I must be confused

[Mobuck]

I've talked to guys who consider OT as a part of their "normal" income when it's actually an expedient for their employer and may disappear at any time.
It's hard for me to understand how some folks don't "rat hole" extra income like OT and such for those things like unexpected expenses or spur of the moment needs.
I worked a "salaried" job for decades (no OT, no comp time) just work until the job was done, so I'm confused.

 

[hittman]

I spent 40 years working in collections and credit. Ahhh .... the things I've seen and heard. :roll:

Many live for today.

 

[Hawk-in-Wi]

no such thing as OT in my world , never could understand why truck drivers don't get it but we don't , with the way my company pays i actually loose money on any thing over 40 hours , if we don't take the company health insurance we get paid part of that money as a health and welfare hourly payment that cuts off at 40 hours/week, I average between 49 and 55 hours a-week, so I'm loosing $200 plus a month on that alone plus no OT on anything over 40 that's about 500 a month gone

 

[Dan in MI]

I always planned my budget without OT even when it was a 98% sure thing. (certain test labs NEVER shut down) That way we could live without adjustment if it did go away. It's called living within your means.

I never understood the guys that lived like OT would never go away and then were caught with their pants down and bills to pay when it did. Talk about a buyer's market for un-needed toys.....

I have some ot stories.

The guy that took a promotion without actually looking at the ramifications. (these are salary OT rules) He got promoted from a salary job with standard 40+ time and a half (called non exempt - not exempted from Federal OT law) to an exempt salary job (exempted from OT laws, employers will so to speak) His promotion paid little more but nowhere what he lost in OT.

In the exempt jobs OT was a flat rate amount. Often barely above standard calculated hourly rate (from your annual salary) There was the possibility that your OT was LESS than your hourly rate. When inflation and raises started making that common the OT rate was changed again to equal your hourly rate.

Then there was the rule you had to bank 80 hours of OT with NO pay before you were allowed to REQUEST OT.

I will tell you this anytime a big company makes a change to your pay/benefits it is NEVER, EVER in your favor no matter how it is presented, or looks. Search and you find where the screw is coming in.

 

[JFB]

My first real job when I got out of school was INSANE amounts of overtime.

During orientation, they brought in financial Advisors that constantly warning about thinking one could live off of overtime

Some years I averaged working 6 days a week, 12 hours a day for 52 weeks. One critical project, after working a month of 7 days/week, 16 hours a day, we jokingly said we were only working half a day when we cut back to 6days/12hours.

One should imagine that working this type of schedule would be hell on marriages. From what I heard when setting alimony, judges did believe that overtime was part of normal wages.

coming from a poor low income family/neighborhood I did invest OT and most of the base.

I am thinking Jeff Foxworthy had a joke about when rednecks get a "good job" the first thing they buy is allegator boots. Just this week someone looked at me in awe over some of my collection and my standard reply is “I was working a lot of overtime when I bought that!”

 

[Bear Paw Jack]

No OT for me. For most of the 29 years I worked for the company I retired from I worked on Salary. I was usually there shortly after 7am and didn't leave until 6pm. Fortunately it was mostly 5 days a week, except for every 5 weeks an extra day got thrown in, but that was only 8 hours. If we had really good numbers we MIGHT get a small bonus at the end of the year. But don't count on it. :mrgreen:

 

[Ale-8(1)]

It has been explained to me that if an outfit doesn't pay some occasional overtime they have too many employees, but if they pay "overtime" as a regular thing they don't have enough employees. I assume that gets adjusted depending on the outfit and its work requirements. I've worked under both conditions. Kinda makes sense.

 

[Busterswoodshop]

I very seldom ever got OT.
When I did I put it away.
It amazed me when some people did get OT they would act like it was always going to be there.
Then go out and get a new car or something on credit and then complain when OT stopped and they couldn't make their payments anymore.

 

[Rick Courtright]

I've talked to guys who consider OT as a part of their "normal" income when it's actually an expedient for their employer and may disappear at any time.
It's hard for me to understand how some folks don't "rat hole" extra income like OT and such for those things like unexpected expenses or spur of the moment needs.
I worked a "salaried" job for decades (no OT, no comp time) just work until the job was done, so I'm confused.

Hi,

In the mid-'70s I worked in the insurance/financial services business for a short while. One "factoid" they liked reminding us of was that "the average American family lives 30 days from bankruptcy." About 10 years later, I returned to that business for a bit, and the warning had been changed to "the average American family lives one paycheck from bankruptcy."

Jump 30 some years forward to Trump shutting down the government for however long it was (35 days maybe?) and our financial tidbit had changed again, to "2/3 of American working families can't come up with $400 in cash for an emergency." Thirty one years into my tax business, I believe all those numbers are more the truth than anybody would like to admit. Some of my clients absolutely amaze me: I couldn't live with the financial stress in my life that IS theirs.

My parents were "Depression babies" so I'm sure that influenced a lot of their spending. Or lack thereof. 10% of the take home paycheck went in the bank first--my father was grossing $75.00/wk when they first got married so I'm guessing around $6.25 or so went into savings. Then came the house payment: it was ok to go in debt for a house, as long as you didn't try to buy a mansion on a log cabin salary. Buying a car on time was something to do only in an emergency. Credit cards were a rarity, but if you had one, you should pay it off at the end of the month. Beany-wienies were a staple, not some overpriced yuppie tidbit. And so on... We did ok.

Much of the rest of the world confuses me, too.

Rick C

 

[bogus bill]

Well I am the flip side here. i was a Lockheed Aircraft factory guard for 35 years and was a overtime hog. Started that job when I was 24. It was always there for me. I worked graveyard for 32 years out of the 35. Once I went for almost 6 months without a day off. Working graveyard there always was 4 hours of overtime available to me on standbys or no shows on day shift. I believe I averaged 60 to 65 hours a week for most of my career. I worked a "Odd work week" with my days off if I took them, sundays and mondays. About 25 or 30 of those years I was single. I was a gambler. On the average I worked a straight three months without a day off. Then I would take off three days or so and go all over nevada gambling. I paid taxs in the nose. Of course I lost more than I won. If you NEVER won you wouldn't ever go gambling again. I owned several airplanes, always a truck, a Harley and a old hot or large car. Built up my gun collection and I guess, played boy. I lived in a shack of a house. I never saved a dime except I did put the max in the company 401K. Finally got married for the first time in my late 30`s to a much younger woman. The daughter came and after about four years of marriage the ex ran off with another married man and a large part of my gun collection. Then I HAD TO work the heavy overtime to pay the supports plus eat. When the child support stopped I retired and married again. My wife is almost 17 years younger than me and now I am 79. I am now crippled up but she takes good care of me. We live in a small but comfortable house, not rich, but get by.
I never had a wife that worked while we were married. If I based my work life on 40 hours a week, I worked more years than I was old when I retired just short of 59 years old. I spent my life behind barbed wire but enjoyed what little time I had off.

 

[Jeepnik]

I've seen folks who live on commission do the same type of thing. Some places have salary plus commission. People will spend the commission money thinking it will always be there. Then something like this happens and they are up the creek without a paddle.

 

[bogus bill]

My step daughter is about 42. Her husband 52. They did everything right. She had a high position in a large company and he worked there too. They retired a year ago! They had a sideline buying old cabins in a well known mountain tourist area in California, fixing them up and renting them out. She, like my wife, is good at woodwork, art etc. They have a good property manager. It paid off. They sold their house, bought a new nice trailer and are touring the US for a year now. They will stay a month at a time, drive about a day to their next planned campground and repeat. He is a avid mountain biker and hiker. She likes to make jewelry and sell it while he is out doing his hiking and biking. Right now they are about 30 miles away and we are headed there for his birthday.
They are doing this traveling thing to see where they want to buy and settle down next. So far they said they like the Tucson area. The kids are smarter than we were.

 

[Big Old Boy]

Living in middle Tn. when GM closed the Saturn plant many found they were living WAY beyond their means over time stopped and then they found out all about living within their means.

 

[RSIno1]

It has been explained to me that if an outfit doesn't pay some occasional overtime they have too many employees, but if they pay "overtime" as a regular thing they don't have enough employees. I assume that gets adjusted depending on the outfit and its work requirements. I've worked under both conditions. Kinda makes sense.

Rule of thumb I heard was 10% OT and you had the right staffing.
I was on the verge of retiring two years ago but our new contract included double time when held over after shift. (still 1.5 if working on a day off other than Sunday). I get 20 hours of double time every 2 weeks. That's 6 weeks pay every month. I have been banking it and buying all the parts I'll need to restore our 98 Cobra Mustang and 59 Studebaker wagon, when I do retire. Right now I'm trying to talk an original owner out of their 1957 Airstream Bubble to tow behind the Stude. It's all original and been sitting for the last 30 years. I just tell my wife it's only X hours of OT.

 

[RoninPA]

I worked for 26 years with no set hours, no overtime, and my employer could send me almost anywhere in the world at a moments notice (USAF ) Never made much money at first and the wife and I lived strictly by a budget, even to the point of taking a calculator to the commissary to make sure we stayed on course. By the time we retired (and YES the military wife retires right along with her/his spouse but with no retirement pay). Went to work as a field engineer for the worlds leader in viscosity measuring equipment and it was a salaried position (exempt) but was paid good. We still used a written budget and as soon as I could I got into the 401K plan. Like allotments in the military, if you don't see the money in your paycheck you can't spend it. Always did the max amount for the 401K. We also started our own IRA while in the military with an allotment from my military pay and still have it going with my retirement pay. Bought savings bonds while in the military and have a pretty good number of them, all at least 20 years old and older (probably need to cash them in and plunk the proceeds somewhere else).

I was taught at an early age how to budget and live within your means. Save money for a "rainy day" my folks told me.

 

[farley]

Always lived within my means with a forty hour week. Hated overtime. Didn’t need or want it.

 

[Jeepnik]

My step daughter is about 42. Her husband 52. They did everything right. She had a high position in a large company and he worked there too. They retired a year ago! They had a sideline buying old cabins in a well known mountain tourist area in California, fixing them up and renting them out. She, like my wife, is good at woodwork, art etc. They have a good property manager. It paid off. They sold their house, bought a new nice trailer and are touring the US for a year now. They will stay a month at a time, drive about a day to their next planned campground and repeat. He is a avid mountain biker and hiker. She likes to make jewelry and sell it while he is out doing his hiking and biking. Right now they are about 30 miles away and we are headed there for his birthday.
They are doing this traveling thing to see where they want to buy and settle down next. So far they said they like the Tucson area. The kids are smarter than we were.

My eldest and youngest sisters are doing the same sort of thing. Turned out to be great in the current situation.

I've got too many responsibilities to just pick up and go. But we are looking into a smaller trailer for short jaunts.

 

[Jeepnik]

I worked for 26 years with no set hours, no overtime, and my employer could send me almost anywhere in the world at a moments notice (USAF ) Never made much money at first and the wife and I lived strictly by a budget, even to the point of taking a calculator to the commissary to make sure we stayed on course. By the time we retired (and YES the military wife retires right along with her/his spouse but with no retirement pay). Went to work as a field engineer for the worlds leader in viscosity measuring equipment and it was a salaried position (exempt) but was paid good. We still used a written budget and as soon as I could I got into the 401K plan. Like allotments in the military, if you don't see the money in your paycheck you can't spend it. Always did the max amount for the 401K. We also started our own IRA while in the military with an allotment from my military pay and still have it going with my retirement pay. Bought savings bonds while in the military and have a pretty good number of them, all at least 20 years old and older (probably need to cash them in and plunk the proceeds somewhere else).

I was taught at an early age how to budget and live within your means. Save money for a "rainy day" my folks told me.

I well remember those lean days in the USAF. I was married as an E-3. The big raises that came later were a help but still even as an E-5 things were tight. Housing and rations helped, but I never saw anyone but an officer, and then at least an 0-4 with a new car.

That you did the 26 is a testament to your dedication. Thanks.

 

[Bull Barrel]

Aw, what the heck. I'll pile on.
Got married at 23, had a good job, then the economy tanked. Got laid off and finally got a job making a fraction of my previous salary.
Then the wife said adios. The job was convenient as it was easy to pick up/drop off our son before and after school.
Didn't make much but had killer benefits. From day one the owner of the company drilled into us to pay yourself first. I put 10% into 401k and banked 250/mo.
Had to hit the savings now and then but still did it.
The company was sold a couple times and through mismanagement any overtime was verboten to cut costs at all costs.
Things were looking bad so at almost 63 I started taking SS and banked most of it preparing for lean times.
After 37 years, 11 months I got furloughed due to the woo hoo flu.
Am I glad I paid myself first. Thanks, Ray (RIP)!
Folks, take the advice of my old boss, Ray. Pay yourself first!

 

[Kevin]

I mostly taught. And teachers don’t get any overtime. And I had to buy a lot of supplies out of my own pocket.

I have had some hourly paid jobs. I was always taught to max out the 401k (yes, pay yourself first) and never to spend more than you make.

I don’t get it either when I see people driving expensive cars, or how the restaurants are always full.

 

[sceva]

I worked with a guy many years ago that was looking for a new car. He said with our average at the time 50 hour week he could afford it. I told him that he couldn't afford the car and that any decisions like that should be based on a 40 hour week; he just looked at me like I was crazy. Sure enough OT was cut for a while and he was crying that he couldn't make his payments.

 

[Xsales]

Recent article stated 44% of people can not come up with $400 for a small emergency
$1,000 back up fund? 80%

There are 3 main ways of financial living:
1) Beyond Your Means - living well beyond what you bring in, constant CC debt and borrowed money - huge debt load & stress, zero savings & no back up funds - Approx 65%

2) At Your Means - living right at what you bring in - likely small CC debt, they are OK but still no savings & no back up funds, common stress that it all must come in to keep it balanced - Approx. 30%

3) Under Your Means - living well under what you bring in, zero debt, zero financial stress, decent to well funded savings & back up funds - Approx. 5%

There are plenty of so called "millionaires" that don't have a pot to pi** in
Their actual net worth is NOT a Million (or more) just their listed assets total 1 million
MINUS there debt ? they got nothing of real net worth

These so called "millionaires" are in type 1 above possibly #2

Most live for today, don't think about tomorrow and just pi** any income away like it will fall from the sky

 

[Mobuck]

"Recent article stated 44% of people can not come up with $400 for a small emergency
$1,000 back up fund? 80%"

I used to CARRY $400 in case I saw a gun I wanted while I was traveling but I don't think I'll be trolling gun shops for a while. Prior to this conflabulation, I maintained approximately a year's income in reserve. With the 90% reduction in my work income and continuing bills from crop inputs, I've had to start skimming from that reserve. What makes it worse is that I'm the only one in my immediate family whose job/pay has been affected.
I managed to sell my 20 year old Jeep but at almost $1000 less than I thought it was worth. It was either that or spend $275 for another 6 months insurance. Plus it was sold to a high school kid who needed transportation to a summer job. At least he's willing to get off his phone and work so maybe taking a few bucks less helped him.

 

[kramden]

I had 2 different salaried jobs. Biggest scam going. Hourly and commission always seemed the best deal for me. And I agree live on what you earn. AND save part of it for retirement.

 

[cyborgt800]

Well, My schedule is for 60 hours each week...20 being overtime. I tend to only do an average of 51.5 hours a week, 11.5 being overtime, but could do the full 60 if I wanted...most of the guys I work with do 70 each and every week...so 30 hours OT weekly.

 

[bobski]

people live beyond their means. means means...set wage or salary.
anything else is suppose to be socked away for savings.
period.
but today....ya gotta have that 5' big screen and latest smart phone. cant look bad in front of the guys ya know.
nothings changed....gotta 'keep up with the jones.'
I looked down at my pants. I still fit in 22 year old jeans and my shirts are well kept and 20+. who cares what the colors are. they fit and im comfortable.
a friend of my father (both are now gone) gave my dad 2 boxes of free factory reject ball caps from a factory in conn., 40 years ago. I still use them farming and gardening. as they get worn, or fly off my head and into the bush hog....in the box I go for a new one.
maybe that's why I like old guns. they work. why buy a new one?

 

[Pat-inCO]

I was taught at an early age how to budget and live within your means.
Save money for a "rainy day" my folks told me.

I had the same thing. The only problem now is that you do NOT get much interest
on your money. I just looked at my savings statement and I am making HALF the
interest, on MORE money, than I was just last year.

House loans are going for about what I paid in 1972, BUT car loans are at ZERO
percent for five to six years. Just who the (BLEEP) is paying that interest?
Those of us with money in savings, that's who. A car loan that WAS a long one
at three years and cost near eight to ten percent, is non existent. That's back when
you got three and four and occasionally five percent on your savings. Now it's less
than one percent. The bank still makes the same (or more) money, but savings
only gets you "money" if it is a loan.

 

[bogus bill]

I was 28 years old when I bought my first house in 1969. It was a $12,500 cheap shack. Most the younger guys that I worked with doing the same job I thought were foolish at the same time were buying new, bigger far more expensive houses. I think most were married with wives that also brought home a check. I never had that. Well THOSE $30,000 house`s became $300,000 houses while I eventually gave my old cheapo shack in the slums away. That one factor no one has mentioned yet! It`s that lone factor that made most of you guy`s net worth many times more than us cheapskates that bought a cheap ass house. Inflation did it! To do that again that $30,000 house now worth $300,000 is going to have to inflate to $3,000,000`s! Also your $20 hour job is going to have to pay $200 a hour! Come to think of it, I started out for a buck a hour on my first "good" job. Think history will repeat it`s self?
By the way, when I bought my 2nd house in 1981, interest was running 16%!! I got it on some "promotion" for 11%!

 

[375supermag]

Hi...
I worked full time from the time I quit college in the fall of 1972 until 2018 when I retired.
Worked union jobs for 28-1/2 years and then s nonunion job for almost 17 years.
Never budgeted any overtime. My budget was always based on a 40 hour work week.
Never spent any of my household budget money on my hobbies. I always saved overtime for that or saved what I could from the few dollars that I allowed myself for discretionary spending.

Built up a decent private library on military history(mostly WWII) and a few other subjects.
Managed to save enough to acquire something more than 50 firearms and a fairly nice reloading set up.
When I retired my only bill is my mortgage which I can easily afford.
I get by nicely on Social Security and two pensions. My 401k was used to build my house and pay medical bills from two bouts of cancer that insurance didn't fully cover. My wife is a few years younger and still works full time.

I have no interest in any employment of any type...I did 47 years in the work force and I am done with that part of my life.

I spend my days studying military history and paleontology and reloading and shooting. Listen to classical music and raise my two Labrador Retrievers.

 

[Colonel Daddy]

It was the opinion of some of our shop stewards that a company should pay enough that an employee never needed to work overtime. And most of them didn't!