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by ball_of_lint
1756 days ago
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I consider myself rich, I work for someone else, and I don't have a side hustle. I read Mr. Money Mustache's blog frequently when I was young; he has an important addition to what many of the mainstream personal finance books address. Being rich is more about freedom and personal happiness than it is having a lot of money. For many people, adjusting to slightly less nice but more affordable things is significantly easier than increasing their income by that same amount. Furthermore, every dollar you adjust to not needing is better than adding income - it compounds even faster because it goes into retirement with you and reduces your target savings amount. But, going back to the post there are a _lot_ of people in the US and around the world that don't have the income required to have any sort of savings, even after adjusting down their lifestyle. This is a systemic but tractable problem. The solution isn't "get a side hustle" it's "the full time minimum wage should support a reasonable life". |
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Ugh I saw you getting close and then miss it
Why would you think the solution to the savings problem is minimum wage?
When is the minimum ever good enough? Frustrating how not enough people talk about increasing income way beyond the minimum