Are you receiving the aveage pay in private industries

[Red Arrow]

So I spent $300,000 going to college to avoid being a member of the "working poor."  Do you have any idea how long it will take me to earn that money back to even BREAK EVEN?

My dad said it took him about 20 years to catch up to the guys that went to work right out of high school compared to his engineering degree.  After that, he pulled way ahead.   I haven't figured it out for me.  The important thing is whether you like what you are doing now compared to what you would be doing without your education.

I did compare income with a friend that graduated from college with me. Same degree, almost same GPA.  I went into the US Navy (drafted, then chose the Navy over the other options) for 4 yrs active duty then went to grad school at TU on the GI bill and a TA from TU. He got a graduate degree courtesy of his employer.  I came out with about $87,000 less income over 7 years.  At 3% interest, (allowing some for taxes) that would be worth about $210,000 now. 

Most of us probably have some financial lost opportunity, expense, or other injustice to tell.   I know a few people that were retired very young, until the DotCom collapse.  This recession has claimed some more.

[USRufnex]

When viewing the posts on the Tulsa forum one assumes that the poster are made up of the elitist which gives the illusion that the common working poor are not represented.
Many of the poster hide behind false names and data.
Being the average pay in the city is now $20.81 dollars an hour or $832.69 per week.  Many of those don't seem to be represented on this forum.
Is there any data available that show those of the working poor, not subsided directly of indirectly by goverments making under the average wage, are member on this forum?

I make above average pay for my industry but guess I'm below average per your statistics...  I prefer median income as a better measure of wages over average income...
I do not consider myself to be "working poor" although was once a "starving artist."
I have never worked for the gubmint, but I fail to see the inferiority of teachers, police, fire, etc..... to the many hard working people in the private sector.... in fact, I prefer dealing with gubmint bureaucrats over self-absorbed pompous private sector lawyers or egotistical doctors who refer you to an out of network boutique hospital they happen to own.....  just sayin'

[tim huntzinger]

Look, I'm certainly not complaining about my pension.  I'll be glad to collect it and PRAY TO GOD I'll get to enjoy it more then the average officer does.  My wife wants me to live past 58 (I think).

Wait you 'pray' to a 'god'?  Are you hearing voices?  Are you mentally unstable?  Are you so ill that you believe that there is anything but what you see in this universe to worry about?  You must be crazy to think that some disembodied diety gives a rats donkey about your miniscule, pitiful existence.  You must be some kind of screwball.

We are so screwed as a nation.  Every child born from here out is in how much debt?  $300K? $400K?  Our nation just signed over what $30TRILLION to the criminal federal reserve and you expect some phantasm to save you some spare time at the end of your life for leisure?  Pick up a shovel grandpa or get on an ice flow.  We ain't got time for your quaint fantasies, but we got this ditch here to dig . . .

[cannon_fodder]

CF: Don't be alarmed. Its all in the grand plan of retirement.

So it be that the working poor appreciate greatly all the contributions that are paid by elitist who can deposit $25,000 in a retirement savings accounts monthly . . .

When one had to spends a $100,000 to qualify to be given the bar examination this created a class of their own that do not pay SS. 

I'm so confused.

1) Please put a dollar figure on who counts as "working poor."  Please do so in terms of NET pay, including benefits and the like.    I need to know if I am the working poor or not.

2) Americans generally have a very low savings rate.  But lets pretend your rich American is saving 25% (about 8 times the average).  If he is putting away $25,000 a month he is making $250,000 a month.  Or $3,000,000 a year.  There are probably less than 100 people in Tulsa that make that much money, perhaps far fewer than that.  So as a demographic it isn't really that important as a percentage of our MSA GDP. 

3) Whoever informed you that attorneys don't pay SS was horribly wrong.  A higher percentage of attorneys are self employed than any other profession.  Thus, we tend to pay MORE social security than any other profession (as we pay our share and the company match).   The days of attorneys being their own "class" went away when it was determined that restricting the number of attorneys was an unconstitutional  restriction to access.

If you want to get a feel for what attorneys USED to make, see the only profession that still successfully limits the number of practitioners:  MDs.   If you restrict the number accepted to medical school and lobby to further restrict licensing of immigrants, you can control supply.   Then make it illegal to practice without a license and control that license and you're in.   

Attorneys still have the second half, but the BAR can no longer dictate admissions to law schools.  Hence, access to attorneys is more readily available and greater competition has greatly reduced the price.  Much to my dismay  .
- - -


Red Arrow:

I was merely trying to show Shadows that us "elitists" generally have a great deal of cost associated with eventually getting to the promised land.  He seems to think you get a degree and march out to build a castle on the backs of the "poor."  If there was a way to do that, I probably would. . . but I haven't found it yet.   

[Red Arrow]

Red Arrow:

I was merely trying to show Shadows that us "elitists" generally have a great deal of cost associated with eventually getting to the promised land.  He seems to think you get a degree and march out to build a castle on the backs of the "poor."  If there was a way to do that, I probably would. . . but I haven't found it yet.   

I was actually trying to support your position.  Hopefully there will be a time when you "win financially" but it certainly isn't just a couple of years.   I lost about $87k compared to my friend after college but that doesn't even address the money we spent and didn't make while we were getting our 4 yr degrees.  OK, I worked a few summer jobs but that money went right back into school.

[shadows]

CF: This is the additions to SS and who was exempted.   

1954 Farm self-employed. Professional self-employed except lawyers, dentists, doctors, and other medical groups. Additional regularly employed farm and domestic workers. Homeworkers. State and local government employees (except firemen and policemen) under retirement system if agreed to by referendum. Ministers could elect coverage.

The above are the amendments to the SS act of 1935.  Are you an attorney or a law employee?
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CF quoted:
3) Whoever informed you that attorneys don't pay SS was horribly wrong. A higher percentage of attorneys are self employed than any other profession. Thus, we tend to pay MORE social security than any other profession (as we pay our share and the company match). The days of attorneys being their own "class" went away when it was determined that restricting the number of attorneys was an unconstitutional restriction to access.
=============================================================
You may attend law school without the 80 hours but you are restricted from taking the bar examination.   

[shadows]

In going over bank statements I see where a $10,000 dollar CD paid interest of $9.82 and the service charge to transfer the interest into the checking account was a $10.00.  This means that it only cost me 18 cents for them to use the money for one month.  I am trying to calculate how many years of savings to have a nest egg for 30 years in retirement.  How do you go about it?

[RecycleMichael]

In going over bank statements I see where a $10,000 dollar CD paid interest of $9.82 and the service charge to transfer the interest into the checking account was a $10.00.  This means that it only cost me 18 cents for them to use the money for one month.  I am trying to calculate how many years of savings to have a nest egg for 30 years in retirement.  How do you go about it?

Because we are such close friends...I will let you in my exclusive investment club. Bring your 10K to my house and I will guarantee to match your bank's interest rate will waive all transfer fees. Promise.   

[Wilbur]

In going over bank statements I see where a $10,000 dollar CD paid interest of $9.82 and the service charge to transfer the interest into the checking account was a $10.00.  This means that it only cost me 18 cents for them to use the money for one month.  I am trying to calculate how many years of savings to have a nest egg for 30 years in retirement.  How do you go about it?

You're not going to live off $10,000 for 30 years no matter where you invest it.  And certainly not invested in a CD.

[Red Arrow]

In going over bank statements I see where a $10,000 dollar CD paid interest of $9.82 and the service charge to transfer the interest into the checking account was a $10.00.  This means that it only cost me 18 cents for them to use the money for one month.  I am trying to calculate how many years of savings to have a nest egg for 30 years in retirement.  How do you go about it?

Make up for it in volume.

Seriously:
$9.82 interest on a $10,000 investment is approximately 0.2% interest.  You must be with BOK.  I had a CD there that was to renew at 0.25% so I moved the whole thing to another bank willing to pay 1.75% APR.  Some Credit Unions are a squeak above 2%.  Non of these rates are going to get you too far but leaving your money in a 0.2% CD is not a good choice.  You may have benefits for another account tied to having a CD at the same bank.  I am in the process of getting rid of that (checking with CD to get "free" checking) with BOA. 

So for the short term, move your money to another bank or a Credit Union.  At least there would be enough interest to transfer.  Interest rates were this low a few years ago and then rose to the lofty height of about 5% before crashing again last fall.  Still not much but for FDIC (etc) you will pay some in reduced interest.

Edit:  I glossed over the per month for the $9.82 so the APR is higher.  Concept above is still the same.  Additional choice may be to transfer the interest less often assuming the cost of the transfer would be the same.

[shadows]

You're not going to live off $10,000 for 30 years no matter where you invest it.  And certainly not invested in a CD.

I saw the people stand in front of the banks and building and loans in the 30's begging for their money they had on deposit.  I do not trust any one bank but deposit in several banks thinking if any one were to close I could get my other 2 nickels out. We are being told daily that we are to expect some banks to close.

The family that bought the closed bank building in Inola found a stash of $20.00 gold pieces behind the vault.  The Government lay claim to them as it was illegible to own gold coins.  Then the fight started. They are possible in some government employees collection today.

[Red Arrow]

  I do not trust any one bank but deposit in several banks thinking if any one were to close I could get my other 2 nickels out. We are being told daily that we are to expect some banks to close.

I also keep my money in several banks/Credit Unions for the same reason.  Even with FDIC and the CU equivalent, it may take a while to get your money.