Anonymous
Post 01/19/2023 15:33     Subject: Finance and blue collar judgmental conversations at work
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:OP, if it makes you feel any better, I work in a white-collar profession and aparently plenty of my colleagues have 401k loans.


My sister worked in law firm accounting and she said half of the lawyers contributed ZERO to their 401K. This was about 10 years ago.


I don’t believe you. Sorry!


I can believe this. Virtually every law firm has zero match for attorneys.
Anonymous
Post 01/19/2023 15:25     Subject: Finance and blue collar judgmental conversations at work
Wow, you work around aholes.
Anonymous
Post 01/19/2023 15:16     Subject: Finance and blue collar judgmental conversations at work
Anonymous wrote:
Anonymous wrote:OP, if it makes you feel any better, I work in a white-collar profession and aparently plenty of my colleagues have 401k loans.


My sister worked in law firm accounting and she said half of the lawyers contributed ZERO to their 401K. This was about 10 years ago.


I don’t believe you. Sorry!
Anonymous
Post 01/19/2023 12:50     Subject: Finance and blue collar judgmental conversations at work
Anonymous wrote:I've never in 25 years had a job that offered a 401k or any benefit other than food. Can you imagine reading all those finance books that go on and on how to save money in retirement accounts and get the match.
I wanted to buy a 400 sq foot studio and the mortgage broker asked if I was going to get a salaried job soon. I tried to explain why I wouldn't but my explanation wasn't good enough. I didn't qualify for the mortgage even though I have 780+ credit score, $200k in brokerage and had down payment. So, not only is there judgment, but there are real
roadblocks on our way if I don't have what they say you should have - salaried job on my case.


Right? I hate all these posts here that are like "well if you start saving in your 401k at 22 you should have $x million by 45...." I didn't have a job with a 401k until I was 31. My husband was 40 and he still has never had an employer match. These are not universal benefits bestowed upon all workers!
Anonymous
Post 01/19/2023 12:47     Subject: Finance and blue collar judgmental conversations at work
Anonymous wrote:
Anonymous wrote:OP, if it makes you feel any better, I work in a white-collar profession and aparently plenty of my colleagues have 401k loans.


My sister worked in law firm accounting and she said half of the lawyers contributed ZERO to their 401K. This was about 10 years ago.

First of all, you have no idea what someone's financial situation is based solely on their 401k contributions. Maybe they have large or extended family expenses that they are covering and have no funds leftover to invest, maybe they overspend and live over their means, maybe they don't like the limitations of 401ks, maybe they are investing in real estate or businesses instead... you just don't know what someone's reasons are.
Anonymous
Post 01/19/2023 12:43     Subject: Re:Finance and blue collar judgmental conversations at work
OP, I've never worked at a place where people discuss their financial situations openly like this. I have no idea if most of my coworkers own or rent. Occasionally someone will mention househunting or that their rent went up. But other than that, I have no clue as to their living situation, their financial situation, or their savings habits. It's none of anyone's business. And if these are HR people spilling the beans about people's withholdings... that needs to be brought up to their management because that is completely unethical and unprofessional.
Anonymous
Post 01/19/2023 12:11     Subject: Finance and blue collar judgmental conversations at work
Anonymous wrote:OP, if it makes you feel any better, I work in a white-collar profession and aparently plenty of my colleagues have 401k loans.


My sister worked in law firm accounting and she said half of the lawyers contributed ZERO to their 401K. This was about 10 years ago.
Anonymous
Post 01/19/2023 12:07     Subject: Finance and blue collar judgmental conversations at work
I have friends who are white-collarish, and would borrow from their 401k in a second, but they've never had one. Both are over 60 and spend money hand over fist. Their deal, their choices, and their responsibilities are at play. They've had ever opportunity to save for their retirement that should be here, but have never done it.
Anonymous
Post 01/19/2023 11:58     Subject: Finance and blue collar judgmental conversations at work
Anonymous wrote:OP, if it makes you feel any better, I work in a white-collar profession and aparently plenty of my colleagues have 401k loans.


TSP loans seem very common for house down payments
Anonymous
Post 01/19/2023 11:57     Subject: Finance and blue collar judgmental conversations at work
Anonymous wrote:Ooh, I would have a field day saying loud and clear to these people:

"My husband is in construction. Do you think blue collar workers are less intelligent?"

Watch them squirm.


+1. I've never understood why so many office workers look down on tradespersons. It takes skill to be a carpenter, plumber, ironworker, etc. Many office jobs, on the other hand, require little ability at all.
Anonymous
Post 01/19/2023 10:48     Subject: Finance and blue collar judgmental conversations at work
*making you feel uncomfortable
Anonymous
Post 01/19/2023 10:48     Subject: Re:Finance and blue collar judgmental conversations at work
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Why are you talking about this stuff with your coworkers? Stop doing that.


+1


+2. I don't talk about this stuff with coworkers and neither should anyone. It can only lead to problems. Nobody should know whether you own or rent, whether you do the 401k (other than your plan administrator), etc.


I don’t share about my house but because of the payroll aspect, they know about my 401k loan. And they’re middle aged women.


If the person handling your payroll is sharing this info with others or making you feel unprofessional about it, then that's grossly unprofessional and you need to document and report this to their boss.
Anonymous
Post 01/19/2023 10:45     Subject: Re:Finance and blue collar judgmental conversations at work
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Why are you talking about this stuff with your coworkers? Stop doing that.


+1


+2. I don't talk about this stuff with coworkers and neither should anyone. It can only lead to problems. Nobody should know whether you own or rent, whether you do the 401k (other than your plan administrator), etc.


I don’t share about my house but because of the payroll aspect, they know about my 401k loan. And they’re middle aged women.
Anonymous
Post 01/19/2023 09:19     Subject: Re:Finance and blue collar judgmental conversations at work
Anonymous wrote:
Anonymous wrote:Why are you talking about this stuff with your coworkers? Stop doing that.


+1


+2. I don't talk about this stuff with coworkers and neither should anyone. It can only lead to problems. Nobody should know whether you own or rent, whether you do the 401k (other than your plan administrator), etc.
Anonymous
Post 01/19/2023 09:07     Subject: Finance and blue collar judgmental conversations at work
How old are these people? They sound young to me. It sounds like they are oblivious to the money tradespeople can make. We are wealthy (you'd never guess!) and my husband is a mechanic. Maybe have them read the Millionaire Next Door.