The REAL Cost of a Union
You might think the cost of a union is what you would pay in dues, fees, fines, assessments, etc.
But there are two more ways to think about the cost of a union:
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What you don't make (because the union has your money)
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What you don't have (because you paid the union instead)
You can use the "Compound Interest Calculator" to figure it out.
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Start with $120.00 (your $60.00 plus $60.00 from SunCoke)
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Add $120.00 every month.
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Do it for 5 years, and figure an interest rate of just 3% (which is pretty low).
According to the "Compound Interest Calculator," after paying yourself "dues" of $720.00 per year for 5 years (a total of $3,600.00):
You would have $7,784.27
How much would you have if you gave all $3,600.00 to the union?
$0.00
To use the "Compound Interest Calculator" and try out various amounts of investment and return, click here:
1. What you don't make (because you can't invest money you give the union)
Suppose dues are $60.00 per month, or $720.00 per year.
What would you make if you took that money and put it into a 401(k) where it's matched by SunCoke?
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The U.S. Bureau of Labor Statistics found that families on average go to the grocery store twice a week - and spend an average of $60.00 each time. That's the same amount as your dues.
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If the price of gas is $2.50 per gallon, you could fill a 12-gallon gas tank twice each month with the money you'd pay in dues.
2. What you don't have (because you can't buy things with money you give the union)
Suppose dues are $60.00 per month, or $720.00 per year.
What could you buy with that money?
THE BOTTOM LINE:
Without a union, YOU decide how YOU want to spend $60.00 each month, and $720.00 a year can pay for a lot of your basic life needs.
Or, if you invest that money, it can make you a lot more money.
Or, you can just give it to a union.