When I was 18 I got into debt with a credit card, so I decided never to be in debt again. I’m 25 now, although I’ve never made much money, and I’ve always made minimum wage, I became a big saver. I’m proud to say I don’t have a credit card, just a lot of debit cards. I don’t have a fancy car, I have a Nissan, but I bought it new from dealership with cash, I’m not paying for it, my car is an asset. I bought an empty lot with cash, 10 miles north where there are no houses yet, but the city is growing this way, my property already increased its value, my lot will be part of a residential area in 5 years. I wish I made more money, but I don’t. However, most 25 year olds have a negative net worth. If you add my car, my land, and savings, minus my debts which are none. I have a net worth way higher than most guys my age who make more money. That is considering most 25 year olds have a negative income.
Even though I make only minimum wage, would you consider me poor?
2007-03-25 16:08:30 · 8 answers · asked by Document Guy 2 in Business & Finance ➔ Personal Finance
My only advice would be to break down and get a credit card, but do not use it...frame it and take it to your new home when you eventually build.
The more clear credit cards you have, the higher your credit rating. Get one of those free credit reports, and also get your credit score. That will give you a better idea of exactly where you stand...not in comparison to other guys your age, but how the credit companies see you, your creditworthiness.
Otherwise, you sound like you have a really great head on your shoulders.
One more piece of advice, take some of that money and get yourself an education that will end with some sort of certificate or degree...that will increase your income ability and you will be an even better catch. ;)
2007-03-25 16:21:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No not at all !!! You are doing great, no debt, paid cash for your car, you have land and it's net value has increased. You are better off than most 25 yr old.
Be proud of who you are and your job, its a honest living !!!
I think that 90% of people have gotten into debt with credit cards. You have learned from it and that's great and have moved on.
FYI: Hang on to the land, when the residential area goes starts, you will be surprise how much that lot will increase in value.
Hope this helps, Wishing you happiness and joy always !
2007-03-25 23:30:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I think you are doing great! You own your car outright,and you own property. That is very smart it can only increase in value. You have learned to save money. I would describe you as poor. You have great money management skills, have you ever considered an online business degree. I have a feeling it would work out wonderful for you.
2007-03-25 23:20:09 · answer #3 · answered by phylobri 4 · 0⤊ 0⤋
Take your hourly pay - I don't know what minimum is in your state - double it, and multiply it by 1000. That is your annual full time salary. So if you are making 5.15 (federal min. wage,) you are annually earning 10.3K, and that is IF you work full time.
That is pretty poor, IMHO. Good luck with getting a raise.
2007-03-26 22:59:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No, I would not consider you poor. You have learned many lessons on managing your money, and are doing well living within your means. More and more people would and could benefit from living your lifestyle.
Congratulations!
2007-03-25 23:13:16 · answer #5 · answered by Rhonda 7 · 0⤊ 0⤋
anyone who makes minimum wage is pretty much poor...
2007-03-25 23:12:42 · answer #6 · answered by Anonymous · 0⤊ 1⤋
no, sounds like you are doing okay.
2007-03-26 03:07:37 · answer #7 · answered by comic book guy 5 · 0⤊ 0⤋
yep the working poor welcome to the club buddy
2007-03-25 23:16:07 · answer #8 · answered by cherokee.diamond 4 · 0⤊ 0⤋