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The system is designed to keep people poor
Posted on 5/27/26 at 1:14 pm
Posted on 5/27/26 at 1:14 pm
My teenage daughter (no pics) got a lifeguard job this summer. She set up all of her employment accounts and to get paid she has to use a service called DailyPay.
She can get her paycheck for hours that she worked the next day, but it charges around 5% to do this. Of course that's dumb so she just waits until traditional direct deposit day, but most everyone she works with is taking daily deposits.
She can get her paycheck for hours that she worked the next day, but it charges around 5% to do this. Of course that's dumb so she just waits until traditional direct deposit day, but most everyone she works with is taking daily deposits.
24
Posted on 5/27/26 at 1:16 pm to anc
We have people that pay for apps that tell them how much money they waste on other apps and subscriptions. Teach your daughter to budget and she will be ok.
Posted on 5/27/26 at 1:16 pm to anc
quote:
Of course that's dumb so she just waits until traditional direct deposit day, but most everyone she works with is taking daily deposits.
How is this the system's fault?
Posted on 5/27/26 at 1:16 pm to anc
Seems like this system is designed to target low impulse control.
No different than cashing your check somewhere for a fee. Which has been around my entire life.
No different than cashing your check somewhere for a fee. Which has been around my entire life.
Posted on 5/27/26 at 1:17 pm to anc
quote:
but it charges around 5% to do this.
Same thing about some of those "do-good" apps like Go Fundme.
I would think the employer would be responsible for that fee.
Posted on 5/27/26 at 1:17 pm to anc
Is that ‘the system’ or just ‘dumb people?’
Posted on 5/27/26 at 1:18 pm to anc
The ability to delay gratification is one of life’s most important skills.
Posted on 5/27/26 at 1:18 pm to anc
My kid worked part-time for 2 years in high school and has $13k in a Roth IRA.
Life is about choices.
Life is about choices.
Posted on 5/27/26 at 1:19 pm to F1y0n7h3W4LL
quote:
I would think the employer would be responsible for that fee.
what in the world would make you think this?
Posted on 5/27/26 at 1:20 pm to anc
This seems like a pretty poor example of the "system" being designed to keep you poor
She has the payout option that has been traditioanlly used and it costs her nothing, She can wait to be paid just like pretty much all of us have since entering the work force, she just has an additional option not traditionally available, with a convenience fee it sounds like
we have existed many many decades without daily deposits for payouts, I fail to see how an additional option for your payout is an example of the system being designed to keep you poor
She has the payout option that has been traditioanlly used and it costs her nothing, She can wait to be paid just like pretty much all of us have since entering the work force, she just has an additional option not traditionally available, with a convenience fee it sounds like
we have existed many many decades without daily deposits for payouts, I fail to see how an additional option for your payout is an example of the system being designed to keep you poor
This post was edited on 5/27/26 at 1:22 pm
Posted on 5/27/26 at 1:21 pm to anc
quote:
She can get her paycheck for hours that she worked the next day, but it charges around 5% to do this. Of course that's dumb so she just waits until traditional direct deposit day, but most everyone she works with is taking daily deposits.
Sounds like someone just came up with a good business plan to take advantage of those with poor financial decisions.
This post was edited on 5/27/26 at 1:22 pm
Posted on 5/27/26 at 1:22 pm to anc
Wealth (for nearly all wealthy people) is the cumulative result of good decision-making over a lifetime and sometimes over generations.
Poverty, likewise, is the cumulative result of bad decisions.
Poverty, likewise, is the cumulative result of bad decisions.
Posted on 5/27/26 at 1:23 pm to anc
Poor mindset keeps people poor.
Teach her about living below means, the astronomical cost to her for this “convenience”…
Summer reading: Richest Man in Babylon
When she realizes that her work can turn into eventual nice lifestyle AND owning cash generating assets, that for a long time, is huge wealth builder. This is the opposite of the poor mindset.
Those $ are like soldiers that fight for her everyday. Go build an army of them! …is a better mindset.
Much. Much.
Teach her about living below means, the astronomical cost to her for this “convenience”…
Summer reading: Richest Man in Babylon
When she realizes that her work can turn into eventual nice lifestyle AND owning cash generating assets, that for a long time, is huge wealth builder. This is the opposite of the poor mindset.
Those $ are like soldiers that fight for her everyday. Go build an army of them! …is a better mindset.
Much. Much.
This post was edited on 5/27/26 at 1:28 pm
Posted on 5/27/26 at 1:24 pm to anc
Poor people are experts at staying poor
Posted on 5/27/26 at 1:24 pm to diat150
quote:
what in the world would make you think this?
If you do a job for me for an X amount of $$, why would you have to pay to get your cash out of hock?
Posted on 5/27/26 at 1:25 pm to Salmon
quote:
How is this the system's fault?
This is the same thing I said back in 2008 when people were crying about the 7 year and 5 year arm loans they willingly signed up for to buy that $700,000 house on a $80,000 per year salary.
Predatory lending is a made up term for stupid people not knowing what they are signing and wanting more than they can afford.
No one is holding a gun to these peoples heads and making them make poor financial decisions. Payday loans are another great example.
Posted on 5/27/26 at 1:26 pm to anc
What system is that?
Posted on 5/27/26 at 1:29 pm to DrrTiger
quote:
My kid worked part-time for 2 years in high school and has $13k in a Roth IRA.
Life is about choices.
Looks like your kid had the “choice” to never have to pay for their own shite.
Posted on 5/27/26 at 1:30 pm to dgnx6
quote:
Seems like this system is designed to target low impulse control.
The system is designed to create people with low impulse control - this starts when they are young - then exploit that throughout their lives.
This will get harder and harder to avoid, and the system wants it that way.
Posted on 5/27/26 at 1:30 pm to anc
Wolf of Wall Street said something to that effect albeit in terms of their business model.....keep you as far away from your money as possible.
Of course the set up is designed to take as much from you as it can get. You have house notes, ridiculous car notes with exploitative insurance rates. Your utilities have increased .....electricity, water and gas. Your fuel costs have gone up. The cost of food has gone up( wishful thinking to think it will ever go down appreciably) Cell phone bills, internet access, cable TV. If you are middle class your disposable after all that is limited. If you have kids, you pay as well ( clothing, and incidentals) it's usually gone by Wednesday after payday on Friday. Hourly pay is barely keeping up with the inflation yhat counts that the government feels is too inconvenient to include in the #s
It's been this way since the invention of the middle class.
Of course the set up is designed to take as much from you as it can get. You have house notes, ridiculous car notes with exploitative insurance rates. Your utilities have increased .....electricity, water and gas. Your fuel costs have gone up. The cost of food has gone up( wishful thinking to think it will ever go down appreciably) Cell phone bills, internet access, cable TV. If you are middle class your disposable after all that is limited. If you have kids, you pay as well ( clothing, and incidentals) it's usually gone by Wednesday after payday on Friday. Hourly pay is barely keeping up with the inflation yhat counts that the government feels is too inconvenient to include in the #s
It's been this way since the invention of the middle class.
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