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Can confirm, the demand for factory work is insane right now. I know someone who went to work for a factory because the pandemic effectively killed his professi
by danjoredd 4y ago
Can confirm, the demand for factory work is insane right now. I know someone who went to work for a factory because the pandemic effectively killed his profession (union pipeline welder) and he pretty much exclusively works 12 hour shifts 6 days a week because there just isn't enough workers to keep up with the demand atm.
He was in a desperate situation because he got saddled with debt trying to stay afloat during Covid, so he just does that and keeps his head down all the time while paying things off. Its a shame too, he was so close to retirement and now I don't think he will be able to.
- phpthrowaway99 4y agoHow does a union welder get saddled with debt trying to stay afloat during covid? What was the thing he was taking on debt for to keep afloat? What does keeping something afloat even mean? He took on new debt to make payments on his old debt? I say this as someone that knows two pipeline welders in Wyoming. They were living it up with their time off. Who do you think bought all those side by sides in 2020 and 2021. You couldn't find one to buy no matter how far you were willing to drive. Do you think it was the office worker crowd buying $30k go-karts?
- prionassembly 4y agoDebt is one of those "gradually, then suddenly" things.
- 1-6 4y agoSaving money is also that way as well.
- giantg2 4y agoWhen does the suddenly start? Hasn't for me.
- fundad 4y agoDividends and Distributions
- xupybd 4y agoTakes about 15 years of consistent saving and investing. Then all of a sudden you're wealthy. But as you're saving and investing you still don't have a wild standard of living. "Fifteen percent of your household income is going into retirement," Ramsey said. "That will make the typical family a millionaire in 14 years." https://www.today.com/money/dave-ramsey-how-retire-early-pay-debts-grow-rich-t164342 https://www.today.com/money/dave-ramsey-how-retire-early-pay...
- derekp7 4y agoHousehold income of 100,000 (higher than typical) gives 15K per year, or 1250 a month. 8% interest gets you to $376,000 after 14 years. No where near millionaire status. And this is assuming a tax differed investment path such as 401(k), and you still owe taxes out of that when you withdraw (assume 20% for fed/state, if you don't draw it out all at once, gives you around $300k). Of course, add another decade and you are at millionaire status. Or don't contribute any additional funds, and wait 12 years, and you hit millionaire.
- xupybd 4y agoYeah the numbers there don't add up as their savings plan changes once people pay off their mortgage, have a rainy day fund and have the kids education fund ready.They tell people to max out savings at that point. So it's starts out at 15% but ends up being much higher.
- giantg2 4y agoI've been saving 20-25% for 10 years. I'm nowhere close to that sort of money.
- gedy 4y agoSame here, a lot of this financial advice is given through rose colored glasses of people getting windfalls from tech stock options in past decade.
- fragmede 4y agoI’m going to guess rent and living expenses, like for food.
- phpthrowaway99 4y agoYes, I often hear about dudes making $200k in 8 months of work, living in inexpensive areas of the country, having trouble buying food.
- JamesBarney 4y agoThis was a bunch of offshore workers. Make 14k in two weeks while offshore, not have a dime to their name 2 weeks later when they're going back out.
- phpthrowaway99 4y agoThat's a cool stereotype to talk about, but for every broke guy that makes $200k living in Wyoming, I know more that own 10 acres, a nice house, a 3000 sq ft metal building next to it, $10k+ in guns and ammo, several paid off older vehicles, and one nice one with a payment for the wife and maybe himself. That is much more common that someone that makes great money but just CANT curb his spending.
- JamesBarney 4y agoHow many offshore workers did you work with? I worked with plenty and there were lots of guys who lived modestly and saved a ton. But there were plenty of guys making 200k living paycheck to paycheck.
- phpthrowaway99 4y agoI didn't work with any offshore people. I knew a directional driller very well and visited him several times, and from there met a few welders as well while we worked on helping them install off-road suspensions onto their trucks. All had nice houses and sounded like they didn't have a care in the world. Very different from my silicon valley friends complaining about their high rent and housing costs.
- mynameishere 4y agoHe goes to the Ford dealership and says he wants a truck. The salesman says, "How much are you looking to spend a month?" He says 800 dollars because that's the amount he has left over after his bills. He then owns an 800/month truck. Repeat every three years throughout life.
- paxys 4y agoI have seen so many people fall victim to these tactics. It's never "what can you afford?" but "tell me what you want and we'll work something out". And next thing you know a 22 year old with zero financial or life knowledge is stuck with a 8 year 33% APR loan for shitty used truck that will need thousands in repairs every year.
- jshzglr 4y agoAs shitty as this is I don't think it's fair to label the individual a victim. A contract is a contract, and personal responsibility is a requirement in a free-ish society.
- badpun 4y agoI guess he can be viewed as a victim of his parents, and society in general (schooling system etc.), who never taught him about handling finances. How can a person know something if they were never taught it?
- phpthrowaway99 4y agoIt really doesn't take a lesson in finances to understand "money is important to have. I get money from work, which is not a sure thing. I should keep some money in reserves for when I don't have an income since jobs come and go". Immigrants from 3rd world countries with zero formal education, zero real family experience with building wealth, save money like crazy in the US.
- 4y ago
- danjoredd 4y agoThe way his job works is that he bids for jobs, gets accepted then go's out to wherever that job is. Usually spending 3-6 months out at a time, then going home and bidding for other jobs. Thing is, according to him, there weren't any jobs during covid and he isn't known for being a saver. That is def on him, but he says he is still having trouble getting a pipeline job that his union allows. Personally, I know next to nothing about the pipeline welder industry outside of what he told me, as I am a programmer. I am going off his word which may/may not be accurate
- phpthrowaway99 4y agoIf he's bidding on jobs, he's not exactly a union welder. He's a small business owner and in that case I agree things can definitely go south for various reasons.
- rootos 4y agoI think bidding in this case means he puts his name down for jobs that are sent to the union hiring hall- and the jobs are allocated on the basis of seniority. Fewer jobs impacts those lower on the seniority list.
- phpthrowaway99 4y agoThe word bidding is very well understood and used in the construction industry. I wouldn't assume the welder misused one of the most common words in the industry to help make a point here.
- paxys 4y agoBusiness executives, sports stars and other rich and successful people go broke and deep into debt all the time. The reason is the same whether you are a plumber or CEO – living beyond your means and not saving.
- phpthrowaway99 4y agoFor sure people go broke from over spending and going into debt. But this is a story of someone going into debt trying to stay afloat during a stay at home order apparently. Since the OP, it has come to light that he was more of a small business owner bidding on jobs prior to covid, which makes a lot more sense how a sudden drop in available work could wipe you out.
- throwaway742 4y agoFor real my ex is a union welder and she made stupid money during the pandemic. Construction is considered essential and she got mad overtime with all the people out sick. They basically took zero safety precautions and she gave me the pleasure of being one of the first 100 people to catch covid in my city of ~200,000 people.
- bongobingo1 4y agoBut think of all the money she made.
- deleted 4y ago[deleted]
- nebula8804 4y agoCan you give some insight into if he "blames" anyone in particular for his situation? I ask because a noticeable chunk of Democrat -> Trump voters (especially in the rust belt) specifically cite Bill Clinton and NAFTA for their abandoning the Democrats. It was a group Hillary took for granted and lost. Some percentage of those people appear to have sworn off Democrats for good. Since COVID started under Trump I wonder if he blames a particular side for his situation?
- fundad 4y agobecause of "economic anxiety", right?
- rayiner 4y agoMan. Elites realizing they could deflect any criticism of the impacts of globalization and the knowledge economy on the “racismsexismandhomophobia” of the working class was genius.
- nebula8804 4y agoIts not working though. Trump got elected and Bernie was very close to clinching the nomination. Italy just elected a far right candidate and lets not forget Brexit. If this strategy would actually work, the trend would be going in the opposite direction. At this rate it may just be a matter of time until the Elite's stores of values get "reset".
- twic 4y agoIt works pretty well within their own parties. That is, it helps those people keep control of their parties, even if their parties lose control of their countries. For career politicians, the former is more important.
- nebula8804 4y agoNo but my point is that trend is going in the wrong direction. The Bernie wing almost took control of the party and Trump? He was a gameshow host and despite all the efforts of the Republican party not to have him nominated he barged in there like a bull and took control of everything. He somehow ended up becoming their useful idiot but the point still stands. How many more election cycles until the Bernie/AOC manage to wrestle control of their party? Then what?
- deleted 4y ago[deleted]