Mar 15th, 2019 | Tom Talks

RENT'S TOO HIGH? WHAT DO WE DO ABOUT IT? A report says that there's not a single US state where a minimum wage worker can afford a 2-bedroom rental. Whose fault is this? And what are we supposed to do about it? You can only imagine that Tom has some very pointed answers to these questions!

Click here and read the article Tom used to prepare for this episode.

What do you think? Write Tom directly:



Submitted by TallTim on

Being in jail sucks, that's why you avoid it. Being on the streets sucks, that's why you make sure you don't end up homeless. Minimum wage sucks, because its a stepping stone for younger workers before they find what they want to do. It's an on-ramp, not a destination.

All this push for $15/hr minimum wage is going to do is usher in the new age of automation, and its happening right now. If a fast-food franchise owner has to shell out 60k for a automated system that never takes breaks or needs healthcare, you better believe they're going to do it.

As for rent control and all that idiocy, its govt getting involved regulating what should be an open market. Oregon just passed state-wide rent control, and what that will do is artificially freeze the supply of housing, because there will be no incentive for developers to build new units, and landlords won't bother upgrading beyond the minimum necessary because it isn't worth it financially.

If you want cheap rent, move the fuck out into the countryside and suburbs. I used to commute an HOUR and TWENTY minutes EACH WAY when I couldn't afford to live in Chicago, on the goddamned METRA. You better believe I improved my situation because of that.

People who want free shit disgust me, get off your fucking lazy ass.

P.S.(Hey Tom, whats up with the main site page, looks like a country road with potholes -- a lot of missing/broken image links...)

Submitted by conwy on

Absolutely right, Tom.

Complainers and whiners - whatever you think of those with capital, the fact is that they have paid the price of entry. If you haven't paid the price, you cannot and shouldn't be given the product. This is the agreement we make as a society. If you want to live in relative freedom, where people don't just go around shooting and looting eachother, you have to agree to some ground rules like private property and market prices.

There are ways to afford the price of entry to better locations - A) work harder and/or B) identify in-demand skills and acquire them and/or C) live more cheaply, e.g. just renting one room in a building or even sharing a room. Like Tom did, you start wherever you are and move up the salary chain in whatever way you can. Save money and live beneath your means at all times, so that you can enjoy the peace of mind and long-term benefits of wealth. I have been doing all of the above for the past 15 years and watched my net worth grow and grow. If I can keep this up for 3 more years I'll almost certainly become a millionaire. But I hope and plan to keep it up for the next 20-30 years, so that by the end of that, I'll have so much money that I can afford to spend double my expenses from interest alone.

BTW, I think gentrification (when the government isn't involved in either artificially pumping it up or putting barriers in the way like rent-controlled apartments) is actually a really good thing. It makes a neighbourhood safer and generates business activity, which spurs job creation and rising wages for workers in the area.

Another kick-ass episode from Tom. I salute you brother.

Submitted by nihal on

When people move out, they fight for affordable rent and affordable housing. I am not going to be part of the crowd that rallies against the housing market, because they cannot afford a place to stay. It is too discouraging and will manipulate my life negatively. I am building my career and pursuing my life ambitions, both which creates room for me to get rich, and can actually AFFORD a place to stay.

People who make fun of me for living with my parents have no clue what position I am in, what is involved with my life, and what I do. I am not obligated in pleasing you, or anyone else, by doing something you think is "socially normal" or "socially acceptable". I choose the way I live my life and how I want to live my life, and choosing to avoid housing expenses at the wrong time is encouraged to many of you people on the streets, rallying up against the housing market, protesting for "affordable housing".

Submitted by conwy on

Nilhal, I totally agree with you. You are right to not be giving a damn what nosy people think. And you are doing a great job living with your parents to keep costs low. Save save save and invest as well as you possibly can. Save every cent. Money is your life blood. Once you have money and time on your side and working for you, you have a strong foundation on which to build your career, achieve your goals and live the kind of life you want to live.