Low Income Mustachians

[thegradwife]

For those who are low income, I was wondering...

- What's your income?
- What are your long term goals?
- What are your short term goals?
- What are you frustrated about?
- What are your best tips for being a mustachian with lower income?

[Zikoris]

What do you consider low income? As two office clerks, we make way less than a lot of people here, but we're nowhere near minimum wage.

[thegradwife]

I figured that's up to the individual. I think it's hard since there are so many factors, like size of family, cost of living, health etc. It's up to you if you'd put yourself in that category.

[2Birds1Stone]

For those who are low income, I was wondering...

- What's your income? less than it should be
- What are your long term goals? To increase our income
- What are your short term goals? To increase our income
- What are you frustrated about? Increase our income
- What are your best tips for being a mustachian with lower income? Increase your income

[ender]

Also there are a lot of ways to fairly trivially increase your income.

I got about $3k worth of credit card cash back this year for fairly minimal work. And that was without any fake spending, just using my normal spending.

[APowers]

Income: Averaged about $26k/yr over the last 6 years
Long term: I want to be "independently wealthy" (FIRE) by the time I'm 35. I'm 28 now, was 23-24 when I conceived this goal.
Short term: Buy a second house.
Frustrated that I can't seem to get my income up above $30k/yr without working 70hrs/wk.
Tips: don't spend any money. Satisficing.

[2Birds1Stone]

Income: Averaged about $26k/yr over the last 6 years
Long term: I want to be "independently wealthy" (FIRE) by the time I'm 35. I'm 28 now, was 23-24 when I conceived this goal.
Short term: Buy a second house.
Frustrated that I can't seem to get my income up above $30k/yr without working 70hrs/wk.
Tips: don't spend any money. Satisficing.

What do you do?? Even in my very early 20's with absolutely no college degree I was able to pull in $40-50k/yr working in retail management no more than 40 hrs/week.

[MommyStache]

Income: Averaged about $26k/yr over the last 6 years
Long term: I want to be "independently wealthy" (FIRE) by the time I'm 35. I'm 28 now, was 23-24 when I conceived this goal.
Short term: Buy a second house.
Frustrated that I can't seem to get my income up above $30k/yr without working 70hrs/wk.
Tips: don't spend any money. Satisficing.

What do you do?? Even in my very early 20's with absolutely no college degree I was able to pull in $40-50k/yr working in retail management no more than 40 hrs/week.

It says you are from New York? If so, salaries for different jobs vary a ton by region. Work like you described wouldn't bring in more than $25-30,000 here.

[MommyStache]

For those who are low income, I was wondering...

- What's your income? $26,500 take-home (retirement savings taken out before we get this) plus the benefits of housing and insurance provided by the military
- What are your long term goals? increase income and investments
- What are your short term goals?pay off auto and student loans
- What are you frustrated about? increasing income
- What are your best tips for being a mustachian with lower income?reduce spending by using library for books, music, movies. Use coupons. Buy used. Embrace minimalism. Cook at home from scratch as much as possible. Follow deal sites for things that need to buy.

[Cezil]

For those who are low income, I was wondering...

- What's your income?    Over the past 5 years at one company, I have gotten to where I now make a bit under $40,000/year before taxes/401K/etc.
- What are your long term goals?   Save up enough to retire early, travel the world and live in other countries, while somehow simultaneously living on a quiet, peaceful, self-sufficient farm with my family (parents, most importantly), getting the most time with them, before they depart this realm.
- What are your short term goals?   Pay off student loan, car loan, and joint credit card.
- What are you frustrated about?   Feeling like I don't have enough money to go around; feeling like I'm not paying off the debts fast enough; feeling that I need to start saving already (I know, paying off debt is a type of saving, but I want to be done with debt and onto the investment accounts already!)
- What are your best tips for being a mustachian with lower income?   Do as many free things as possible around the community: it's free, shows local interest/support, and is something to do.  Get good value - bought a $20 video game?  Provides hundreds of hours of entertainment, alone or with friends.  Yay.  Just be smart about the money you spend.

[StacheyStache]

For those who are low income, I was wondering...

- What's your income?  About 50k+5-8k in side hustles before taxes and deductions.  Not sure I qualify for this thread but it sure seems like I do among high income Mustachians.  It was about 40k a few months ago before I started my new job.
- What are your long term goals?  FIRE by 45, increase salary substantially every two years until I get to at least 80k before side hustles, either with raises or job hopping, move to a lower cost area and buy a house that's way cheaper than my current rent.
- What are your short term goals?  Raise next year, if no substantial raise then new job with higher salary in two years
- What are you frustrated about?   Reading threads like save 50k this year for singles when my entire gross income is just barely over that and take home is under that, how little employers value tenure and loyalty in employees and force us to job hop if we want to be paid market value.  I will never understand that as it rewards and promotes constant turnover. 
- What are your best tips for being a mustachian with lower income?  Don't do it.  It's so much easier to save 50% of your income when you're making more.  If your employer refuses to give you raises commensurate with experience, start applying and job hop for the highest offer every two years until you're being paid fairly and/or pick up side hustles on your own to increase your income.

[APowers]

Income: Averaged about $26k/yr over the last 6 years
Long term: I want to be "independently wealthy" (FIRE) by the time I'm 35. I'm 28 now, was 23-24 when I conceived this goal.
Short term: Buy a second house.
Frustrated that I can't seem to get my income up above $30k/yr without working 70hrs/wk.
Tips: don't spend any money. Satisficing.

What do you do?? Even in my very early 20's with absolutely no college degree I was able to pull in $40-50k/yr working in retail management no more than 40 hrs/week.

It says you are from New York? If so, salaries for different jobs vary a ton by region. Work like you described wouldn't bring in more than $25-30,000 here.

I'm from WA, just recently moved to CO. I worked in the grocery store (Kroger) for 5 years = $15/hr; eventually I phased to part-time grocery, part time pizza delivery = my highest year ever at $40k; now that we've moved, I'm doing part time pizza delivery, part time property maintenance (remodeling, landscaping, handyman) for about $15/hr, but 50-70 hours/week.

[mohawkbrah]

For those who are low income, I was wondering...

- What's your income?
£15k/year
- What are your long term goals?
Be retired before 30 no matter how cheap and frugal i have to be (ERE approach)
- What are your short term goals?
Be part time retired by 25, minimum own a house/flat somewhere cheap. im currently 21
- What are you frustrated about?
Overvalued Uk housing market
- What are your best tips for being a mustachian with lower income?
Live with your parents for as long as you can(bare it) in order to save. Take a more ERE approach than MMM

[joonifloofeefloo]

Income: $0-$7000 year for a very long time. I was homeless, malnourished, and very hungry.

My long term goals were: A safe, quiet home; unlimited nutrition; freedom from clocks. I've achieved those and far more :)

My short term goals were: Enough emergency money set aside that when (not if) welfare illegally cut me off, I could still pay for shelter.

I was frustrated about: Income inequality, i.e. that of two people working equally hard, one got $500k per year and one got $6k, if that.

My best tips for being Mustachian with lower income are: in this book https://www.amazon.com/Rising-Strategies-Broke-At-Risk-Those/dp/151874043X/  (Blog, with access to free copies, in my signature below.)

[jaysg7]

For those who are low income, I was wondering...

- What's your income? Between $22,000 - $24,000 ($12 clerk and $11 1st year bookkeeper with associate's degree in accounting)
- What are your long term goals? Retire by 50. I'm 33 now and just now feeling financially literate and wishing I knew this much earlier.
- What are your short term goals? Build up $3k emergency fund, increase income and keep expenses as low as possible for 2017.
- What are you frustrated about? The fact that I didn't have these same ideals earlier in life because I would be so much better off now. Also frustrated with my income but not wanting to go back to school for my bachelor's in accounting due to still owing $27k in student loans for my associates.
- What are your best tips for being a mustachian with lower income? Research anything you feel you need to buy and make sure it adds actual value to your life if it's something you don't have to buy. Find joy in things that don't cost money and don't fall in to the consumer trap. We have it ridiculously good even at low income levels compared to many in the world. Even on my low income I could be happy with less and that's something I have to remind myself of pretty often lately as I've been thinking too much of the past and future financially speaking.

[Erica]

For those who are low income, I was wondering...

- What's your income?
- What are your long term goals?
- What are your short term goals?
- What are you frustrated about?
- What are your best tips for being a mustachian with lower income?

2016
$17K My Main Job w/a Vendor of the State- Medical benefits& dental $8 mo. LTC Plan, Life,401k soon
$10K My 2nd County Job - Medical benefits provided for $10 month
$13K (Showed 9K, the rest is cash jobs)
-------------
40K.  (Show 36K) About $3K in taxes so actually make $37K or $3083 Take Home Pay

EXTRAS-Not Counted

I am paid $12.50 a week to drive to and from, work. Except I drive to & fro work twice per week
It covers my gas completely for that week
.
I make about $150 month selling on Ebay & Amazon but I don't count it because I buy non-essentials like restaurant gift cards, cycling stuff, organic hair color, etc...This is because I used to make more but now it's less, a very unpredictable income. I shop w/clients while on the clock list on the clock but ship out on my own time


Monthly Expenses

$1250 Rent. Too high $$. . Will be buying a home within 1-2 years paying straight cash
$150 Utilities
$175 gas
$450 food
$50 Car Insurance
$50 Extras
$75 Cheerful giving to church
$25 Cheerful giving to whoever.
$100 food for our son
$100 for whatever comes up, usually nothing
$100 CC Bill
--------------------------
$2475


13K saved. Inheritance coming which will cover buying a home. Selling our land, surely will make at least 50K

401K offered starting Jan 2018 at the $17k job, 30% contribution +3% Employer match for 2017 then 100% of that paycheck will be contributed from 2018-on for retirement. Probably earlier than that. That is $170K+ (if I make no $, nor loose no $$) % 12 months % 35 years ( Plan to live until age 93 years old) This is $408 per mo+ SS @$1720=$2128 a mo. at retirement.

Again SS checks will be about $1725 month combined or a little more + $408+ any other fund I've created since after retirement at age.

Between ages 58-68, I plan on cutting my work hours to one day a week which is about $200 a wk in today's dollars. 50% of that money will be saved for our Son's Inheritance, he will get the house +100K in money at the very least+ whatever we make house flipping. I will make more than that bsince work requires us to cover others time off but I need a little nest egg$$ inside our house for unexpected expenses.

We plan on moving every few years avoiding Capital gains tax and pocketing the profit since it isn't expected to be listed on your tax return.

Husband is a Painting Contractor and a very good handiman who also fixes our cars if they break down. We buy them from the Auto Recyclers, he fixes them, paints them, we drive for 1-2 yrs then he makes a little profit off of that. Profit is probably about $1K per yr.

My best tips  in retirement=Plan on growing your own food if you can. Can the food. Have chickens for the eggs and as pets. Attend a bible believing church. Maintain close friendships. Cycle. It's a free way to get around which keeps a person healthy. Cycle, hike, swim as recreation & for fitness. Be outdoorsy. Save much of your $$ beyond meeting your basic expenses for your child(ren)s inheritance

[TacheTastic]

For those who are low income, I was wondering...

- What's your income?
- What are your long term goals?
- What are your short term goals?
- What are you frustrated about?
- What are your best tips for being a mustachian with lower income?

I bring in about £16k a year, I think. It is very variable from week to week and term to term.
My long-long term goal is retirement age 50. Medium-long term is to graduate in 3 years as a nurse, or ideally switch to the masters programme and graduate in 4 years, without having any debt.
Short term goal is to get through my first placement intact.
Mustachian low income tips? Don't smoke or drink.

[EverCurious]

Did someone say Low-Income? Whoo! Okay let's see..

- What's your income?

My husband and I combined is like a little over $30k.

- What are your long term goals?

To retire as early as possible together on a small piece of land we hope to own. In our own house that we built, and without worrying about food or essentials being shut off ever again. Financial peace I guess?

- What are your short term goals?

Pay off the hubby's credit cards. Then tackle the credit union loan like a quarterback in the Super Bowl.

- What are you frustrated about?
My friends and the people around me. I struggle with jealousy a lot. That, and i really want to travel but my job has piss poor vacation time.

- What are your best tips for being a mustachian with lower income?

For the love of all things sacred, take care of your mental health! Exercise, keep in contact with friends, whatever just don't neglect your mental health. Trust me, it'll come back to bite you.

[SwordGuy]

I've started a low income Race to FI where you track your FI % -- the % of the passive income you need to FIRE that you already have.   

I think it would be great for folks to have a common place to track progress and encourage each other.

https://forum.mrmoneymustache.com/throw-down-the-gauntlet/race-to-100-fi-(only-if-below-median-household-income!!!)/

[golfreak12]

Did someone say Low-Income? Whoo! Okay let's see..

- What's your income?

My husband and I combined is like a little over $30k.

I don't mean to judge but why is it so low.
Even at $12/hr, its $25k x 2 = $50K.

[AnnaGrowsAMustache]

Income: Averaged about $26k/yr over the last 6 years
Long term: I want to be "independently wealthy" (FIRE) by the time I'm 35. I'm 28 now, was 23-24 when I conceived this goal.
Short term: Buy a second house.
Frustrated that I can't seem to get my income up above $30k/yr without working 70hrs/wk.
Tips: don't spend any money. Satisficing.

What do you do?? Even in my very early 20's with absolutely no college degree I was able to pull in $40-50k/yr working in retail management no more than 40 hrs/week.

It says you are from New York? If so, salaries for different jobs vary a ton by region. Work like you described wouldn't bring in more than $25-30,000 here.

Same where I live. Retail management isn't a high paying job.

[AnnaGrowsAMustache]

My income isn't that low but my job history over the last decade has been really patchy. Two redundancies, a big town destroying quake, I've said FU once and walked. It's been pretty crappy and I just haven't been able to get traction, even with side hustles. So on average my income has been shiiiiiit.

Main goal is to get out of this frickin crappy cycle and make better progress!