This term is ordinarily applied to retirees and disabilities who receive a government check, but doesn't this term technically apply to salaried workers as well? I mean, if you are earning $30K/yr, you aren't going to earn more than $30K/yr. (annual pay raises and uncertain bonuses aside). This means you aren't going to put away more than $3K/yr in savings (assuming 10%). You also won't see the full $30K because of tax withholding.
I bring this up because people have often told me I need to stop trying to start businesses (too risky), cut back my expenses (which one, the gas or the water or the electricity...?) and just get a steady job. To me, it just seemed more risky to my future to have a "steady" (meaning I could be "pink slipped" on a whim) job. There is risk in what I do, but I control it, not someone else.
Fixed income?
March 7th, 2007 at 07:39 pm
March 7th, 2007 at 08:28 pm 1173299302
A $30k/year job can turn into a very well-paying job over time BUT if you are spinning your wheels in a dead-end job, then sure. I think that is what it comes down to. For many there are far better opportunities out on their own. There are lots of great opportunities in employment too - I have been on both sides - the steady paycheck and a boss who values me (& keeps me through hard times) is far better to me than customers who don't pay and disappear when the economy slows. But it has a lot to do with my personality and my industry - employment fares better for me. But I would never waste my time on a fixed income either... I definitely see what you are saying...
March 7th, 2007 at 09:06 pm 1173301576
Fixed income is because a person has lost their earning power. Generally a person under the age of 70 can still earn a significant amount of money. If someone has earning power, I do not consider them to be on a fixed income. They may CHOOSE to be on fixed income (welfare, retire early, disability), but they have earning power to make more money.
I earn most of my money by day.
I have recently stumbled on a way to make another 9-20k under the table cash each year. I am using this earning power for a short amount of time. Boost savings, save for some key expenses coming within next 1-2 years.
March 7th, 2007 at 09:35 pm 1173303329
March 7th, 2007 at 09:57 pm 1173304636
March 7th, 2007 at 10:10 pm 1173305410
My husband does some public speaking for honorariums and I do some tutoring. Neither require investments, so I consider them zero risk. No advertising is even required. Just word of mouth is enough.
There are tons of competitors out there in candle making, BTW.
March 8th, 2007 at 12:28 am 1173313709