Comments on: Review: The Money Trap

By: Bella

Bella — Thu, 20 Mar 2008 13:40:00 +0000

I personnaly read the money trap lately and really enjoyed doing it! A lot of it’s content confirmed my believes. Just before I started reading it, I had manage a logical way of doing a budget, a spending plan as he calls it, and it pretty much looks like his! It definately confirmed my way of doing it, except I would’nt put the creditors at the botton of the list since I believe we are entirely responsible for it and we should assume it! I shave it up for the top, not the left overs.

By: Jason

Jason — Mon, 31 Dec 2007 22:35:44 +0000

This one is third on my nightstand, just under The Number by Lee Eisenberg (which I am finishing up now) and Your Money or Your Life by Joe Dominguez. Thanks for the recommendation.

By: Rob in Madrid

Rob in Madrid — Mon, 10 Dec 2007 06:38:13 +0000

My Bro in law was a serious underearner he had a very profitable painting business. It wasn’t unusual for him to get longer term jobs that would net large profits, which he then would turn around and lose just as much or more on the next job. He said he could’t deal with having more than a bit of money in the bank. So the easiest way to deal with that was to ensure he took a money losing job after a particulary profitable one. Even today they have problems with owning nice things. Although he’s gotten better at having money in the bank.

By: Britt

Britt — Sun, 09 Dec 2007 17:51:43 +0000

Minimum Wage, let’s talk, I would be glad to look over your resume and help you edit it into something better, FREE I am not selling a service here! You see, in many instances the difference between a good resume and a poor one is just how you word things… Also, you have to win in the interview… Have you practiced interviewing? Many universities have a service where they actually bring in outside people to help you practice interviews, they then give you a score on how you did (dressing, eye contact, all that stuff)… You seem very down on yourself and that would make you interview less well… Anyway, I always get the job if I want it and feel that I am a pretty good ‘interviewee’ therefore.

So, want help? (oh, I graduated at 40, in Physics, with nothing but a BS, and am have, without a PhD in this field, worked at some very prestigious places, MIT’s Lincoln Labs for example, and now am a Physicist working for the government)

Britt…
britt@mac.com

By: Minimum Wage

Minimum Wage — Sat, 08 Dec 2007 22:17:23 +0000

I can apply all I want but without marketable skills or a decent resume I’m not going to get hired. I used to live in another state where they had a “college graduate” applicant exam and pool. (All you needed to get into the pool was a degree and a decent score on the exam.) I had an excellent test score, and then job openings are offered to small groups in the pool. I applied but with my worthless resume I never even got an interview for a state job.

By: George

George — Sat, 08 Dec 2007 22:02:51 +0000

@Minimum Wage:

The government jobs can’t discriminate against age and they all pay better than minimum wage. What’s wrong with applying for them as often as possible?

By: Silverrain

Silverrain — Sat, 08 Dec 2007 20:26:33 +0000

I must also edit my posts a little better. “…I was a little confused by the reference in the article because I don’t know….”

By: Silverrain

Silverrain — Sat, 08 Dec 2007 20:23:26 +0000

First post, I think. Hi all :)

I should pick up this book too. I’m trying to claw my way out of the Under-earner category, I think. I took my job several years ago “just to get through college” and made a bunch of mistakes of the credit-grows-on-trees variety. Now I’m trying to get unstuck from the job, deal with the bills and student loans, and find a job that really makes me happy.

I must say I was confused by this article because I don’t know “Minimum Wage” yet.

By: Minimum Wage

Minimum Wage — Sat, 08 Dec 2007 17:52:26 +0000

er, above that should be “…I could be wrong…”

I haven’t seen this addressed, but I suspect that at some point, time gets in the way of optimal earning.

Even if I were to unload all the psychological baggage of underearning, the chronological reality is that I have reached an age where applicants generally find it hard to get a job. Combined with my complete lack of anything resembling “career-related” experience, I don’t think I have a chance of getting a better job.

By: Minimum Wage

Minimum Wage — Sat, 08 Dec 2007 17:16:03 +0000

Mark -

Thanks for the heads up, I will check this out.

My first thought was to leave the following comment:

Gallen’s basic premise is that people who tend to always spend what they earn (or, even more dangerously, spend more than they earn) are addicted to spending and materialism, and that this addiction is just as dangerous as an addiction to a narcotic.

I usually spend what I earn, but I’m living on $1,000 or less per month and I’m paying for student loan debt, health insurance, and prescriptions. I would be wrong, but I don’t think I’m overspending.

By: Penny

Penny — Sat, 08 Dec 2007 15:29:51 +0000

Wow! This was a good one. I think I’m an addict but I’m addicted to finding the best deal. That in itself can cost. But I personally find amazing things if I wait. I usually buy 2nd hand and I rarely pay full price. I do all the right things with credit cards except when we bought this house and my one card jumped up to $16K. I personally don’t believe therapy works on people when little money because they are always worried about how they are going to pay the therapist. I would be upset if I had to pay for this when a good friend that has half a brain could help you work it out. Like Trent’s blog here. He is straight to the point. I like that in a person. I am still trying to find the Washing soda to make detergent in my area. But the hunt is part of the fun I guess. I stopped going to stores because I end up spending. Have a great Christmas everyone! Penny

By: Margaret

Margaret — Sat, 08 Dec 2007 00:34:03 +0000

Just want to point out that the last few comments I have read from Minimum Wage (I don’t read comments after all the posts) have been thoughtful and to the point. Good for you, MW. Hope things are looking up.

By: tightwadfan

tightwadfan — Fri, 07 Dec 2007 17:55:12 +0000

I might have to check out this book. I would like to hear more about the underearner. If you tried to get a good job but could onlt find a low-paying one, does that make you an underearner? Or is it just those who aren’t trying.

In my early 20s, just out of college, I was making much less money than my friends from high school, who were computer programmers during the tech boom. It really did affect my self esteem, I felt like such a loser (even though my friends are all really nice and nobody looked down on me). It took me a solid year to find a better job, and that made me feel even worse. Ironically I found that dream job just as the tech bubble burst so while everyone else was doing poorly I was doing well.

Now I’m probably a little money obsessed. I think about it a LOT – I don’t ever want to get back to the days of being in debt.

By: Trent

Trent — Fri, 07 Dec 2007 17:27:00 +0000

I use the library and PaperBackSwap as my primary sources. I’ll buy a book occasionally if it really piques my interest and I can’t find it conveniently elsewhere.

By: Ro

Ro — Fri, 07 Dec 2007 17:15:37 +0000

Looks like one I’d like to read. I will add it to my already long list of books placed on hold at my library.

By: M.K.

M.K. — Fri, 07 Dec 2007 17:07:06 +0000

I wonder how many people with money addictions also have problems with their weight. Since it’s impossible to give up eating or spending money entirely, we have to be exposed to temptation constantly. It’s a real challenge. I find it easier to give up an addiction to something I can quit entirely, like drinking or smoking, than to something I have to learn to use sensibly and in moderation.

By: Money Blue Book

Money Blue Book — Fri, 07 Dec 2007 16:01:19 +0000

Trent, do you buy these books off the shelf or obtain them for free from publishers? Just curious as to your book choice.
-Raymond

By: Writers Coin

Writers Coin — Fri, 07 Dec 2007 15:56:15 +0000

The Underearners section and whole financial self-esteem issue sounds especially intriguing. I think everyone has a little bit of this inside of them, don’t you think? This idea that “No way I’ll ever make that.”

Once you break through that plane, all kinds of doors open up.

By: Amanda

Amanda — Fri, 07 Dec 2007 15:54:53 +0000

Excellent review, Trent! I think I’m going to go get this book (from the library, of course) and read it. If anything I think I’m a cross between a workaholic and an overspender. I’m the only person I know who actually enjoys going to work on weekends when no one else is in the office and banging out a report. Freakish, actually.

By: Lynn

Lynn — Fri, 07 Dec 2007 15:43:36 +0000

After reading this review I would say I am a habitual underearner although I had never actually thought about it that way. Until my most recent job I did not earn an income over $25,000. I have a college degree and have been working for almost 10 years now and consistently found jobs that did not require a college degree and therefore paid much less than I deserved. These were jobs that did not require much from me, often were incredibly boring and had no future.

My current job as a paralegal is actually not that much better since my salary is considerably lower than what other paralegals at my level earn in my area (NYC).

Until recently I barely paid attention to my financial situation and tried to hide from the worry and fear relating to money that inevitably ran my life. I have finally realized that this was a problem and am now developing a financial plan for my future. Although I still have a ways to go I ultimately feel much more secure and happier knowing that I am facing my situation head on.