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(Moneywise (UK))   Four in 10 people don't make enough money to save any money   (moneywise.co.uk) divider line 70
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875 clicks; posted to Business » on 08 Aug 2014 at 11:07 AM (10 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-08-08 09:14:49 AM  
Do they have refrigerators?
 
2014-08-08 09:17:24 AM  
Qualify savings.  I put 20% towards retirement but it leaves me little to save for things I'd like now.

I guess it's a typical story:  saving money for a retirement where I won't be able to enjoy any of it.
 
2014-08-08 09:22:40 AM  
Well, that's sort of a misleading statement. I mean, at the end of the month after the mortgage, the car loan, the student loan, the phone bill, and the internet bill get paid, I really only have a little over $100 left over, most of which gets spend on miscellaneous things like entertainment, junk food, eating out, etc. However I also pay the maximum my employer matches into my 401K, and I also get a decent amount back on my taxes every year which goes right into the emergency savings, so while on a actual monthly basis I save almost nothing, in reality I'm doing fine.
 
2014-08-08 09:43:34 AM  
"Sa-vings"? What is "Sa-vings"?
 
2014-08-08 10:36:50 AM  

Diogenes: Qualify savings.  I put 20% towards retirement but it leaves me little to save for things I'd like now.

I guess it's a typical story:  saving money for a retirement where I won't be able to enjoy any of it.


Pretty much this. I wish I could contribute 20%, I'm more like 12%. We try to have extra cash at the end of the month but with two kids in daycare, some meager deposits into college savings, and student loans and a car loan with a few more years on it...there's not a whole lot left. Tax returns and bonuses come at the same time each year though which suits us fine. Then again, I have really nothing to complain about here.
 
2014-08-08 10:48:17 AM  

bdub77: Then again, I have really nothing to complain about here.


I do.  My wages have been stagnant (more like dead) for 15 years.  And I work for a company that's only missed its targets two quarters during that time.  We made money hand over fist even during the recession.  And my CEO is one of the wealthiest men on the planet.

Somewhat different topic to be sure.  But as costs rise, I have less money.  I've considered reducing my retirement contributions.
 
2014-08-08 11:06:13 AM  

Diogenes: bdub77: Then again, I have really nothing to complain about here.

I do.  My wages have been stagnant (more like dead) for 15 years.  And I work for a company that's only missed its targets two quarters during that time.  We made money hand over fist even during the recession.  And my CEO is one of the wealthiest men on the planet.

Somewhat different topic to be sure.  But as costs rise, I have less money.  I've considered reducing my retirement contributions.


Have you considered finding a new job? I was in that exact same position for almost a decade. Found a new job at a different company and I've gotten like four or five straight years of raises and promotions along with bonuses that I never got at the old job. The perks are also so much better in every way. And my CEO Is also one of the wealthiest men on the planet.

I know it isn't always easy, some people love where they work, who they work with, what they do, corporate perks, etc. But sometimes jumping ship is the best thing you can do for yourself, at least from a compensation level.
 
2014-08-08 11:08:17 AM  

bdub77: Have you considered finding a new job? I was in that exact same position for almost a decade.


Working on it.  Needed to square away some non-work issues first.  I'm ready to put myself out there at the end of the month.

We just finished our annual appraisal cycle.  If I get no money again I'm outta here.
 
2014-08-08 11:11:54 AM  

Diogenes: bdub77: Then again, I have really nothing to complain about here.

I do.  My wages have been stagnant (more like dead) for 15 years.  And I work for a company that's only missed its targets two quarters during that time.  We made money hand over fist even during the recession.  And my CEO is one of the wealthiest men on the planet.

Somewhat different topic to be sure.  But as costs rise, I have less money.  I've considered reducing my retirement contributions.


Wages are going to be stagnant if you continue to work at the same company, especially if it's the same position for any length of time. My experience in any job I've ever had is that if you stay in the same position, all you're ever going to get is the same measly couple of cents raise every year. You want to start making more money, you need to move around to different positions and / or different departments.
 
2014-08-08 11:13:38 AM  
Always with the newfangled smartphones.  Smartphones!!

/obligatory
 
2014-08-08 11:16:55 AM  
Saving is a luxury of the rich.
 
2014-08-08 11:17:56 AM  
But as soon as they do, they're moving abroad!
 
2014-08-08 11:20:31 AM  

spman: Well, that's sort of a misleading statement. I mean, at the end of the month after the mortgage, the car loan, the student loan, the phone bill, and the internet bill get paid, I really only have a little over $100 left over, most of which gets spend on miscellaneous things like entertainment, junk food, eating out, etc. However I also pay the maximum my employer matches into my 401K, and I also get a decent amount back on my taxes every year which goes right into the emergency savings, so while on a actual monthly basis I save almost nothing, in reality I'm doing fine.


Do you know how much is in your account and how close to maxxed out you are on your credit card(s)? Because I have $2.94 in checking and $6.49 on that one card.

That's not making enough to save and I'm openly and utterly ashamed of the fact that I haven't found work.
 
2014-08-08 11:20:44 AM  

spman: Diogenes: bdub77: Then again, I have really nothing to complain about here.

I do.  My wages have been stagnant (more like dead) for 15 years.  And I work for a company that's only missed its targets two quarters during that time.  We made money hand over fist even during the recession.  And my CEO is one of the wealthiest men on the planet.

Somewhat different topic to be sure.  But as costs rise, I have less money.  I've considered reducing my retirement contributions.

Wages are going to be stagnant if you continue to work at the same company, especially if it's the same position for any length of time. My experience in any job I've ever had is that if you stay in the same position, all you're ever going to get is the same measly couple of cents raise every year. You want to start making more money, you need to move around to different positions and / or different departments.


Oh, no question.  It's part and parcel for me.  I've got responsibilities two levels above mine and I'm not getting promoted either.  Support is treated unbelievably bad compared to the rest of the company.

I've considered going back to Consulting.  But it's pretty dicey there.  So I'm really just balancing out my options - both internally and externally.
 
2014-08-08 11:20:46 AM  

spman: Diogenes: bdub77: Then again, I have really nothing to complain about here.

I do.  My wages have been stagnant (more like dead) for 15 years.  And I work for a company that's only missed its targets two quarters during that time.  We made money hand over fist even during the recession.  And my CEO is one of the wealthiest men on the planet.

Somewhat different topic to be sure.  But as costs rise, I have less money.  I've considered reducing my retirement contributions.

Wages are going to be stagnant if you continue to work at the same company, especially if it's the same position for any length of time. My experience in any job I've ever had is that if you stay in the same position, all you're ever going to get is the same measly couple of cents raise every year. You want to start making more money, you need to move around to different positions and / or different departments.


The most effective way to jump to a new salary level is to get a new job or at least a new  job offer.
 
2014-08-08 11:21:05 AM  

Diogenes: bdub77: Have you considered finding a new job? I was in that exact same position for almost a decade.

Working on it.  Needed to square away some non-work issues first.  I'm ready to put myself out there at the end of the month.

We just finished our annual appraisal cycle.  If I get no money again I'm outta here.


Good for you.
 
2014-08-08 11:21:13 AM  
People tend to spend what they make.

Also, innumerate people tend to buy frivilous things with credit because they say they can't afford to save, yet they find a way to pay at least twice that amount when interest is added.
 
2014-08-08 11:22:32 AM  

spman: Wages are going to be stagnant if you continue to work at the same company, especially if it's the same position for any length of time. My experience in any job I've ever had is that if you stay in the same position, all you're ever going to get is the same measly couple of cents raise every year. You want to start making more money, you need to move around to different positions and / or different departments.


Funny, I worked for the same company for 14 years.  I never had less than a 6% pay raise and the middle years I had as much as 14%.  Granted, I have since left the company and realized 70-80 hours a week weren't necessary.   Not even looking back on it.

/live below "keeping up with the Jones" standards anyhow.
 
2014-08-08 11:22:43 AM  

spman: Diogenes: bdub77: Then again, I have really nothing to complain about here.

I do.  My wages have been stagnant (more like dead) for 15 years.  And I work for a company that's only missed its targets two quarters during that time.  We made money hand over fist even during the recession.  And my CEO is one of the wealthiest men on the planet.

Somewhat different topic to be sure.  But as costs rise, I have less money.  I've considered reducing my retirement contributions.

Wages are going to be stagnant if you continue to work at the same company, especially if it's the same position for any length of time. My experience in any job I've ever had is that if you stay in the same position, all you're ever going to get is the same measly couple of cents raise every year. You want to start making more money, you need to move around to different positions and / or different departments.


Agree with you there.

Try new opportunities for advancement. If you don't crash and burn, you should get ahead.
 
2014-08-08 11:25:54 AM  
I tried to save something every month, only if it's $20. But in as said in the above comments, to make more money, change jobs. The only time I got lucky was at my first job outta college. It was the late 90's, the economy was relatively good and it was a hot job market in my industry. They pulled us all into a conference room and started off by telling us that they did an survey across the industry and we were below the average. They gave us a 20% increase on average. Somehow I don't see that happening again... ever.

/CSB
 
2014-08-08 11:26:18 AM  

bdub77: Diogenes: bdub77: Have you considered finding a new job? I was in that exact same position for almost a decade.

Working on it.  Needed to square away some non-work issues first.  I'm ready to put myself out there at the end of the month.

We just finished our annual appraisal cycle.  If I get no money again I'm outta here.

Good for you.


Hold the applause for when he actually does something.

Why isn't he looking right now? Why not bring a few job offers to the appraisal?
 
2014-08-08 11:27:06 AM  

toetag: spman: Wages are going to be stagnant if you continue to work at the same company, especially if it's the same position for any length of time. My experience in any job I've ever had is that if you stay in the same position, all you're ever going to get is the same measly couple of cents raise every year. You want to start making more money, you need to move around to different positions and / or different departments.

Funny, I worked for the same company for 14 years.  I never had less than a 6% pay raise and the middle years I had as much as 14%.  Granted, I have since left the company and realized 70-80 hours a week weren't necessary.   Not even looking back on it.

/live below "keeping up with the Jones" standards anyhow.


img.fark.net
 
2014-08-08 11:31:55 AM  
Man stuff like this makes me really nervous about leaving the cocoon of acedmia once I get out of grad school next year.

I suppose I shouldn't be too worried. I'm going to have a PhD in physics, in a rapidly growing field (Nanotech/nanophysics), and I'm actually willing to do jobs that aren't just straight up teaching or research, so that probably aids me a *little*...

Still, it's kinda friggen scary, if only because I've been in school for the past *two decades*.
 
2014-08-08 11:32:45 AM  

Diogenes: bdub77: Then again, I have really nothing to complain about here.

I do.  My wages have been stagnant (more like dead) for 15 years.  And I work for a company that's only missed its targets two quarters during that time.  We made money hand over fist even during the recession.  And my CEO is one of the wealthiest men on the planet.

Somewhat different topic to be sure.  But as costs rise, I have less money.  I've considered reducing my retirement contributions.


Wow, are you not even getting COLA adjustments at least?  That's almost criminal.  And yeah, it's the equivalent of taking a salary decrease every year.
 
2014-08-08 11:32:57 AM  
I'm going to start saving for retirement in September. Everything has been really tight lately, but I mostly paid off my credit card, and I won't have to do long distance anymore so I'll be saving $500/month on plane tickets
 
2014-08-08 11:33:48 AM  

Felgraf: Man stuff like this makes me really nervous about leaving the cocoon of acedmia once I get out of grad school next year.

I suppose I shouldn't be too worried. I'm going to have a PhD in physics, in a rapidly growing field (Nanotech/nanophysics), and I'm actually willing to do jobs that aren't just straight up teaching or research, so that probably aids me a *little*...

Still, it's kinda friggen scary, if only because I've been in school for the past *two decades*.




Go into industry
 
2014-08-08 11:35:33 AM  
Paid off the car today. Now I have another $500 a month to pay off credit cards. At this point, paying things off is like building refineries in Starcraft. It takes a bit of sacrifice initially, but with each thing I pay off, I suddenly have more money to work with.

On the other hand, I make way too much money to be proud about being in this position. If I had any financial discipline at all, I would just have the home loan for debt.
 
2014-08-08 11:36:36 AM  

ajgeek: spman: Well, that's sort of a misleading statement. I mean, at the end of the month after the mortgage, the car loan, the student loan, the phone bill, and the internet bill get paid, I really only have a little over $100 left over, most of which gets spend on miscellaneous things like entertainment, junk food, eating out, etc. However I also pay the maximum my employer matches into my 401K, and I also get a decent amount back on my taxes every year which goes right into the emergency savings, so while on a actual monthly basis I save almost nothing, in reality I'm doing fine.

Do you know how much is in your account and how close to maxxed out you are on your credit card(s)? Because I have $2.94 in checking and $6.49 on that one card.

That's not making enough to save and I'm openly and utterly ashamed of the fact that I haven't found work.


I have about a $1000 buffer in my Bank Account at any time for routine, but unforeseen expenses like vet bills, clothing, car repairs, etc. I never have anything more than $100 on the credit card, unless I have a major expense like home repairs that I finance at low or zero interest until I can source the income needed to pay for them, which usually comes from the emergency savings which I try to keep above $5,000
 
2014-08-08 11:37:43 AM  

spman: Diogenes: bdub77: Then again, I have really nothing to complain about here.

I do.  My wages have been stagnant (more like dead) for 15 years.  And I work for a company that's only missed its targets two quarters during that time.  We made money hand over fist even during the recession.  And my CEO is one of the wealthiest men on the planet.

Somewhat different topic to be sure.  But as costs rise, I have less money.  I've considered reducing my retirement contributions.

Wages are going to be stagnant if you continue to work at the same company, especially if it's the same position for any length of time. My experience in any job I've ever had is that if you stay in the same position, all you're ever going to get is the same measly couple of cents raise every year. You want to start making more money, you need to move around to different positions and / or different departments.


I was getting the same not even COLA token salary bumps for years.  Then somebody told me you have to tell them you have a new offer so they will try to match it.  I don't like to bluff, so I actually got an offer first.  It was shockingly better.  Like 25% better.  They offered me 10%, so I left.  It seems they were locked at no more than 10% at any given time.  Get yourself an offer if possible BEFORE your annual cycle is through.  When they show you what you will get, show them what others see you as worth.

Good luck.
 
2014-08-08 11:38:16 AM  

GameSprocket: Paid off the car today. Now I have another $500 a month to pay off credit cards. At this point, paying things off is like building refineries in Starcraft. It takes a bit of sacrifice initially, but with each thing I pay off, I suddenly have more money to work with.

On the other hand, I make way too much money to be proud about being in this position. If I had any financial discipline at all, I would just have the home loan for debt.


Have you considered investing in vespene gas? I know a guy.
 
2014-08-08 11:39:29 AM  

pivazena: Felgraf: Man stuff like this makes me really nervous about leaving the cocoon of acedmia once I get out of grad school next year.

I suppose I shouldn't be too worried. I'm going to have a PhD in physics, in a rapidly growing field (Nanotech/nanophysics), and I'm actually willing to do jobs that aren't just straight up teaching or research, so that probably aids me a *little*...

Still, it's kinda friggen scary, if only because I've been in school for the past *two decades*.

Go into industry


Looking into it!

Not having been taught an ACTUAL PROGRAMMING LANGAUGE  (thankyou, shiatty Alice-using intro to programming) in undergrad hurts a bit, but I'm currently teaching myself python. Well, I did learn ASSEMBLER in electronics, but I probably don't remember much of it.
 
2014-08-08 11:40:56 AM  

pivazena: Felgraf: Man stuff like this makes me really nervous about leaving the cocoon of acedmia once I get out of grad school next year.

I suppose I shouldn't be too worried. I'm going to have a PhD in physics, in a rapidly growing field (Nanotech/nanophysics), and I'm actually willing to do jobs that aren't just straight up teaching or research, so that probably aids me a *little*...

Still, it's kinda friggen scary, if only because I've been in school for the past *two decades*.

Go into industry


www.american-buddha.com

/sorry, had to
 
2014-08-08 11:41:37 AM  
I suppose the upside is that I actually never intend to *retire*-retire, because I am 99% certain I would get bored as shiat.

My current plan is to work industry, 'retire', then go teach highschool physics as the half-crazed cool old physics teacher. ("Today we will learn about projectiles using THIS SMALL BALLISTA. To the football field!"), And since I wouldn't need to do it to survive, I'd also have some leverage against idiot schoolboard decisions. (I enjoy teaching. A lot. But can't make enough to really raise a family on it these days.)
 
2014-08-08 11:42:14 AM  

Felgraf: pivazena: Felgraf: Man stuff like this makes me really nervous about leaving the cocoon of acedmia once I get out of grad school next year.

I suppose I shouldn't be too worried. I'm going to have a PhD in physics, in a rapidly growing field (Nanotech/nanophysics), and I'm actually willing to do jobs that aren't just straight up teaching or research, so that probably aids me a *little*...

Still, it's kinda friggen scary, if only because I've been in school for the past *two decades*.

Go into industry

Looking into it!

Not having been taught an ACTUAL PROGRAMMING LANGAUGE  (thankyou, shiatty Alice-using intro to programming) in undergrad hurts a bit, but I'm currently teaching myself python. Well, I did learn ASSEMBLER in electronics, but I probably don't remember much of it.




Look into code academy and coursera... Programming skill is invaluable. The reason I'm not in industry right now is because I can't program for shiat (biology phd, everybody wants a bioinformaticist) and let me tell you, postdoc hell is just awful.
 
2014-08-08 11:43:54 AM  

Robo Beat: pivazena: Felgraf: Man stuff like this makes me really nervous about leaving the cocoon of acedmia once I get out of grad school next year.

I suppose I shouldn't be too worried. I'm going to have a PhD in physics, in a rapidly growing field (Nanotech/nanophysics), and I'm actually willing to do jobs that aren't just straight up teaching or research, so that probably aids me a *little*...

Still, it's kinda friggen scary, if only because I've been in school for the past *two decades*.

Go into industry

[www.american-buddha.com image 850x385]

/sorry, had to


Hah!
 
2014-08-08 11:45:10 AM  

pivazena: Felgraf: pivazena: Felgraf: Man stuff like this makes me really nervous about leaving the cocoon of acedmia once I get out of grad school next year.

I suppose I shouldn't be too worried. I'm going to have a PhD in physics, in a rapidly growing field (Nanotech/nanophysics), and I'm actually willing to do jobs that aren't just straight up teaching or research, so that probably aids me a *little*...

Still, it's kinda friggen scary, if only because I've been in school for the past *two decades*.

Go into industry

Looking into it!

Not having been taught an ACTUAL PROGRAMMING LANGAUGE  (thankyou, shiatty Alice-using intro to programming) in undergrad hurts a bit, but I'm currently teaching myself python. Well, I did learn ASSEMBLER in electronics, but I probably don't remember much of it.

Look into code academy and coursera... Programming skill is invaluable. The reason I'm not in industry right now is because I can't program for shiat (biology phd, everybody wants a bioinformaticist) and let me tell you, postdoc hell is just awful.


Hadn't heard of Coursera, but currently using Code academy for Python. Got probably ~ one school year left on my PhD, so that should be enough time. Especially since I've already got the logical-thinking beaten into me by undergrad and grad school.
 
2014-08-08 11:45:47 AM  

pivazena: Felgraf: pivazena: Felgraf: Man stuff like this makes me really nervous about leaving the cocoon of acedmia once I get out of grad school next year.

I suppose I shouldn't be too worried. I'm going to have a PhD in physics, in a rapidly growing field (Nanotech/nanophysics), and I'm actually willing to do jobs that aren't just straight up teaching or research, so that probably aids me a *little*...

Still, it's kinda friggen scary, if only because I've been in school for the past *two decades*.

Go into industry

Looking into it!

Not having been taught an ACTUAL PROGRAMMING LANGAUGE  (thankyou, shiatty Alice-using intro to programming) in undergrad hurts a bit, but I'm currently teaching myself python. Well, I did learn ASSEMBLER in electronics, but I probably don't remember much of it.

Look into code academy and coursera... Programming skill is invaluable. The reason I'm not in industry right now is because I can't program for shiat (biology phd, everybody wants a bioinformaticist) and let me tell you, postdoc hell is just awful.


Also thank you for the advice! (And I will give Coursera a look)
 
2014-08-08 11:46:18 AM  

Robo Beat: www.american-buddha.com

/sorry, had to


Snerk.

I have a new-found respect for the first 20 minutes of that movie since my fun time in academia.  It was actually really neat to see how Ray and Egon were able to translate their basic science into something marketable.

... I wish I could do that
 
2014-08-08 11:47:21 AM  
Rule #1 after receiving your paycheck - Pay yourself FIRST.

Everyone else can wait.
 
2014-08-08 11:47:59 AM  

BMFPitt: Hold the applause for when he actually does something.

Why isn't he looking right now? Why not bring a few job offers to the appraisal?


My boss is aware I have options.  He's genuinely powerless to give me the recognition I deserve.  This is systemic, organizational problem.  I can negotiate with my manager.  I can't negotiate with a policy that says, "No one gets nothing and you should feel privileged to still have a job."

Another support team did recently try to poach me.  But there was no money in the offer.  So why bother?  I'm at the top of my game where I am, even if it's not officially recognized.
 
2014-08-08 11:49:42 AM  

HMS_Blinkin: Diogenes: bdub77: Then again, I have really nothing to complain about here.

I do.  My wages have been stagnant (more like dead) for 15 years.  And I work for a company that's only missed its targets two quarters during that time.  We made money hand over fist even during the recession.  And my CEO is one of the wealthiest men on the planet.

Somewhat different topic to be sure.  But as costs rise, I have less money.  I've considered reducing my retirement contributions.

Wow, are you not even getting COLA adjustments at least?  That's almost criminal.  And yeah, it's the equivalent of taking a salary decrease every year.


No.  And we were told in no uncertain terms to expect them.   Across the board moratorium on that for US employees.

I need to be a tiny bit careful with what I say here.
 
2014-08-08 11:54:04 AM  

Diogenes: HMS_Blinkin: Diogenes: bdub77: Then again, I have really nothing to complain about here.

I do.  My wages have been stagnant (more like dead) for 15 years.  And I work for a company that's only missed its targets two quarters during that time.  We made money hand over fist even during the recession.  And my CEO is one of the wealthiest men on the planet.

Somewhat different topic to be sure.  But as costs rise, I have less money.  I've considered reducing my retirement contributions.

Wow, are you not even getting COLA adjustments at least?  That's almost criminal.  And yeah, it's the equivalent of taking a salary decrease every year.

No.  And we were told in no uncertain terms to expect them.   Across the board moratorium on that for US employees.

I need to be a tiny bit careful with what I say here.


My raises have lagged inflation since 2007.

But my expenses are low, so I bank at least half my net income. Waiting on a correction before jumping into the market.
 
2014-08-08 11:56:10 AM  

H31N0US: Diogenes: HMS_Blinkin: Diogenes: bdub77: Then again, I have really nothing to complain about here.

I do.  My wages have been stagnant (more like dead) for 15 years.  And I work for a company that's only missed its targets two quarters during that time.  We made money hand over fist even during the recession.  And my CEO is one of the wealthiest men on the planet.

Somewhat different topic to be sure.  But as costs rise, I have less money.  I've considered reducing my retirement contributions.

Wow, are you not even getting COLA adjustments at least?  That's almost criminal.  And yeah, it's the equivalent of taking a salary decrease every year.

No.  And we were told in no uncertain terms to expect them.   Across the board moratorium on that for US employees.

I need to be a tiny bit careful with what I say here.

My raises have lagged inflation since 2007.

But my expenses are low, so I bank at least half my net income. Waiting on a correction before jumping into the market.


I take it you're single or your wife is locked up in a cage somewhere?
 
2014-08-08 12:14:55 PM  
Don't live beyond your means then.
 
2014-08-08 12:22:13 PM  

Diogenes: bdub77: Then again, I have really nothing to complain about here.

I do.  My wages have been stagnant (more like dead) for 15 years.  And I work for a company that's only missed its targets two quarters during that time.  We made money hand over fist even during the recession.  And my CEO is one of the wealthiest men on the planet.

Somewhat different topic to be sure.  But as costs rise, I have less money.  I've considered reducing my retirement contributions.


If they can/will provide the information, it might be worth trying to find out how your total compensation has changed over time. A big part of wage stagnation in the US for the past 30 years is the rising costs of benefits, namely health premiums. So wages are stagnant while total compensation costs are definitely increasing.

We get a "total compensation report card" every year that itemizes our salary and the cost/value of various benefits. Our company is trying to do a better job of negotiating with health providers (part of our problem is that we have small groups of people scattered all over the world), but we get nailed on that every year. It's somewhat disheartening to see the health care line go up by $1200 and realize most of that could have gone into your pocket, but that's where we are right now. Otherwise it's a pretty good place to work and the people are well-educated and -skilled, which is worth a lot.

I'm not saying this completely describes your situation; of course in many places you have cost-cutting bosses who are trying to squeeze out what they can get away with, but I think there is a lot more to the wage stagnation issue than the usual "greedy boss" narrative.
 
2014-08-08 12:22:30 PM  

Best Princess Celestia: Don't live beyond your means then.


For a lot of people (though not 4 in 10) living in anything better than a shoebox is technically "beyond their means" (if you define that by being able to save)
 
2014-08-08 12:25:06 PM  
Wait, the UK has a 40% poverty rate?  I'd think that would be more news-worthy.

/If you are not literally in poverty, you can afford to save, even if just a little
 
2014-08-08 12:26:34 PM  

bdub77: H31N0US: Diogenes: HMS_Blinkin: Diogenes: bdub77: Then again, I have really nothing to complain about here.

I do.  My wages have been stagnant (more like dead) for 15 years.  And I work for a company that's only missed its targets two quarters during that time.  We made money hand over fist even during the recession.  And my CEO is one of the wealthiest men on the planet.

Somewhat different topic to be sure.  But as costs rise, I have less money.  I've considered reducing my retirement contributions.

Wow, are you not even getting COLA adjustments at least?  That's almost criminal.  And yeah, it's the equivalent of taking a salary decrease every year.

No.  And we were told in no uncertain terms to expect them.   Across the board moratorium on that for US employees.

I need to be a tiny bit careful with what I say here.

My raises have lagged inflation since 2007.

But my expenses are low, so I bank at least half my net income. Waiting on a correction before jumping into the market.

I take it you're single or your wife is locked up in a cage somewhere?


I put away close to half, I have a wife and kids.  We live below our means, bought less of a house than the realtor wanted us too, I can bike to work and we have a decent public transportation option so we only need one car.  One personal phone and one that work pays for since I'm on call for software emergencies 24/7.

Helps I've gotten raises every year for the past 6 years, because a few years ago I was only able to save maybe 10% each month, and a few years before that I was living paycheck to paycheck as minimum wage.
 
2014-08-08 12:27:43 PM  

Diogenes: No.  And we were told in no uncertain terms to expect them.   Across the board moratorium on that for US employees.

I need to be a tiny bit careful with what I say here.


You better not be complaining if you're on the GS scale .
 
2014-08-08 12:43:00 PM  

RumsfeldsReplacement: Wait, the UK has a 40% poverty rate?  I'd think that would be more news-worthy.

/If you are not literally in poverty, you can afford to save, even if just a little


Anybody going through bankruptcy is prohibited by law to have any serious kind of savings.  You get to have a buffer and that's it.
 
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