(Part 3) Top products from r/povertyfinance

This may sound a bit pretentious, but it may help someone, so here we go.

A couple of key things you mentioned; the slow adaptation to a higher-than-normal standard of living is sometimes referred to as "lifestyle creep" and is really easy to fall into.

A related topic is that buying things sure does feel good...for a moment. Unfortunately, this "hedonic treadmill" doesn't endure, and is just as you say: a momentary happiness or sadness doesn't last.

There's a lot of people talking about stoicism, or Stoic philosophy, and it's an interesting mindset to follow. Parts of it boil down to "be comfortable being uncomfortable". One of the major writers was Seneca, and a favorite passage is in this letter:: " Set aside a certain number of days, during which you shall be content with the scantiest and cheapest fare, with coarse and rough dress, saying to yourself the while: "Is this the condition that I feared?" "

This is supposed to remind you that you don't need luxury to survive; lentils and hamburger helper is fine, not buying new clothes is fine, staying home and reading a book is fine, etc. A reset, an antidote, to being aggressively marketed and pressured to consume ever more.

That philosophy kind of intertwines with Buddhist non-attachment, Krishnamurti's sense of self, and a Spartan ideal of hardiness that many people find useful. A lot of Seneca's work is available for free from a podcast guy you may have heard of if you're interested. Irvine also had a book you should be able to find at most libraries.

Side note, everyone should have a spreadsheet tracking finances; use Google Sheets if you have to, or Mint or YNAB, but you have to be honest with incoming and outgoing streams. Treat debt like an emergency..

Thanks for your post, I hope it helps people realize that most of us were never taught good habits about money, and we're constantly told to spend our money; for instance, everything can be financed into monthly payments to satisfy our short-term wants but we pay so much interest it's usually a bad idea...

The notion that accumulating cash has a built in depreciation due to inflation is correct. However, that only matters once you have some wealth accumulated that you need to protect. You are still in the early stages of wealth accumulation. Average inflation is ~3% a year so it isn't much. You lose very little over the short term so it isn't something you need to worry yourself over. Keep saving. You are on the right track!

A $10k goal is a good place to start. Your idea of different accounts to assist you in saving is one that worked for me. I keep local checking and savings accounts for my spending and emergency accounts along with an online savings account through Ally with a higher yield to push my savings to. I pay my bills through my checking and keep enough in the savings account for emergencies and to cover budgeting errors. After everything was paid for each month I moved everything over to the Ally account until I had enough stockpiled there that it was time for me to do something more productive with it.

From there I opened an IRA to start investing for retirement. Eventually I began maxing out my IRA contributions and still had money left so I opened a standard brokerage account and invested the surplus there. This replaced my Ally account as my general savings vehicle. Instead of the ~1% I was getting from Ally(less than inflation) I started to see market gains of varying amounts up to 20%/year. IIRC the S&P500 returns/dividends have averaged ~10.9%/yr over the long term to give you an idea of what you might see. This is where wealth accumulation really begins to take off. Compounding gains is pretty spectacular. The satisfaction of seeing your money make money is motivation to save even more.

Finance isn't confusing once you gain some basic knowledge. Just like wealth this knowledge is accumulated over time. When I was younger a mentor of mine suggested this book for a broad view of finance:
https://www.amazon.com/Everyones-Money-Book-Jordan-Goodman/dp/0793142245/ref=sr_1_1?s=books&ie=UTF8&qid=1524669876&sr=1-1&keywords=everyone%27s+money+goodman

It has been almost two decades since I have read it but I remember it being very beneficial when I was younger. From there I have read a lot of different things and taken tidbits from all of them to inform my wealth accumulation strategy. You should do the same. A couple of other books that you will see recommended very often are The Millionaire Next Door and Rich Dad Poor Dad. I do not recall which but I read one of them when I was younger and got a lot from it too. From there another book that helped me in investing was All About Asset Allocation by Richard Ferri. This really did a great job of explaining all of the different assets you can invest in and how and why you might want to invest in them. The Bogleheads' Guide to Investing is another book that is frequently recommended. I have not read it but I have read a lot from the Bogleheads online. My initial asset allocation strategy was their 3 fund portfolio. Somewhere in there I listened to a lot of Dave Ramsey. His investing information sucks but his basic "don't suck with money" strategy is a fantastic common sense approach to not digging yourself into a financial hole or to get yourself out of one if you need to. Just keep reading and learning. Make it a daily chore. Eventually it doesn't seem like black magic any more. Amazon used books and ebay are a great way to pick up some great books at a low price. Or check your local libraries.

Every job I've had has been blue collar, or at least a mix of field and office work. Currently, I'm a woodworker, so I'm sure you can imagine how often things like splinters are a thing. I first started carrying the emergency knife when I worked at a climbing wall. It was there to cut a harness or potentially even a rope in the event of extreme emergency, but it was/is also good to have in case of a car accident or something (window breaker and seat belt cutter). I'm thankful that I've never had to use it. And that's what a lot of my gear is for. Things I want to have ready to use, while hoping I never do.

Emergency knife This isn't the one I actually have, but it's similar enough. You can find this same design in a multitude of places, at all different price points.

Normal use I also have a cheap little $6 Ozark Trail one that I've used for around 12 years or so. Long as you care for your knife, it will last and serve you well. You don't have to have a top-of-the-line one. I do greatly prefer the single-hand operation ones, though. They have the little pin near the base of the blade so that you can just slide it open with your thumb. And I usually prefer the liner lock, which allows you to unlock the blade with your thumb, and close it with your forefinger. With enough regular use, it all becomes one swift motion that you don't even think about

Swiss army knife I was gifted mine and likely wouldn't have bought it on my own, but I found myself very appreciative of it and think it's worth the money. If mine gets lost, broken, or whatever, I'll likely buy a replacement.

Bonus! Gerber multitool This has been on my key ring for 6 years. I use it almost daily, and think it is probably one of the best EDC purchases I have ever made.

Also broad index funds are unmanaged funds, so you're not paying anyone on Wall Street to pick the stocks. If you buy something like a broad index fund based on the S&P 500 the stocks are picked. You don't pay someone. All you pay is a very tiny amount for keeping track of the money.

There are other mutual funds that are managed, which means Wall Street types try to 'beat the market' by picking the winning stocks and knowing when to buy and sell them. Problem is, you have to pay that person, it's part of the fund management cost. And it's actually pretty rare (forget the numbers in a study I just read but it was like 10% over a 5-year period) for managed funds to beat the market once you take out those fees. So you're still trying to get lucky there.

For anyone interested in reading about broad index funds from an admittedly biased view of a heavy proponent, I suggest reading The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns by John Bogle, he updated it last year and it's a very easy-to-follow explanation of the benefits of index funds and not too horribly long.

There is a book called Blender Baby Food which I was fortunate enough to find at my local public library. (I did end up buying it because it was so useful.) The recipes are excellent, all whole foods. And the cool part is that maybe half the recipes are good for adults too, you simply blend them up for baby. Many of the recipes are freezable. It's been 15 years and I still use their pancake recipe!

I saw "Super Baby Food" also recommended. I used their homemade cereal recipe for awhile - definitely more nutritious than rice flakes. That book has a ton of good finger-food ideas for toddlers too.

No problem. Good luck.

I highly recommend "The Myth of Self-Esteem" by Albert Ellis and "Overcoming the Rating Game" by Paul Hauck for good advice on liberating yourself from letting others have too much control over the direction of your life. It's a challenge everyone faces, but it can be done and, based on my experience, it's one of the best things a person can do to increase their well-being.

https://www.amazon.com/Overcoming-Rating-Game-Self-Love-Beyond-Self-Esteem/dp/0664253105

https://www.amazon.com/Myth-Self-esteem-Rational-Behavior-Psychology/dp/1591023548

There is a book titled “taking care of yourself”. You look up the symptoms and it will tell you what home remedies to try and when you should go to the doctor. I know being in poverty means not a lot of expendable income but this book could save you a lot of money in the long run. I’ve had mine for 20 years and use it all the time to avoid unnecessary doctor visits.

It’s less than $20 https://www.amazon.com/Take-Care-Yourself-10th-Illustrated/dp/0738219738/ref=nodl_

Also as some have mentioned below. Many hospitals and clinics offer free services events a few times a year. Usually for preventative screening. Pap smears, skin screen for melanoma, vaccines, dental cleanings etc. make a note of when the free services in your area are.

Nice try, but this book is coming out in January. Let's see how your claim that wealth comes from knowing the right people holds up then. (BTW, according to the author/publisher, an outside research firm was engaged to conduct the research--it's not just a hand-picked selection but instead a statistically representative sample.) I suspect from the cover copy that it won't support your opinion.

Also, WWII saving bonds weren't mentioned as a path to wealth in "The Millionaire Next Door."

I have one in each window of the rooms, haven't gotten more for other areas, the AC only really works in the living room / kitchen, but these fans work great for everywhere else. It really is more a matter of whether you realize that the less you move the easier your body gets acclimated to the temperature, the sweat is your body's AC, and if you also use a few small personal fans, you can have a "breeze" helping things out. Some people only prefer AC because they don't want to sweat or are spoiled a bit by it. I wanted to move apartments before the summer came to a place with central air. We're already paying out the nose, so that little missing perk makes it annoying (we also don't have many amenities and it sucks paying the same as other places that do)

https://www.amazon.com/Holmes-Dual-Blade-Window-White/dp/B00008XET9/ref=sr_1_5?ie=UTF8&qid=1525550037&sr=8-5&keywords=twin+window+fan

There are fancier ones with a thermostat, which I guess is nice if you don't want them to run all the time, but at the end of the day this is going to get the job done.

Other books I might suggest that are helping me keep more of my income include:

America’s Cheapest Family

Cut your Grocery Bill in Half

MoneySmart Family System great for seeing how to teach financial education to your kids.

Love Your Life, not Theirs

The principles in these are helping my situation a bit. I’d check overdrive or your library for copies.

Mom of adult son with moderate to severe Crohn’s.

I would call the hospital social worker. I know nothing about your case and I am not a doctor. My son was extremely ill when he was diagnosed, so the Colonoscopy was sufficient to diagnose.

My son takes 12.5 mg of methyltrexate per week at a cost of $90.

He takes the maximum dose of remicaid every 6 weeks at a cost of $25,000. Every 6 weeks. That is the per single dose cost.

He takes folic acid, extra vitamin D, and calcium & Claritin for side effects of the drugs, since they are toxic. You are at risk for early osteoporosis, so you’ll need a bone density scan, and you are going to need regular colonoscopies, up to yearly once you hit 30. You are high risk for cancer then.

You need extra vaccines, because those drugs shut down your immune system. You will have more doctor visits for just getting sick. The remicaid infusions take 3-4 hours. You will be missing work and school.

I’m telling you all of this because you either need to be hired immediately by someplace with excellent insurance and awesome pay for part time work, or you are going to have to have Medicaid.

The reason I’m telling you this is not to scare you so much as get you to go talk to the hospital social worker. You have a condition that can get pretty catastrophic pretty fast, and I’d like to prevent that. They have shortcuts through that process for people who are sick enough.

Some suggestions:

Check out r/FODMAPS . Whether it ends up being IBD or IBS, this diet will reduce your symptoms.

Low fiber, low fiber, low fiber. It will scour the lining of your intestines right off if you are inflamed.

I highly recommend this book. It was written by the doctor who treated my son in the hospital. He is a full professor at the University of Washington Medical School.

See your university’s disability office for accommodations. You are going to have absences, and you need to be able to leave class to go to the bathroom. If you are still in high school, you’ll need a 504.

If you have trouble maintaining employment, check out your state’s DVR (Department of Vocational Rehabilitation.) They can work with you to find employment with reasonable accommodations.

Develop healthy stress management techniques. Stress can bring on a flare, so find what works for you: meditation, exercise, building models or knitting... whatever works. If you can anticipate stress (finals!) then schedule in your stress reduction practices, be meticulous with your diet, and go for it.

I hesitate to mention this, but if you are in a legal state, you might want to see if you can get a green card if you start having too many problems. When my son’s weight starts dropping off, he uses marijuana to get one good meal per day. It does not treat anything: It just masks the symptoms & helps you eat.

I am so, so sorry you are going through this. If you are careful & responsible with your diet and carefully take your medicine, you can have really long stretches that you are symptom free, particularly if you can manage stress & other triggers effectively.

I released a short ebook about mindset around working and money just this week.

It's free now on Amazon if you want to check it out.

https://www.amazon.com/Poor-Payday-people-traps-avoid-ebook/dp/B08181SHT6

I recommend everyone to read this book, your concern is one of the first things she addresses. My outlook on money and finances did a total 180 after reading.

https://www.amazon.ca/Worry-Free-Money-guilt-free-approach-managing/dp/1443454451

Time commitment would be a few weeks if you study at least an hour a day. all the info for it can be found on youtube videos[1], but I prefer a book for studying[2]. The test $219 and it's actually 2 exams.

https://www.amazon.com/Regulating-Poor-Functions-Public-Welfare/dp/0679745165

Still the most cogent and definitive answer to the question you raise. Well, that and maybe this one too.

https://www.amazon.com/Capital-Critique-Political-Economy-Classics/dp/0140445684

Also, Roger Ebert (yes the movie critic) was an ace at cooking with a cheapo rice cooker. Once he got serious about losing weight (and before he got cancer) he used to carry it with him as he traveled so he could cook in motel rooms.

He published a cookbook about how to make all kinds of food with a rice cooker in less than ideal situations: https://www.amazon.com/Pot-How-Use-Mystery-Romance/dp/0740791427

Meditation is not religious mumbo jumbo - read this

https://www.amazon.com/Living-Beautifully-Uncertainty-Pema-Chodron/dp/1611800765

https://www.amazon.com/3M-Indoor-Window-Insulator-5-Window/dp/B00002NCJI?th=1&psc=1

            But there's [this](https://www.amazon.com/Temp-Economy-Permatemps-Postwar-America/dp/1439900817) issue with that route. I'm a vet also. Unemployed and unwilling to sell  out to a temp service.

Aw :(

If you do get a heater, make sure to give it its own plug all by itself. It will pull a lot of power and could trip your RV's plugs if you aren't careful. Do NOT plug it into a power strip - it can melt the strip and set your RV on fire.

If I may make a recommendation, this model comes with a thermostat and an overheat auto-shutoff: https://smile.amazon.com/Lasko-5160-Ceramic-Heater-Control/dp/7300019196