Wednesday, June 28, 2017
Are You Poor?
Seeing how this is savings week I’m am going to talk about the one thing that prevents people from saving money more than anything else. The one thing that prevents people from saving money more than any other factor is the fact that they are poor. The majority of people are not actually poor, as in they live in poverty. Let me explain. We live in a very rich part of the world and most people are able to take advantage of what Canada has to offer. Although poverty does exist in Canada, most people are poor in a different way. Being poor in general is far different than being poor in life. Here are some of the ways people are poor and some solutions to those afflictions.
1) House Poor
Housing is ridiculously expensive, but that doesn’t mean that you should give into that reality. Take that reality and flip it on its side. If you are spending 50% of your income on housing then you are house poor. There are only two options at that point, either you make more money or you downgrade housing. You can make more money by getting part time work, asking for a raise, or find a new job altogether. I do know it is not easy doing those things but it is definitely easier than living in poverty. An even easier solution is to downgrade housing. Getting a roommate, find a cheaper apartment, don’t overbuy a mortgage and consuming less hydro are several ways to downgrade housing. The key is that if you cannot save money because you are “poor,” then something has to change. Accepting “reality” as non-negotiable is giving up in my opinion, and I have no sympathy for that. Make some small changes in housing and it will add up.
The Ultimate Home Buyer’s Guide – Budget Boss
2) Education Poor
We have an epidemic educationally poor people in this economy. You may find that a weird statement considering so many people pursue post-secondary education. What I mean by that is we have a mass amount of people that go to college or university and think that there will be a great paying job waiting for them after. Even in the employment-rich field of music composition, it is surprising that people can’t find work after school. I don’t think it is so much what people study as opposed to what they ONLY study. That trumpet playing degree looks a lot better with a minor in business. When you are done school you shouldn’t stop there either. Go to college after university or vice-versa. Take extra courses and commit to life-long learning. Also, work while you are in school so you gain employment experience as well. Nothing looks better than a person who has diversified their learning all while working their butt off in school. Ask yourself this question: Would you hire you? If you can honestly answer that question then there shouldn’t be any problems, right? Education isn’t a competition between you and other candidates; it is a competition between you and yourself. Don’t leave anything on the table, give a complete effort.
How to Wow Your Potential Boss – 7 Tips to be the Best – Budget Boss
3) Lifestyle Poor
Who in here has spent a couple hundred bucks at a bar before? *raises hand* It took me a while to realize how stupid that was. It also took me a while to realize that I didn’t need 6 pairs of shoes, 10 pairs of jeans and 25 hats. I actually still have all those clothes from when I was younger and no more will be spent on that crap unless necessary. What I am getting at is we have an epidemic of people who live like they are rich and aren’t. Back in the day, poor people didn’t eat at restaurants every night. They didn’t spend $10 on coffee every day. They sure as hell didn’t buy rounds of shots for their buddies either. Being lifestyle poor is something that can be changed much easier than being house poor or educationally poor. All it takes is an understanding of what your priorities are. Is missing a bar night more important than missing rent? Is buying clothes more important than saving money for your future? Is a fancy cell phone more important than paying off debt? Cut the crap and start thinking about what you actual priorities are. The simple answer is this: If all those things are important to you, then don’t complain you are broke. That’s it, that’s all.
10 Ways to Avoid “Lifestyle Creep” – Budget Boss
The point of this post is this: I think everyone can save money. Even a little bit of money can leave each paycheque and go into savings. That doesn’t mean I don’t think life can be hard and being poor isn’t real. Poverty is definitely real; I just don’t think the majority of us live in it. We speak about raising wages as the solution. I do think we should all be paid a livable wage and should hold our employers accountable for that. I am for a minimum raise increase but I don’t think that is the only solution. We need to curb our consumerist lifestyles and then add higher wages on to that as well. We need to stay within our means but also make our skills more desirable to employers. Basket-weaving isn’t going to get you anywhere. Poverty is a real battle that needs to be fought, by each and every one of us. One sure-fire way of attacking it is by stopping the quest for excuses and starting the quest for solutions. If we can’t curb our spending, should we expect anything less of our government?
“The quickest way to double your money is to fold it in half and put it in your back pocket.” — Will Rogers
Email – joe@budgetboss.ca
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