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?
2007-03-27 04:02:21 · 13 answers · asked by Document Guy 2 in Business & Finance ➔ Personal Finance
you are not really poor.you make minimum wage but you have a nice car; and property and seems like your doing ok for yourself,,,,for being a 25yr old you have it going on congrats ,.,.,.
2007-03-27 04:14:18 · answer #1 · answered by Cami lives 6 · 0⤊ 1⤋
Poor is relative to expenses and other factors. Are you poor? Perhaps not now, but if you do not make changes in your potential and will only ever make minimum age, then you are on a road to being poor. Get to school, or trade school or something to get yourself into a higher pay bracket. You seem an industrious person and interested in your future. Minimum wage will never be more than the minimum someone can pay you; get your life moving and get yourself in a position to be more than that. Think about it, do you think that you are only worth minimum wage? If your answer is no, it is up to you to make the necessary changes. You aren't too old to make serious changes. I didn't go back to school till I was your age and now I am a university professor. Don't give up on reaching your dreams.
2007-03-27 04:15:41 · answer #2 · answered by Expat 6 · 1⤊ 1⤋
elevating the minimum salary will decrease the variety of jobs available to low potential workers, yet those that even have jobs would be greater smart off. the internet result relies upon upon who loses their jobs and learn have shown that a extensive fraction of the minimum salary jobs are held by potential of midsection type young ones. in spite of if elevating the minimum salary will enhance the wages of workers who're paid close to yet above the minimum because of fact employers desire to hold skilled workers, and so pay them somewhat greater desirable to stay, and maximum of those are actually not young ones who're generally scholars and notice the jobs as momentary. The result's to enhance the internet earnings of the gang on the backside of the earnings distribution. To pay greater wages some business enterprise could will enhance expenditures , so people who eat a great variety of low salary exertions like abode cleansing and backyard centers, eating out plenty, etc will additionally be losers.
2016-12-19 15:01:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your income would qualify you as impoverished as the government sees it.
However, you are a great example of how somebody can be successful with only a minimum wage job. If we had more people with the fiscal sense you did the country would be a lot better off.
2007-03-27 04:50:14 · answer #4 · answered by Brandon A 3 · 2⤊ 0⤋
Poor? Are you serious?
Half of the entire world's population lives on less than US$2.00 per day. There is no international minimum wage!
You must be American. Don't compare yourself to others. You are blessed with the wisdom to not fall for the "bling-blang-boom" mentality of this generation's youth.
2007-03-27 04:56:38 · answer #5 · answered by Ethan 3 · 2⤊ 0⤋
NO you know how to save and your investing so that's a good thing most guys your age is about fancy clothes and nice cars and most live with there mother you are doing good keep saving and you'll be somebody Else's boss.
2007-03-27 10:27:27 · answer #6 · answered by sweets20 1 · 0⤊ 0⤋
Not at all. You seen to be wise beyond your years. Keep up the good work and you will be able to retire when most people are still working away.
2007-03-27 04:24:27 · answer #7 · answered by ? 7 · 0⤊ 1⤋
You're not poor, not at all! Remember, a rich person is not the one who has the most, but the one who need the less. Enjoy your life!
2007-03-27 04:10:56 · answer #8 · answered by marga 2 · 0⤊ 0⤋
Yes.
2007-03-27 18:34:08 · answer #9 · answered by Anonymous · 0⤊ 0⤋
yes...but it sounds like you have better sense with money,saving, and investment
2007-03-27 04:08:16 · answer #10 · answered by barbiebabe 3 · 0⤊ 1⤋