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47% say they couldn't cover emergency $400 expense with cash
Posted on 5/31/15 at 7:46 pm
Posted on 5/31/15 at 7:46 pm
quote:
But for many Americans, household finances remain fragile: 47% said they wouldn’t be able to cover a $400 emergency expense or would have to borrow money or sell something, and 31% said they went without some form of medical care in the last year because they couldn’t afford it.
One in five said their spending exceeded their income over the last year, just 63% said they saved any money at all over the past 12 months and 31% of nonretirees said they had no retirement savings or pension.
LINK
No real shocker. I know several people that neither save for emergencies or retirement. These same people buy new 60" TV's and drive cars with 500-600 car notes.
17
Posted on 5/31/15 at 7:55 pm to lsufan1971
These are the ones Romney spoke about. It is what it is.
Posted on 5/31/15 at 7:58 pm to lsufan1971
quote:
know several people that neither save for emergencies or retirement.
The thought of this terrifies me
Posted on 5/31/15 at 8:08 pm to lsufan1971
Stupid people and their priorities...
The newest iPhone or a night out of partying over saving for an emergency
The newest iPhone or a night out of partying over saving for an emergency
Posted on 5/31/15 at 8:20 pm to lsufan1971
quote:
These same people buy new 60" TV's and drive cars with 500-600 car notes.
Normal for most middle class families to have this stuff. 600 a month isn't crazy for a SUV to haul the kids around and 60" tvs are less than 1,000 these days.
Now having these things and not even having 400 in the bank is crazy.
This post was edited on 5/31/15 at 8:21 pm
Posted on 5/31/15 at 8:39 pm to tigersnipen
Some people make well into six figures but still have no net worth.
It's just the way it is and will always be.
My only concern is if they unfairly punish those who delay gratification.
It's just the way it is and will always be.
My only concern is if they unfairly punish those who delay gratification.
Posted on 5/31/15 at 8:50 pm to lsufan1971
Of the 47% who claim to not have $400, a significant percentage have paid more than $1,000 for the tattoos on their body.
Priorities.
Priorities.
This post was edited on 5/31/15 at 8:51 pm
Posted on 5/31/15 at 9:21 pm to Lsut81
quote:
The newest iPhone or a night out of partying over saving for an emergency
"I know my rent was gonna be late bout a week ago
I worked my arse off, but I still can't pay it though
But I got just enough
To get up in this club
Have me a good time, before my time is up"
Posted on 5/31/15 at 10:11 pm to HailToTheChiz
quote:
The thought of this terrifies me
me too. I'm not even 30 yet and I'm already worried upset that I don't have more put away for retirement. I don't see how regular, seemingly normal adults can just not save ANYTHING and not even be worried about it.
Posted on 5/31/15 at 10:19 pm to lsufan1971
quote:
47% say they couldn't cover emergency $400 expense with cash
No problem here. My discover card has a $500 limit on atm withdrawals so I'm good.
Posted on 5/31/15 at 10:41 pm to lsufan1971
Damn. And here I am worrying if 3 months income is enough of an emergency fund. I have myself worried that I'm going to lose my job, get sick, and a tree is going to fall on my house and car, so I'm also trying to keep Health, home, and auto deductibles reserved as well, apart from retirement funds.
I can't imagine not being able to cover $400.
I can't imagine not being able to cover $400.
Posted on 5/31/15 at 11:05 pm to WavinWilly
(no message)
This post was edited on 10/2/20 at 10:46 pm
Posted on 6/1/15 at 5:47 am to Huey Lewis
Head in the sand or being in denial is a powerful survival tool 
Posted on 6/1/15 at 7:21 am to lsufan1971
My fiancée had one of his employees come in about a week ago and tell him he couldn't afford to put gas in his BMW. He gave him gas money. Guy made over 80,000 last year.
I feel really blessed. I've never made big bucks, but have always had money in the bank.
I feel really blessed. I've never made big bucks, but have always had money in the bank.
Posted on 6/1/15 at 7:26 am to lsufan1971
quote:
47% said they wouldn’t be able to cover a $400 emergency expense or would have to borrow money or sell something
Seriously, how do these people sleep at night?
Posted on 6/1/15 at 7:53 am to lsufan1971
quote:
47% say they couldn't cover emergency $400 expense with cash
I bet if you asked the same 47%, they would be able to cover a new car note or new iPhone, though.
Posted on 6/1/15 at 8:30 am to NewIberiaHaircut
quote:
how do these people sleep at night?
I have no clue
Posted on 6/1/15 at 9:03 am to Salmon
I have a family member that is about to have his 3rd kid.
I have asked him about 529 plans for his kids, so that I would deposit money into the accounts for them. I know he has not begun that. He lives in a city with decently high property taxes and not great public schools. it would be smart for him to begin that asap.
Instead he is asking me about buying a new, much more expensive house. He works in an field that can have fluctuating pay(sales job). They currently have a nice one that can maintain their current setup for a few more years.
it frustrates me a little that the guy is not being conservative in his early earning years. he seems more concerned with putting on a big show than making the best decisions for his family.
I have asked him about 529 plans for his kids, so that I would deposit money into the accounts for them. I know he has not begun that. He lives in a city with decently high property taxes and not great public schools. it would be smart for him to begin that asap.
Instead he is asking me about buying a new, much more expensive house. He works in an field that can have fluctuating pay(sales job). They currently have a nice one that can maintain their current setup for a few more years.
it frustrates me a little that the guy is not being conservative in his early earning years. he seems more concerned with putting on a big show than making the best decisions for his family.
Posted on 6/1/15 at 9:11 am to lsufan1971
I call bullshite. There is no way.
Posted on 6/1/15 at 9:12 am to lsufan1971
The vast majority don't have a pot to piss in or a window to throw it out of at retirement either. I've posted the numbers before.
This board is the anomaly compared to the rest of the country, not just in riches but in vast array of knowledge and how to use multiple investment vehicles.
Especially all the young bucks here making all that jack.
The money talk board is the 1%!!!!!!!!
This board is the anomaly compared to the rest of the country, not just in riches but in vast array of knowledge and how to use multiple investment vehicles.
Especially all the young bucks here making all that jack.
The money talk board is the 1%!!!!!!!!
This post was edited on 6/1/15 at 9:14 am
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