Why is it hard for some privileged people to realize that saving is hard?

[Anonymous]

Anonymous wrote:I desperately wish our society would put more of an emphasis on pursuing jobs and careers that pay well, and helping people understand paychecks are a function of the value your skills provide in the market. Professions like doctor, lawyer, web developer, business analyst, etc. pay well because these skillsets are scarce and in high demand. Professions like retail associate do not require highly skilled labor, and thus pay less. I have worked at both ends of this spectrum, and can tell you that the up front commitment in time and educational loan debt was well worth the financial stability ten years later.

I am deeply empathetic to those working two or three jobs to make ends meet. I've been there, and it's hell. But working harder and for longer hours in jobs that do not require skills are never going to make a person truly financially secure, are not a sustainable solution. We need to shift the conversation at the get-go of young peoples' careers and education.

PP here again. I should also add, that even as a high earner now, the 3-6 month savings guidance is just that - a recommendation and a goal - and one that I still am working on. It literally takes years for most people to build up that kind of safety net, so your frustration is understood.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Where does one find a non-flat screen TV these days? Please do tell!

In a museum and possibly a third world country.

My basement

[Anonymous]

Anonymous wrote:I think being taught about money is a privilege. My parents always talked to me about saving and money. I understood how credit and retirement plans worked out of high school. A lot of people are not so lucky and don’t learn those things soon enough.

Having parents that model good spending habits is a privilege. My parents had what I perceive to be a healthy attitude about money. They saved most of their money and bought a few luxury items not to keep up with the Joneses, but according to their own likes and priorities. For example they don’t eat out and don’t vacation or buy luxury goods, but they like expensive furniture and jewelry. Giving to charity is also a major priority.

A $6 cup of coffee isn’t what ruins you financially, it’s the inability to prioritize. You can’t have coffee every morning and eat out and have a nice car and vacation if your salary won’t support it.

I agree with you that growing up around these kinds of conversations and behaviors is a privilege, and one that I very much would like our society to translate into actual education and public policy.

I had a rather different experience than you. I grew up wealthy and in a typical "privileged" household. My parents were tenured university educators making good money in the 1980s. But they were book smart and not street smart. They didn't save a dime, overspent on luxury vacations, and build a huge home with a pool they couldn't afford. Inevitably, they had to file for bankruptcy and lost everything.

I happened to land in a job after school focused on the financial services industry, and spent the first few months in that role upskilling on person finance, investment principles, retirement savings, etc. Otherwise, I would have likely ended up on a similar financial trajectory as my parents. For me, I was lucky. For the rest of the country living paycheck to paycheck or not having a clue how to manage their finances, I hope we can make this a policy priority.

[Anonymous]

Anonymous wrote:
I did not realize there were options to purchasing a "flat" screen TV? The old boob tubes were phased out 15 years back. Perhaps the PP expects people to watch TV on the smartphone vs. purchasing a dedicated flat screen TV.

I'd like to re-focus us on the most important trail of discussion on this thread.

There are flat-screen cathode-ray-tube televisions. I'm pretty sure most CRT TVs sold in the early 2000s were flat-screen. I actually own a big, gorgeous flat-screen CRT HDTV. It is very good for playing old video games. It weighs over 200 pounds.

Flat-screen is an inadequate descriptor for modern flat-panel televisions.