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'Poor' and 'poverty' are such political and emotional terms.
They are used by politicians and our media to sway us, to change our thinking, and to force certain opinions onto us. They are used to manipulate the public.
According to my AGI [which is then used for many other things], I am well below the national poverty level. However I invest and most of my investment vehicles are also tax shelters, so they act to lower my taxable income which gives me a low AGI. My AGI is far different than my Gross. My AGI is something that I control and yet it is used by every government program to determine whether I am living in poverty or not. And whether I am eligible for aid.
I have been eligible for food stamps many times during my career. However I have been able to buy and collect apartment buildings at most places where I have been stationed.
So am I 'poor'?
Am I in 'poverty'?
I think not.
What makes $40k/year 'poverty'? If not the image that such a word has been given, and how it is used.
In America today, thousands of families are working to accumulate great Net Worth. Thousands each year 'achieve' the milestone of having a Net Worth of over a million dollars, and yet their average Gross income is around $60k/year. Some have incomes as high as $150k/year, while other families have incomes as low as $45k/year.
How you budget, how you invest, how you think about spending / budgeting / tax-planning / investing all go into how rapidly you can accumulate Net Worth.
You can not always exert much control over how much you earn. But you can always control your spending, your tax profile, and how you invest.
[Can you tell that I was once selected to give lectures on this topic?]
would you guys please post your location??? I don't even need to know the town, just the general area! ie: Eastern Maine!! It really helps tailor a response to something you may have said---like "there's no jobs here--sniff sniff, snivel whine..." well, where's here?? or, "the frost was thick on the pumpkins here!" well, where??? florida??? where?? (Maine Writer sorry to use your pumpkin example but it was the first thing that came to mind--and I KNOW roughly where you are!)
thank you in advance for your attention to detail that may actually help get you more responses on our forum!
i grew up on misfit island, then moved to redrum,,where ive been ever since
'Poor' and 'poverty' are such political and emotional terms.
They are used by politicians and our media to sway us, to change our thinking, and to force certain opinions onto us. They are used to manipulate the public.
According to my AGI [which is then used for many other things], I am well below the national poverty level. However I invest and most of my investment vehicles are also tax shelters, so they act to lower my taxable income which gives me a low AGI. My AGI is far different than my Gross. My AGI is something that I control and yet it is used by every government program to determine whether I am living in poverty or not. And whether I am eligible for aid.
I have been eligible for food stamps many times during my career. However I have been able to buy and collect apartment buildings at most places where I have been stationed.
So am I 'poor'?
Am I in 'poverty'?
I think not.
What makes $40k/year 'poverty'? If not the image that such a word has been given, and how it is used.
In America today, thousands of families are working to accumulate great Net Worth. Thousands each year 'achieve' the milestone of having a Net Worth of over a million dollars, and yet their average Gross income is around $60k/year. Some have incomes as high as $150k/year, while other families have incomes as low as $45k/year.
How you budget, how you invest, how you think about spending / budgeting / tax-planning / investing all go into how rapidly you can accumulate Net Worth.
You can not always exert much control over how much you earn. But you can always control your spending, your tax profile, and how you invest.
[Can you tell that I was once selected to give lectures on this topic?]
So $40K is poverty. That's weird. Both of us combined hit the $60K barely ( this does involve OT) and I actually thought we would be middle class. Funny, our home and all our cars are paid for and we have no other debt. Though our savings has taken an almost complete hit over the last couple of years, we have retirement plans in excess of $40K. I thought we were doing fairly well. Ironically enough at that level, we are too rich to get financial aid. I really wish the Federal government would make up its mind am I poor or rich?
So $40K is poverty. That's weird. Both of us combined hit the $60K barely ( this does involve OT) and I actually thought we would be middle class. Funny, our home and all our cars are paid for and we have no other debt. Though our savings has taken an almost complete hit over the last couple of years, we have retirement plans in excess of $40K. I thought we were doing fairly well. Ironically enough at that level, we are too rich to get financial aid. I really wish the Federal government would make up its mind am I poor or rich?
Well said.
You are doing fine. You bills are paid, your house is yours, you have savings, you have a retirement plan. Without anyone ever discussing any numbers you would think of yourself as middle-class. And that is great!
Because you do not have a $100k/year corporate job and live somewhere with three times the cost-of-living; the government statistics hold you as being one step above poverty.
just all the more reason why we can't pigeon-hole ourselves into a category to please someone else, or to give them an "accurate" picture--similar to what I was saying last week about the whole "liberal" "conservative" labels. It's just not a true reflection of reality most of the time!
good morning everyone- hey is it legal for me to go back to a comment made last night? Still trying to figure out the rules here....
My hometown was mentioned last night, but I can't find the first point of reference.
Isle Au Haut, hey are you guys making fun of me? (kidding)
So $40K is poverty. That's weird. Both of us combined hit the $60K barely ( this does involve OT) and I actually thought we would be middle class. Funny, our home and all our cars are paid for and we have no other debt. Though our savings has taken an almost complete hit over the last couple of years, we have retirement plans in excess of $40K. I thought we were doing fairly well. Ironically enough at that level, we are too rich to get financial aid. I really wish the Federal government would make up its mind am I poor or rich?
it depends who wants a vote,,,
i do travel thru most of maine,,,and one area really stands out, not because they have majestic victorians, not because they are on any body of water, but its the pride and attention in which they take care of there properties,, (lawns, and houses)and this is in one of the so called poorest areas of the state,,in aroostook county
im sure there are exceptions (which lttt may want to point out) but ,,for the most part, most of the house and lawns look clean and neat,,
im seing that downeast also,,,not all places,
some of the nicest folks i know in maine ,,im sure are under the so called poverty line, they appreciate and make do,,with what they have and not waste time,,whining about what they dont have ,,,
i also know many that have very nice "things" that dont appreciate anything,,its never enough,,,very vain,,and image oriented people,,who seem to never find themselves or comfortable in thier own skin,,always trying to impress others,,yet feel like crap about themselves,
,.....most mainers know (or is related) to some older man or woman,,who scraped by all thier lives for a better life for thier kids, not themselves, with what little they have they are "givers" not takers. these folks have pride, would work three jobs, to support thier families, and would refuse any goverment assistance,(only as last resort)
these folks may be looked upon as "poor" (because of income levels)but dont ever tell them that,,they will hit you with a shovel.
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