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Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 482
Experience:  Former IRS Revenue Agent
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What can I do as an very low income person in a money

Customer Question

what can I do as an very low income person in a money intensive society when everything seems to be so money focused & most people or companies aren't hiring or paying that great of a salary for people now a days to get ahead or to afford the price of housing especially on the Monterey peninsula even after closing a military fort for the last 20 year. What is going on in this society?
Submitted: 9 months ago.
Category: Finance
Expert:  Dr. Fiona Chen replied 9 months ago.

Dear Customer,

Part of what you are experiencing may be what the 99% of the population feel. The younger generations graduating from high school or college recently face unemployment and stop-and-go in their job market. Over 30% of the retiring baby boomer seniors are unmarried or never married. These are people without fall back for spousal home long-term care or another set of retirement income.

I am responding to your question in general. Otherwise, for each of the above sentences, we have U.S. census data and professional research articles to back them up.

Some actions of what others are doing to cope is what I am writing down as part of my response to you and your observation and consideration:

1) If you own your house where you are, considering maybe selling it or renting it out. California housing market has come back some.

2) Consider to move across the boarder to Nevada. Many new migrations to Nevada is from California.

3) Before you move, you may want to scout out and see how you feel about things over there. Reno is a logical place. Reno now replacing some foreign locations (countries and islands) is becoming a preferrable money and financial transfer and storage center of the world.

4) In Las Vegas, you can find a studio apartment close to the Strip and near shopping for $450-550 a month. That is, the person can live without a car for less than 600 a month plus electricity bill. Las Vegas is a city of second chance for many people. Therefore, it has many facilities designed as such for small unit, one person. Not many other cities are equipped as such. However, the NV business and economic activities are not as strong as some other states and cities in general for the 99% population. But the survival is much easier relatively speaking.

5) Consider change and relocate and develop a second career. Imagine the recent oil industry. It came and went in just several years. The persons who went in first and left early enough are the ones benefited from the trend.

a) We have three industries still striving now and is relatively easy to get into. Depending where you live, look around the street front stores. All the specialty stores are gone. We barely see a florist shop. Even drug stores now compete in the food industry to offer sandwiches. Think about a possibility to go into food, health, and computer industry. On line and website design related courses are valuable to take. Airlines jobs are good because of their benefit of free flights. Therefore, a low pay job in the airlines can actually be a high benefit job.

6) Being in the accounting and tax services, we see the trend and development first hand. So, I am just sharing some successful or survival transition experiences we have observed from our clients and from what is described in the professional journals and articles. Property taxes is very real expenses. No one really taught us years ago in retirement planning that we need to plan nearly some 500-1,000 or higher (for some) for monthly property tax in order to keep the house to live. A former client of mine recently purchased a one-bed room condo near San Jose for near one million dollars. Their former two bed room condo nearly by was sold like 200,000 after on the market for months. And it was just like six to seven years ago.


Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP