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Should You Share Your Income And Worth?

By Frugaling 13 Comments

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City Hall, Toronto, Ontario, Canada

Imagine walking down a busy street. You see people you’ve never met hustle to and fro. They’re going to work, school, and social gatherings. Some faces are smiling; others, not so much. You don’t know them and they don’t know you.

Now, imagine seeing digits carefully placed above their heads. When you look at these digits you judge someone beyond their race, ethnicity, age, gender, potential sexual identification. These numbers allow you to see someone’s annual income, and even their net worth. Suddenly, that man with ripped jeans looks a lot more impressive with a staggering 7 digits above his head, doesn’t he? Or, how about the mother with two kids followed along by a 4-digit number?

Would you worry more? Would you care more? How would you evaluate disparities?

Traditionally, annual incomes are closely guarded secrets. Nobody knows what their neighbors make most of the time. Unless you work for a public, governmental organization that requires public disclosures, annual income is between you and your employer.

Even more difficult to ascertain is net worth. As a total of all assets — liquid and non-liquid — it can be challenging to calculate. Net worth represents a total wealth after taxes that’s yours to keep and grow and spend as you see fit.

Aside from the aforementioned exception for public employees, income and net worth tend to stay private. Broaching the subject in certain company can seem gruff, rude, or downright hostile. To talk about these numbers is to admit something… personal.

It’s as if net worth represents our worth.

If you were to ask your neighbors what their incomes and net worth was, how might they react? How about your friends? How about your acquaintances? And perhaps most tellingly, how would your parents react?

Likely, there would be some awkward reactions, defensiveness, shame, and dread about talking in depth about digits. Those in poverty might exhibit the same emotions as those who are wealthy. Talking about money management and worth are inexplicably tied to self-worth and self-identity.

The consequences of this hush-hush mentality have been grave. To publicly acknowledge may seem novel, but silence harbors injustices and prejudices. And that’s why we must throw open the door to personal vaults and share.

Take the gender gap injustice: women make 77 cents for every $1 men make. There’s nothing fair about it. If we treated, understood, and respected women as equals, this pay gap wouldn’t exist. Women also deserve paid maternity leave, child care assistance, and flexible health insurance options should they be single parents. Each of these failures in assistance perpetuate gender inequities.

Another population that suffers greatly for economic privacy are African Americans. In 2011, black workers made an average (median) household income of $39,760. Whites took home a staggering $67,175 in comparison. Racial inequality has been around for hundreds of years, but that doesn’t mean we should accept this status quo. Again, various factors hold African Americans back: high policing in black neighborhoods, judicial policies that prejudicially penalize non-violent drug offenders, and poorer educational opportunities in predominantly minority communities.

Between communities, tremendous per capita incomes exist. You can be born and stay in poverty — all as a consequence of your birthplace. In Washington, D.C., the average per capita income is $45,290. But in poverty stricken post-boom-and-bust Gary, Indiana, each resident makes an average $15,764. While these average incomes help show broader income inequality, they’re depersonalized. You can’t see the individual and how that one person must live.

Annual income and net worth become two of the best measurements for the consequences of these hurtful, unequal policies. By failing to openly discuss these issues, we fail every disadvantaged group.

By opening up our wallets for analysis, we may squirm and squeal. It’s uncomfortable to admit our total salary and savings because we think it says something about who we are; frankly, it does. But there’s a chance that if we admit our incomes and net worth, we’re providing those looking for equality an opportunity to stake their claim.

Oh, lest some commenter call me a hypocrite, I make about $20,000 per year.

Filed Under: Social Justice Tagged With: Annual, gender gap, Income, Income Inequality, net worth, Pay, paycheck, racial gap, Salary, unequal

Frugal Articles of the Week

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Reading Nook Photo

Every week I like to feature a few frugal articles that caught my eyes. Curl up in your favorite reading nook and enjoy. Hopefully these encourage you to live frugal lives!

The $179 Million Picasso That Explains Global Inequality by Neil Irwin
Who knew that the art world could be a perfect analogy for income and wealth inequality? In this brilliant New York Times article, the author explains how an atmospheric art world is going bonkers. There are more billionaires than ever, and they’re spending money with wanton abandon.

Why I Gave Up a $95,000 Job to Move to the Caribbean and Scoop Ice Cream by Noelle Hancock
This story gets filed under the category of inspirational. Noelle risked it all by quitting her “successful” job in New York City for an island in the Caribbean. In this brilliant little memoir, she shares what led her to take the leap and how she’s been managing.

21 Surprising Statistics That Reveal How Much Stuff We Actually Own by Joshua Becker
With a highly viral name like this, it’s no wonder why it already has nearly 200 comments! Joshua struck a gold mine by highlighting some of society’s worst offenses.

Hack America: Field Notes from the Road by Blk Shp
Every week I note a few articles about frugality, incomes, wealth, and more. This article is a little departure from all that jazz. It’s an inspired piece of writing that captures the essence of America in a fresh, hip, fun new light. Especially loved the focus about outsiders, but don’t want to spoil it here! Go read it.

Filed Under: Save Money Tagged With: articles, Frugal, Income Inequality, Save Money, week

Shatter Your Definition Of Success

By Frugaling 9 Comments

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McMansions

Tell me about successful people and you might be inclined to rattle off resumes. Perhaps these people work hard and make sizable sums of money. Maybe they are moving into multiple-thousand square foot homes with ample room. They could even have the prestigious title of doctor or chief executive.

In our highly individualistic society that hails “hard work” and “grit” and “responsibility” and “choice,” we learn early on what success looks like. Different cultures have variations of vocational prestigiousness, but many share in the desire to own land, property, and make more money than most. To be accomplished, one must follow this tattered path.

The ability to captivate through material possessions and titles is dangerous. Real success and accomplishment seems lost amidst this cavalcade of crap. Worse, these measures of success are not afforded to everyone. Minorities and those from disenfranchised backgrounds are not offered the same opportunities to “succeed” in these traditional ways. For example, faculty at institutions of higher learning are overwhelmingly white men, and that’s a problem for everyone.

Our ideas and definitions of success are decrepit. We need new measures, and we’re long overdue. If success cannot be afforded with greater equality, why do we continue to allow these narrow ideas to continue? What exactly are we doing with these antiquated ideals? Why do we trumpet individual achievement that only goes to consume and perpetuate inequities?

Society benefits in the propagation of materialism and consumption. And current measures of success conveniently fit this modality. Buy the home, buy a bigger one. Buy the car, buy a more luxurious one.

We need better, less financially dependent measures of successes. Education is out of reach for many. Material possessions are tired and tried methods of achievement. Income disparities are nearing Gilded Age levels again. Larger homes consume more fossil fuels to heat and cool. Luxury vehicles tend to burn through gasoline. And prestigious titles seem reserved for those born and ascribed status.

Just because “success” works for capitalism doesn’t mean it works for the collective. Let’s craft something a little different. Perhaps we can live in a world that defines success flexibly. Perhaps we can see success in the helping hand, time, and dollar given to anyone/someone in need. Perhaps we can see success in the mother that raises children who respect the planet and find ways to help others. Perhaps we need to break out from formal strictures that rule over our lives, and consider that consumption cannot equal achievement.

Disbanding this present thinking provides for a future with hope for the masses. Achievements needn’t be through prescribed methods and lists of prestigious professions. We need a world with janitors, plumbers, assistant to the assistant managers, and everything in between. We need a world where someone making $35,000 per year, retiring with little, but helping find foster homes for children is seen as a hero (and heck, would it hurt to pay that person a little more?).

Humans are incredibly creative; yet, we have allowed these to persist. We are flawed, but have great potential. It’s time to shed archaic messages. They were convenient for marketers, but harbored horrific messages to those who couldn’t meet the prescribed rules.

How would you define success? Who are your role models? What do you think about income, vocation, and education as measures of success?

Filed Under: Social Justice Tagged With: achievement, Career, Gilded Age, Income, Income Inequality, jobs, rich, Success, vocation, Wealth

Frugal Articles of the Week

By Frugaling 1 Comment

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Reading Nook Photo

Every week I like to feature a few frugal articles that caught my eyes. Curl up in your favorite reading nook and enjoy. Hopefully these encourage you to live frugal lives!

Families Ditch Cars for Cargo Bikes by Laura Moser
The Hoverman family lives in a ritzy neighborhood with a luxury, Audi SUV. They have it all, seemingly. But one thing that sets them apart is that they avoid driving on the weekends. Instead, they opt for “cargo bikes,” which allow for the whole family to ride in comfort and still be eco-friendly. What a great idea!

Nearly a third of savers have less than $1,000 for retirement by Vaishali Gauba
The statistic might shock you: a significant minority has little to speak of for retirement. Of the total sample population for the survey, 57 percent had less than $25,000 saved. This absence of wealth could be exceptionally difficult for future comfort, livelihood. But beyond the basic stats, I must caution readers that the solution isn’t as simple as saving more. The problem is that people are not paid enough to save enough. Then, and only then, people can be better directed to plan for retirement. Their immediate needs must be met first.

The Three Rules of Self-Sufficiency and Preparedness by The Frugal Farmer
Laurie’s a prepper. She has been storing food and goods for whatever financial straits she might find. In this enlightened article, she addresses three types of self-sufficiency: physical, financial, and spiritual.

Google launches its own mobile network by Chris Welch
This is tremendous news for all cell phone subscribers. Google has entered the cell phone network market. Now, they’re doing more than just building the operating systems and contributing to hardware development. With Google’s Project Fi, users can switch seamlessly between providers (Sprint and T-Mobile) across the world. Wherever there’s wi-fi, the phone defaults there, and then pops up to cell towers when you leave that area. Plus, the phone will work internationally, too. The best part — the frugal part — is that the monthly fee is $20 plus $10 per GB of data. If you don’t use your entire allotment, you actually get paid back as credit!

To fight income inequality, tell your friends how much you make by Meredith Bennett-Smith
It might sound counterintuitive, but income inequality calls for drastic measures! Despite this being the 21st century, there’s great income inequality between races, genders, and social classes. One author is advocating that people of all stratums rise up and say how much they earn. The hope is that people will be able to get an accurate and fair assessment of what they should be paid.

Filed Under: Save Money Tagged With: articles, bike, Bikes, cell phone, Fi, Frugal, Google, Income, Income Inequality, Prepared, Retirement, Self-Sufficiency, week

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