I don't have a pension either, and I'm a tail-end boomer.
What have I learned?
Make sure to save at least 10% of your paycheck into long term savings (i.e. retirement savings), and another 5%-10% into a short term savings and/or brokerage account. Only live off of whatever is left after those two and taxes are taken out of your pay.
Do not assume your pay will increase very much over the first year or two at "generic jobs", like grocery/retail clerk, gas station attendant (which may only be in NJ now), fast food, food service employee, etc.
Do not assume that on e you're in a position within a smaller company that you will automatically get a good/decent raise for getting a few to several "atta-boy" moments throughout the year.
Do not just whine about how tough things are. Your manager and other colleagues know it because they feel the same or know that they can't increase your pay by much.
Always take write down detailed notes of times when you receive praise for your work, like literally every single time. That way you can present that to your manager to explain why you need a better pay increase.
If an medium or large employer can't increase your pay a good amount with all of the notes you took to remind them of everything you did to help the company, then it may be time to move on to a new employer.
Yes, it will usually be scary or difficult to move on to another company or business, if you don't feel like you are compensated fairly - use information provided by the Bureau of Labor & Statistics (BLS) who breaks down in one for occupations by state and level.
If I would have had and followed that advice when I was younger, I would be considerably better off right now!
Comments:
I don't have a pension either, and I'm a tail-end boomer. What have I learned?
- Make sure to save at least 10% of your paycheck into long term savings (i.e. retirement savings), and another 5%-10% into a short term savings and/or brokerage account. Only live off of whatever is left after those two and taxes are taken out of your pay.
- Do not assume your pay will increase very much over the first year or two at "generic jobs", like grocery/retail clerk, gas station attendant (which may only be in NJ now), fast food, food service employee, etc.
- Do not assume that on e you're in a position within a smaller company that you will automatically get a good/decent raise for getting a few to several "atta-boy" moments throughout the year.
- Do not just whine about how tough things are. Your manager and other colleagues know it because they feel the same or know that they can't increase your pay by much.
- Always take write down detailed notes of times when you receive praise for your work, like literally every single time. That way you can present that to your manager to explain why you need a better pay increase.
- If an medium or large employer can't increase your pay a good amount with all of the notes you took to remind them of everything you did to help the company, then it may be time to move on to a new employer.
- Yes, it will usually be scary or difficult to move on to another company or business, if you don't feel like you are compensated fairly - use information provided by the Bureau of Labor & Statistics (BLS) who breaks down in one for occupations by state and level.
If I would have had and followed that advice when I was younger, I would be considerably better off right now!Post: Spending Tip: Don’t
Link to comment from July 3, 2023