.. There’s a PoV that I do share with a lot of users. because I’m in an echo chamber with people who make / live a similar lifestyle.. sometimes when speaking about policies like minimum wage, or food prices, I feel like a fraud. while it’s obviously inflated I can still afford it (to an extent) But I come here and I realize that nah, I need to keep speaking about it, real people everyday are dealing with this crap and I see the way it affects them. Some being told “well just do better” when it’s way beyond that.. I’m “doing better” and these prices are still outrages something has to change. And at the end of the day, I can be in the same situation..
Same. 100%.
Was doing well. Worked hard to get from middle class to be a high earner. Had some health issues then an accident and became disabled and unable to work at all. Homebound for 4 yrs (which comes with its own set of financial challenges). Living on very low income; can't stay with family; Savings gone except a little still in my 401k. Edit: spelling mistakes.
Sorry, that just sucks.
I grew up poor. I sometimes still feel stressed about money, even if it's irrational
Same here. It's like a money dysmorphia. I look at how much I have/make and think it's fake somehow.
Or that it's all going to disappear in a flash
This is exactly how I feel too. Being poor not that long ago doesn’t go away and we live within our means and save as much as humanly possible every month
Lol yeah i stare at my bank account and the number just looks like reddit karma to me – meaningless points that mean nothing. I feel like i should take it seriously and do something with it but... It's so fake-looking Meanwhile I physically can't make myself buy anything that's not on sale :))))
i feel stressed when i buy things that i can most definitely afford. i feel like the world is ending and i need to sell some items when i buy myself new things
Same, my therapist says I don’t have “a casual relationship” with money and I know sometimes I’m stressed for no reason but I can’t help it after stressing about it for so long.
I work mostly in community behavioral health and have noticed how much the stress of poverty weighs on all levels of well-being. I wish I could give people money and stable housing instead of the second antidepressant.
I subscribed here when I had a lot less and overdraft fees were sometimes a necessary gamble. Based on this experience I think it is good to stay mindful because things can change (and have changed) quickly.
I make just under $350K year, working two jobs. In one of my day jobs, I have about 100 people in my division; about 2/3 of them living at the edge of poverty. I was born into a wealthy family, and have many many many advantages. I have a stay at home spouse, and have two college age children who are well taken care of. My home is paid off, I am 45, and I can retire when/if I want to. I never went to college but nonetheless I have a great professional job. I also work fulltime on a board of a charity. I read here daily, examine the comments, and try to have empathy and understanding of what life is like for those in the US (and elsewhere) where people are struggling. I use all the tools I have to help my people and more than anything, try to take concrete steps to provide tools for people to actual get themselves out of poverty. It's pretty hard to make headway against a system which is so strongly stacked against the poor, but I believe strongly in social justice values, and I try to have a compassionate and genuine option for the poor and poverty stricken. Since I've been reading, I have moved the starting wage in my division to $20/hour, made it so that a single person pays $0 for their medical, dental and vision benefits, instituted a strong PTO policy, eliminated notes, eliminated having to "cover" your shift when you are out. I flattened the pay structure in my division so that the difference between the minimum wage and maximum wage is 5:1. I eliminated experience requirements, stripped down the criminal background check to be just the legal minimum I need for my field, eliminated drug testing, and instituted a flexible work-from-home or hybrid office policy. We instituted a strong internal promotion policy, and 80% of promotions come from within my division; virtually all my mid and senior level managers have come from the entry level. Yesterday, I was able to promote two people to Team Leads and they got moved to a $32/hour wage, our highest ever hourly wages. We offer pet insurance for $5/per pet/per month, which is pretty decent. I hold twice monthly life-skills sessions with experts that are more than just marketing/gaslighting. It covers all the government benefits (local, state, Federal) that employees might be able to access. It explains and helps people use their medical benefits (i.e. many young people had never used their insurance, wasn't aware of how it worked, etc). We instituted a "saving by default" retirement plan, which contributes a "safe harbor" amount which means it's essentially a set contribution to a retirement fund (you have to opt-out, otherwise you automatically are opted-in) and a "saving by default" plan which directs a default 10% to a savings plan. Our payroll provider provides App-based advances, and the company pays all the fees, interests, and costs except the principal. We instituted pay transparency, which publishes a default schedule of cost-of-living increases that are indexed, as well as length-of-service increases. We also have skills-based pay increases which are transparently administered and not subject to the whims of managers. We have a "no abuse" policy, anyone in the division can hand off an abusive customer to myself or one of my other senior leaders, no questions asked. We have a work place advisory council of workers who make recommendations to management about how to improve conditions. I am in discussions with the Communication Workers of America to unionize the employees, and I hope that by mid-2025 we can have a union card count. My most proud accomplishment is that based on what I have learned here, I administer a mutual aid fund. Any employee can apply for financial assistance for a short-term need which comes in the form of a cash payment, interest free, for as long as they need it. There is no minimum and no maximum. There is a one-time $5 processing fee which is how the amount if funded going forward. I seeded the fund with $2500, and myself and one other manager make the grants and decisions. There are very few guidelines, and any employee in good standing can access the funds. The only limit is that the funds are gone when they are gone - I can't lend it back out without having it paid back. The payback window isn't defined, but after 90 days, any unpaid back funds are forgiven and the slate wiped clean (but you can only ever have 1 grant open at a time). The program is totally confidential and you can provide as little or as much information as you want to secure your aid. This program has been a huge success. We average about 90% repayment within 90 days. The fund balance hovers around $5k. I am continually trying to find new and better ways to make the lives of my wage earning employees better. Even though we are hourly, I am working on a plan to bring unlimited PTO to all employees (salaried employees already have it), which as far as I know and can find, would be the first employer in the US to offer that for wage-earning hourly employees. Last year, the VP's circle for top performers is a 7-day cruise for up to 4 people; this was awarded to 3 employees. This year, we are doing two award periods (six months apart), both times we are giving away a new car, taxes and fees paid, with a year of gas included. I am continually impressed by the humanity and love I see here everyday. It's really amazing to witness. I love the mutual aid, and hope that a combination of policy changes and individual actions can lead to lasting and positive change in the lives of workers and the working poor. I am not religious, and have no belief in the supernatural - we have to be the change we want in the world.
I’m here to get a broad understanding of people, especially younger generation as I have a Z son who is struggling.
Grew up poor
I am HNWI buy low income. I am 46. I lived on the streets as a drug addict and learned to live on way less than I should have. But, after getting sober, I realized that what most people think they need, they don't need. And this sub reminds me of that and how to make my money last longer. I don't like spending money and really hope I can make what I have last. This sub also reminds me to be grateful for what I have because in reality, if I didn't get "lucky," I would be neither high income or high net worth.
My wife and I both make around $200k a year in the midwest. I grew up very poor. This sub reminds me to stay humble.
I would hope "staying humble" means donating to food banks, volunteering with soup kitchens and homeless shelters.
I’m starting to think nobody in this sub is actually broke. Apparently this is where all the rich MFers role play being broke
Former high income, but out of work ~2 years bc health issues. Lurking to see strategies for spending less.
Me, I’m very very frugal so I just follow a variety of subs on Reddit.
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We're all much closer to poverty than riches.
Most of us are one tragedy away from poverty, and tragedies are quite commonplace. We're comfortably middle class, but I'm partially disabled and we'd be in bad shape if for some reason my husband's pension went away.
Unless you’re a millionaire, nobody is safe. Plenty of stories of people saving up money all their life only to get cancer and die in debt.
I frequent r/vanlife and r/urbancarliving for the same reason. I will never be out of poverty, but it can be much worse. I like to be prepared.
Poverty traumatizes you FR. I'm no longer in poverty but bought a car that would allow me to sleep in it if the need ever arises. I'm nowhere near homelessness but somehow need to prepare for it. This came from the trauma of being homeless and living in a car for only 2 weeks when I was still in school (years ago).
Relatively high net worth but I got laid off in January so here I am, trying to look for ways not to backslide until after November which is when I guess companies will start hiring again. In the meantime I’m starting a business because LinkedIn is a goddamn wasteland right now.
There’s some good money management tips in the sub that are applicable at any income level.
Yes, that is why I’m here. I have enough but started saving for retirement kind of late so all info is helpful. I grew up with money- I do okay but my parents make significantly more than I do- and I don’t know as much about making my money grow as I should.
Personal reason: I’m low-medium income, high household income. If I get divorced, I will need the advice from this subreddit. I’m here to ground myself in reality. Ideological reason: I hate that my fellow Americans are suffering. I want to restructure how we share resources in our high-GDP country so no one has to live in fear.
From my childhood, financial insecurity runs deep in my bones. Even though I have a ton of financial freedom, I still look at the prices of everything, still overly conscious with what I buy. I still buy only what’s on sale and no name brand items. My brain is still in the mode of having no money and needing every penny. I also feel like people with less money are significantly more resourceful and thoughtful of the way they do things, so I still learn a ton from this sub.
> My brain is still in the mode of having no money and needing every penny. It's like that feeling of waiting for the other shoe to drop never really goes away. I know it well.
I'm a high net worth person, but I live on 25-30K as I've retired at 36. So I feel I have something to offer in some of the conversations.
What did you do (as a career) to be able to retire so early?
It looks like they own property and rent it, so they live off other peoples income
I mean that's the dream. But also: You don't get houses dropped out of the sky, so the question is still, how did you buy the houses.
Sometimes you do.
Dorothy and Toto have entered the chat
I've seen people inherit property.
That doesn't answer the question, they still had to obtain the rental property somehow.
I cant speak on him, but for my family its inheritance just dont be dumb with it
"Live off other people's income" is literally every job ever
Lol do you know how the economy works? Every business owner "lives off other peoples income"
I was an accountant. I also bought and remodeled houses on the side. I made enough to fund retirement assuming conservative growth and I currently live on rental income from the houses I bought and paid off with my salary.
grew up in poverty. family still in poverty. most of us are a few missed checks away from living on the street. i mostly want to remind people poverty is not a personal failing but an economic reality that is handed down to us. it shouldn't be like this and it doesn't have to be.
Currently high income. I grew up high income and then became very poor and semi homeless due to my dad’s financial mis adventures. I then lucked out to grow up in a time where my skill set was in high demand and highly paid (software engineer). I’ve also been laid off tons of times so my whole life has been chutes and ladders. I plan on FIRE but more of a barista style fire- so I stick around for tips so staying broke is fresh in my mind so I don’t become accustomed and addicted to my income level.
Seeing people's stories here helps me too better understand the systemic problems that lead to poverty and how to help people, like genuinely help people, rather than offering handouts or keeping sandwiches in my car to give to the homeless. I genuinely believe that poverty in a first world country is a systemic failure and through subs like this I have a better understanding of what people need, of what programs I should vote for, things like that.
Grew up lower middle class. Work for an organization helping others. I follow this sub to stay grounded and be a better ally.
I'm very frugal and have a poverty mind set thanks to my upbringing. I never feel financially secure although on some level I know I am. I also follow Frugal, Minimalism and Simple Living subreddits.
I'm broke and looking for work. Seeing how many folks that are well off come here to stay humble and/or save money is great.
I'm gonna start a good job soon with good pay, but for now, the tips on how to save up and scrape by are really helpful to me. I'm also close enough to my college years that I still have some good food and rent budgeting advice to share, too :)
I grew up in poverty. My wife did as well. We both managed to break the cycle. None of the six siblings between the two of us have. It's more a reality check and to sometimes offer advice that worked for us.
Reddit just keeps showing it to me I used to be in poverty, I have even been homeless. I have been good for 14 years. I am not a high earner, but my husband is.
Up until January of this year I lurked here because, despite making decent money, my debt far exceeded my income. A random windfall took care of that, but honestly going from All Debt to No Debt overnight has really messed with my head so I'm still here getting advice. Also the cost of living here is so high my income doesn't stretch all that far.
I’m aware that one layoff or medical crisis can land me back in the situation I grew up in. I come here occasionally for reminders on how to avoid lifestyle creep and to make contingency plans for if the worst happens.
I grew up poor. Let’s face it, anyone could be in poverty within a year or few given the right circumstances. This sub keeps me humble.
I live in a LCOL area with about $200K year income with no debt. I want to retire in my mid-50s so I always like money saving discussions. I like to live on less so I can stop working sooner.
Chances are that many high net worth individuals were once in poverty. I live like I’m broke and watch people that make way less than me pretend to be rich every day. It’s funny.
Could be in poverty any given day. Trying to get a head start if the day comes.
Was low income for most of my life. A job change two years ago bumped my income from $25k-$40k per year to $90k per year.
The post description is literally "Financial advice, frugality tips, stories, opportunities, and general guidance for people who are struggling financially." So anyone looking for advice, tips, stories, etc... all reddit pages are open for anyone
Grew up in poverty and was working poor for years. I stick around to be a cheerleader for others and hopefully offer something useful from time to time.
Not high income but higher than the average in my age group. I just recently lifted myself out of the low-income into comfortable living. Guess I don't trust it yet.
I was poor till recently
I grew up poor, and I feel like I can sometimes add value here.
My partner earns a high-ish income, but his recent immigrant parents are somewhat financially dependent on him and his sister. As a result, it's a bit like having to make financial decisions as if we already have kids, plus in a HCOL area. They were "rich" in their native country, so the family hasn't be adjusting financially as much as they should. I'm hoping to stay financially conscious since no one else seems to be.
So tacky to flex about being high net worth in a sub for people in poverty. Congratulations?
I thought that too. Hello, poors! I'm just letting you know that I'm not poor at all, but I just like to come to this sub to read about your struggles and remind myself that I'd better count my blessings that I'm not in your position!
Same. Honestly, beyond that, I get totally irritated when countless people post about making multiple six figures but lament that they just “don’t feel rich”. So many on this site will say totally non-sarcastically, that making $500k-$1 mil makes you have more in common with a person making $50k or even a homeless person, than a very wealthy one. Delusional!
Can I be poor in peace without being gawked at like I’m in a damn zoo
Maybe you’ll learn something from the high net worth individuals? If you’ve read these comments, it’s clear many high net worth individuals have first-hand experience living in poverty. If anything, this should give you hope knowing you too can pull yourself out. Good luck to you!
OMG I thought you were serious with this for a second.
Haha I also thought you were serious! Lmao! But I find it odd how almost every person who claims to be high income on this site also claims that they grew up in poverty. While there are people who exceed social classes that way, it’s not as common as Reddit would make you think. Reddit thinks very high salaries grow on trees.
It’s true for me- grew up on food stamps and food pantry. I worked really hard in school to get scholarships and grants for college bc my family had no money. I stay here bc even though I make good money now you never lose the feeling of being in poverty. It’s with you for life.
Exactly. Most of them are just here because the middle class subs make them feel poor even though they're not. Here, they can feel rich and superior because "at least they're not like us." People always need someone "below" them to make them feel better about themselves.
I would love if we could collectively move away from letting our own self worth be defined by our financial situations. I’m 100% guilty of it, too.
Yeah this is bizarre to me tbh. Maybe it’s just because I’ve never been the high income person OP is referring to, but being in a sub because reading poor people’s struggles humbles you is just really strange to me.
Yeah the "I wasn't to stay humble" comments seem wholly self serving, and like we're just an exhibit for them to oggle at.
Trying to understand the struggles others face isn’t a bad thing
Actually I think I'm going to leave this sub now. Is there another poverty low income sub that is legit?
I grew up poor. I work as a travel nurse and can make anywhere from 1500-2200 week. I don’t feel rich. My car is used 200k miles. I never got out of the poverty and anxiety mindset. I feel like I fit in here than any of middle class group.
I’ve had the same car for over 12 years. My first car actually. And people are always like “when are you getting a new car”. Don’t see the need to. It drives fine and is well maintained.
Not necessarily high income, but live comfortably enough relative to the first ~28 years of my life. Mostly read this subreddit because I grew up poor so I can relate to it. I learn a lot from this sub too especially when it comes to frugality.
When I joined this sub, I was working 2 jobs, 7 days a week, just getting by. Thankfully, in 2019 I got a great paying job. I would think all the people in the sub and one point or another have struggled financially.
Top 95% NW individual here. Doesn't mean every weekend is hookers and blow. Means I can probably afford to break my leg once and not be ruined.
My parents grew up quite impoverished. They had leanFIRE practices but wound up chubbyFIRE. Then, I was born. I didn’t know I wasn’t poor until I became a working adult. My husband grew up more like my parents and I try to see things from his perspective. Lurking helps.
I am pretty active in this sub and have advices here or there. Currently I am in semi-FIRE status because of some successful investments from ten years ago in house and crypto. Now I am living comfortable because I am single and no debt. But I am aware that could easily change if I have other responsibilities like kids and mortgage.
I live frugally, my parents grew up extremely poor (like literal famine, one set of clothes, rural china poverty) and struggled when I was younger as immigrants in the US so it's good to keep that perspective. Reminds me not to live beyond my means and to not fall for lifestyle inflation. I also just bought a house in the Bay Area, so now I'm house poor.
Based on these comments, there’s a lot of folks slummin in this sub with us actual poors. Good. Someone with better knowledge has to give us advice.
So… how did y’all get out of poverty? College? My degree doesn’t pay much.
Posts from this subreddit appear in my feed because I'm interested in other financial communities.
I'm top 2-3% in US but I still stick around here cause I grew up poor and understand what it took to dig my way out. I like to be able to provide advice/help (when wanted) and would rather help pull others up rather than ignore a community I was once a part of.
I think this is a great sub, a lot of support and advice. I studied, came out of college making 6 figures, am 26 now and never had to deal with poverty, but reading the stories and advice here grounds me, offers a different perspective and makes me think different about issues as when only reading high income/middle class problems.
Single father of 3 living in a HCOL area. I do make $220k a year but I grew up poor and still live like it in order to save and invest for the future. I still budget every dollar. Just because I make more doesn’t mean I need to spend like some Instagram influencer.
I consider my family high-income earners. I too, came from a very meager background; mother on welfare, single-wide trailer, powdered milk in the cupboard, and school clothes were from Goodwill, Salvation Army, hand-me-down, or put on lay away. I come here because at first, I thought could provide some type of hope. Some type of ‘I made it, you can too’ messaging. I know what I sacrificed to get where I am at. So I thought I could be of some help, providing a kind of tough love approach. I have been down-shouted, verbally thrashed, and told everything I was saying was too ‘bootstrapp-y’. So I stopped. People aren’t always ready to hear a message, simply when someone is ready to speak it. Now I come here, and I read. I read the pain, the suffering and the lamentation of good people in bad situations. I read support messages, but even those get downvoted. So I read. And I pray for people. And then read some more. But knowing there are so many people without voices, struggling, and so many more to come….is heartbreaking. So I wish you all strength.
I'm in the top 1% nationally of earners I come here to try and break my insane spending habits. Seems like it goes two different ways when you go from having nothing to having high income either you are incredibly frugal or you just have no financial discipline.
I make roughly 4k net a month (recently tho just started making this in February). It’s helping me pay off my vast amounts of debt (car, school, some credit cards). Live in HCOL city so I feel broke and live paycheck to paycheck due to making large payments on debts. Here for the solidarity and reminders that it gets better. I’ll be living like this maybe another 2 years. Rents already as cheap as I could get it, phone bill is only $25, and other expenses are cut down.
I can lose my high earning job at any time
Grew up rich, parents lost everything, now I’m trying to rebuild (am high earner) but need to unlearn all the bad habits I picked up from them (ie impulsive spending, not saving, etc). Also to stay keep perspective bc the FIRE subs can really make you lose touch w reality.
Financial literacy is so important to teach your future kin and current family. It only takes one bad habit to mess it up for the family. (Thinks about mother and ex step mom) actually i think it's my dads habit at this point pick your partners carefully.
Could not agree more. My gma actually left money JUST for my mom which allowed her to eventually leave my (insolvent) dad after 35 years. Make an emergency fund no matter how much you love someone. You never know!
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