Financial Tales from the Factory Floor #1

If you have followed my blog, you would know that I work in a factory and have done so for more than 25 years. It has been a little over two years since I decided to take charge of my financial life. The results so far have been better than expected. It is amazing what you can accomplish if you put your mind to it. Unfortunately, I am seem to be in the minority among factory workers. Based on my observations, it seems that a lot of factory workers do not prioritize personal finance. This is the first installment of a series in which I will share some of my observations I have made throughout the years while working in a factory.

For many, it seems that they do not have a financial plan at all. They get paid. Pay their immediate bills, then spend the rest. If they get extra money from overtime or a raise it is very common for them to just increase their lifestyle expenses. It is also common that people will work overtime then miss time at work the next week, therefore negating the financial gain they made from working overtime. Many have little to no savings at all. A minor car repair of a few hundred dollars is catastrophic to many.

When I talk about finances, investing or retirement at work I get strange looks. The most common response is “I don’t make enough money” to save or invest. Many do not have a real plan for retirement. Most view Social Security as their retirement plan. Too often, they find out the hard way that this is not a good plan. Last year, a worker “retired” but came back to work after two to three months because he realized he was not able to live off Social Security alone.

Just this past week I was talking to a 58 year old co-worker. He was complaining about getting old and wanting to retire but couldn’t because he was not old enough to collect Social Security. I mentioned that I planned to retire in less than 9 years. He flat out told me that I could not retire at 59 years old. He was of the belief that the only way you could retire was to be old enough to collect Social Security. I explained that I have been saving and investing in order to retire “early”. Despite my explanation, I believe he is still convinced that I am wrong and he is right.

Financial literacy and awareness among factory workers is severely lacking in my opinion. Part of the reason I started this blog is to show that a blue collar worker can save and invest to build wealth. I try to encourage some of my co-workers to become more aware of their personal finances. Maybe my message will help someone build a better financial future for themselves.

*Disclaimer – I am not a financial professional. The information shared here should not be considered financial advice. I am just a factory worker sharing my experience as I strive to achieve financial freedom. Before investing or making any financial decision do your own research and due diligence or consider seeking the advice of a financial and/or tax professional.

Here are some of the businesses that I use that I thought some of you might be interested in.

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Lolli has a variety of stores that it is affiliated with and offers rewards for shopping at these stores. I use Lolli when I shop on Chewy and I get bitcoin as a reward. Who doesn’t want free bitcoin! If you are interested in Lolli and want to help support the blog here is my referral link: https://www.lolli.com/share/XP7gxDgqC4

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https://m1.finance/ktIiFeOI5zDr

I use M1 Finance for my taxable growth account. M1 Finance offers promotions for signing up. At the time of writing this post, the promotion is for $30. These promotions vary from time to time but is usually a $10 bonus. If you are interested in M1 Finance and want to support the blog here is my referral link: https://m1.finance/ktIiFeOI5zDr

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Varo Bank is one of the banks that I use. From time to time the bank will run promotions. Currently, you can earn up to 3% on your savings with Varo, if you meet certain requirements. If you are interested in checking it out, here is my referral link: https://bank.varomoney.com/signup?r=William360

If you use the referral links listed above I could receive compensation. Please take the time to read the terms and conditions before signing up.

Published by Bill

I am just a blue collar factory worker trying to reach financial independence by spending less, earning more, saving and investing.

2 thoughts on “Financial Tales from the Factory Floor #1

  1. Great post! Unfortunately this mindset is prevalent across the board. When I was in management I would always talk to my employees about the importance of investing for the future no matter how small the amount. I often got the same response you did which was a bit depressing. But there were also at least 3 people that later came to me looking for advice on getting into the company 401k. I don’t know how if they stuck with it long term but they started and that’s the hardest part. You might not impact everyone but you will impact someone and possibly change their life for the better. Keep up the good work!

    1. Thanks for the kind words. I will keep trying to spread the message to increase financial awareness in others. It is hard to change peoples mindsets, but helping even just one person to have a better future would make it all worthwhile.

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