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“from a year or so ago when low-income shoppers, flush with money from the government and buoyed by wage increases, were able to spend more freely” – Define freely. It’s like car shoppers buying gas guzzling SUVs/trucks a few years ago and now complaining about gas prices. Learn from history. Set a budget and actually follow it. Or don’t. It’s your choice.
Low income “shoppers” not low income “savers/investors”
We have a mindset problem in this country
For some people it doesn’t “click” until its too late.
Because it’s so easy to save and invest when you are low income – and you also have to buy stuff to live.
When I started off in my professional career, I made $10/hour. I was promoted and got $15/hour. EVEN at that rate, I was able to save a portion of my net income in my 401k and in a savings account for Emergencies. This was something ingrained in my at a young age by my parents. Low income individuals CAN save; they just have to figure out where they can save…one less pack of cigarettes/week, one less Big Gulp per week, one less purchased coffee/week. It adds up.