Quote:
Originally posted by smooth
1st: One needs to have more income than expenditure before even thinking about socking any of it away in any kind of savings account.
Back to living wages...
2nd: Passbook savings? Are you serious? What's the average return...it couldn't be more than 4%. What's the average rate of inflation?
Post that and let's figure out if it's worth more to spend one's money now rather than save it in a piddly account.
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A small positive return is better than a negative one - as most of us will see on our SS donations. Snickering at the idea of a regular savings plan is rather sad. Even a small account can grow substantially with compounding of modest interest rates.
Perhaps the wages would be more liveable without the hidden taxes that drive up consmer prices, thus enabling those lower wage workers to save something.
But then, I have always been an optimist.