I didn't expect this result at all; why is the correlation this way??
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Is your net worth (including houses, cars, savings, etc.) currently over $500k? || Have you ever worked a minimum wage job for at least 1 year?
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I bet age is a confounder. Older people are wealthier and also probably more likely to have worked a minimum wage job
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I believe it’s the way Q2 is posed - 1 year on the SAME job? Min wage jobs likely don’t attract talent concerned with retention, but rather survival need & opportunity. A $7.75/hr job is more appealing than a $7.25/hr job, both with low barrier to entry & exit
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Replying to @Aella_Girl and @Man_Of_Cheddar
In 1979, 13.4% of workers earned minimum wage. In 2020 it was 1.5%. So I think older people are much more likely to have had the experience.
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Two theories:
1. Older people are both more likely to have worked a minimum wage job and more likely to have a wealth over 500k.
2. People that joined the workforce earlier (I.E. worked minimum wage in high school) are more type A especially when it comes to money.
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Probably a selection bias of highly educated young people who follow you. Also, legal minimum wage hasn't been the de facto minimum for awhile now. I left school in 2010 in Indiana, and even then regular starting wages were starting to creep up above minimum.
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the now-affluent are more likely to exaggerate their low income experience?
lot of jobs arent *exactly* statutory minimum wage and people get raises or promotions in less than a year. this creates room to fudge the answer a bit
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Something like 'safe' path middle class supportive family etc. vs 'extreme' path no safety net but higher upside?
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