originally posted by: Ligyron
Are you saying those workers are doing it against their will? The Gentleman in question said that the workers who work hard will reap the rewards of
such dedication, and I'm sure they will. My father worked 45 years for the same company, working 10 hours shifts, sometimes 2 on the same day,
working overtime every chance he got his hands on it, never filed a sick day even when he was very sick, never went on holidays and loved, loved
hanging out with his bosses.
Dad has a fine brand new audi that is already paid off, a great 5 bedroom(huge rooms) + 2 bathrooms already paid off, money in the bank, and every
month he gets enough money to live very well, and now that he moved to Brazil to enjoy his retirement he's living like a King with his much greater
retirement monthly paycheck than even what the doctors make a whole year Lol.
Working hard pays off. Someone should teach the young men that. I see a bunch of dudes that don't have a job, and when they do they complain about
the boss asking them to stay longer hours and whine about it. Bunch of losers
So your dad worked well over what any nation considers one should work to get ahead in life, and makes a bit more than doctors, even though he was
paid in USD and is taking advantage of currency conversions? So your dad makes about $110k in Brazilian dollars, in retirement which is approximately
$27k in USD. And that's all his retirement savings can provide despite working for 45 years, and working well over 40 hours per week, every week? So
despite all of that, he's still only making less than what many cities pay out as minimum wage?
Do you know why people say there's no reward from working? It's because wages aren't high enough to provide reasonable investment returns. If you
start working right now, at $20k/year, get an annual raise of 6%, put 15% of income into retirement savings, work/save for 50 years, and use a 4% draw
down (which is bad since you will reduce the principal each year) at the end of that you will only have about the same purchasing power as what $22k
would get you today as sustainable income.
50 years of work only returns minimum wage income at retirement. And that's for people making double the median income, and putting 50% more into
retirement savings than most retirement planners suggest people should aim for as the ideal.
The only way you will have any shot at retirement as a young person right now, is if you are making at least 100k/year by age 25 (and have a spouse
doing the same... and that you can avoid an expensive divorce with), and you can keep that increasing at a level above inflation. Saving/investing
your way to retirement is not realistic, unless you can not only max out your 401k every single year (plus a good employer match), but have a
secondary retirement fund that is just as large you will not have the money to retire.
Also, there is nothing noble about long hours. Productivity drops with the more hours you put in. Hours 31 to 40 in a week make up 25% of your
paycheck but only about 10% of your productivity. Hours 41 to 60, if you keep going are only about as effective as your first 5 hours of work in a
week. Hours 61 to 80 are about as good as 2 hours in a week. Long hours should be banned, as they produce almost nothing for an employer, and either
drastically reduce quality of life, or if you're hourly significantly increase costs to the company.
Also, even if you do still favor overtime, overtime no longer pays. Most large companies (and more are switching every year) no longer give overtime,
but instead pay you in additional PTO. So if you work 20 hours extra one week, you simply get an additional 20 hours in time off later in the
edit on 17-4-2019 by Aazadan because: (no reason given)