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> real estate or crypto you seriously think former mcdonalds workers - now unemployed - have taken their year of unemployment and bought either of those things
by Octoth0rpe 5y ago
> real estate or crypto
you seriously think former mcdonalds workers - now unemployed - have taken their year of unemployment and bought either of those things? Really?
- thepasswordis 5y agoYes? Why wouldn’t they?
- ruined 5y agohouseholds with income under $40k mainly used stimulus money to pay down debt or purchase essentials https://libertystreeteconomics.newyorkfed.org/2020/10/how-have-households-used-their-stimulus-payments-and-how-would-they-spend-the-next.html https://libertystreeteconomics.newyorkfed.org/2020/10/how-ha... a good chunk did go to savings but for budgets this small that usually means a savings account or cash at home. i expect unemployment was spent similarly.
- lghh 5y agoHow on earth is a former McDonald’s employee, now unemployed, getting approved for any kind of loan for a rental property? Crypto? Sure maybe like 20 bucks once, but the rest of that money is for food and rent and maybe a small hobby.
- thepasswordis 5y agoI don’t know. I personally know people who worked at low wage hourly jobs like that who were exploring buying a second home during the pandemic to have as a rental property. Often these people are what some people might call “handy men”. They are married, so they have multiple incomes, meaning multiple people who were receiving stimulus checks and UI. It may surprise some of you making $300k/yr and buying $2M houses in San Francisco to learn this, but the people who make your food and deliver your things have lives as wrll. They aren’t just servants.
- cko 5y agoWait, do you mean handymen like people who repair stuff related to real estate? I hear that's not exactly a low wage job. Or you're saying they do handyman work as a side hustle?
- qualudeheart 5y agoYeah trades are surprisingly well paid.
- thepasswordis 5y agoI'm saying that there are many people working low wage jobs who have the skills most people on HN would consider "handyman" skills.
- Miner49er 5y agoYou're not making a low wage if you can afford to buy a 2nd house.