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re: How do people let themselves get into such dire straits financially?
Posted on 4/25/15 at 3:57 pm to Jcorye1
Posted on 4/25/15 at 3:57 pm to Jcorye1
Bankrate study
How do you deal with unexpected expenses, such as $1,000 for an emergency room visit or $500 for a car repair?
Only 38 percent of respondents said they could cover it with cash they have on hand in a savings account or checking account.
26% Reduce spending
16% Borrow from family
12% Use credit cards
5% Don't Know
Highlights:
52% of college graduates say they would dip into savings, compared with just 31% with a high school education or less.
Only 7% of millennials between the ages of 18 and 29 say they would use a credit card for unexpected expenses, versus 13% of all other age groups.
21% of parents say they would borrow from family and friends, while 14% of respondents without children would do that.
How do you deal with unexpected expenses, such as $1,000 for an emergency room visit or $500 for a car repair?
Only 38 percent of respondents said they could cover it with cash they have on hand in a savings account or checking account.
26% Reduce spending
16% Borrow from family
12% Use credit cards
5% Don't Know
Highlights:
52% of college graduates say they would dip into savings, compared with just 31% with a high school education or less.
Only 7% of millennials between the ages of 18 and 29 say they would use a credit card for unexpected expenses, versus 13% of all other age groups.
21% of parents say they would borrow from family and friends, while 14% of respondents without children would do that.
1
Posted on 4/25/15 at 4:14 pm to Jcorye1
Especially in businesses like contracting, trucking, etc. They're highly leveraged. They'll be ballin', then have a couple of bad months, key piece of equipment breaks down, whatever, and be on the verge of bankruptcy six months later. Same with their personal finances. I've seen it happen a lot.
Posted on 4/25/15 at 4:20 pm to TigerintheNO
I spent all my money buying our house and paying off my wife's car. All I have is some credit card debt, student loans and my car note. My biggest killer is my damn child support. Only got 14 more years.
My wife is a teacher so in addition to solid retirement income from the state, we invested in a second retirement account.
We live paycheck to paycheck somewhat but I have been working my tail off scheming to reduce our monthly bills. About to start a new job that provides me a company truck for personal, and an iPhone provided by the company. That's great and will allow me to toss my car and half our insurance bill out the window along with my phone bill. Take the extra money and pay down debt.
I would love to be debt free around the same time child support is done. Not worried about savings, just structuring my future.
My wife is a teacher so in addition to solid retirement income from the state, we invested in a second retirement account.
We live paycheck to paycheck somewhat but I have been working my tail off scheming to reduce our monthly bills. About to start a new job that provides me a company truck for personal, and an iPhone provided by the company. That's great and will allow me to toss my car and half our insurance bill out the window along with my phone bill. Take the extra money and pay down debt.
I would love to be debt free around the same time child support is done. Not worried about savings, just structuring my future.
Posted on 4/25/15 at 4:24 pm to lsuwontonwrap
quote:Buying things they can't afford.
How do people let themselves get into such dire straits financially?
Living beyond means.
Disregarding/ignoring debt.
"Me" generation.
Instant gratification.
Being idiots.
No financial planning whatsoever.
Etc.
This post was edited on 4/25/15 at 4:25 pm
Posted on 4/25/15 at 4:25 pm to lsuwontonwrap
My wife and I did before we got married. We both hated our jobs, were miserable doing them, so finances sort of morphed into an afterthough. We bought toys/went out often/bought shite we didn't need. It helped temporarily.
Regardless, we both left the jobs we hated, are getting degrees to do what we actually want, and are cleaning up our finances now. All in all I wouldn't change it. The financial situation is what forced us to examine what we were doing in life and make a drastic change. You live and you learn, at least that's the goal. Some don't.
Regardless, we both left the jobs we hated, are getting degrees to do what we actually want, and are cleaning up our finances now. All in all I wouldn't change it. The financial situation is what forced us to examine what we were doing in life and make a drastic change. You live and you learn, at least that's the goal. Some don't.
Posted on 4/25/15 at 4:33 pm to lsuwontonwrap
35 and 3 kids today is not like 30 years ago. That is the simple answer. People want to be like their parents and most people don't realize what bills their parents didn't have back then as opposed to today.
Posted on 4/25/15 at 4:35 pm to lsu xman
quote:
What kind of cars do they have?
they have one old model chevy small car
Posted on 4/25/15 at 4:43 pm to lsuwontonwrap
Usually it happens for the same reason people get out of shape and overweight - they don't have a plan to succeed at all, much less stick to one.
Posted on 4/25/15 at 4:43 pm to lsuwontonwrap
I can see helping someone out when they are in a pinch, but there are all kinds of social programs that should take care of that (I.e. Unemployment, food bank, etc.). Bottom line is, if they haven't cut off cell phones, Internet, and cable, there is still room to cut back on expenses.....
Posted on 4/25/15 at 4:47 pm to lsuwontonwrap
This is kind of like asking, why the majority of people are stupid.
Posted on 4/25/15 at 4:50 pm to Spankum
quote:
Bottom line is, if they haven't cut off cell phones, Internet, and cable
A lot of people have a cell phone as their primary line these days and internet is probably being used to look for work...
Posted on 4/25/15 at 4:56 pm to lsuwontonwrap
quote:
internet is probably being used to look for work...
Maybe, but you can always use the library/free business wi-fi. When we re-adjusted our finances, we cut all the cable and went to the lowest cell phone plan we could. We also didn't eat out at all, cut out alcohol, and planned each meal a week ahead of time. It took a good month to fully adjust, but it was well worth it.
Granted we did these things because we were too prideful to ask people for money. I'm not faulting those that do, I just think the way we approached it was a better lesson for us.
Posted on 4/25/15 at 4:59 pm to WalkingTurtles
quote:
All I have is some credit card debt, student loans and my car note.
quote:
My biggest killer is my damn child support. Only got 14 more years.
quote:
I would love to be debt free around the same time child support is done.
I hope this is a joke. If not you fricked...
Posted on 4/25/15 at 6:21 pm to CorkSoaker
If that( a mother asking if there was anything she could do to earn cash to feed her kids) happened to me it would bring me to tears
Posted on 4/25/15 at 6:29 pm to Evolved Simian
quote:
That's what most Americans do. We live in a financially illiterate country where most do not have any savings at all.
Yep, people want more toys and don't consider saving for a rainy day, although I don't know your neighbors situation to know if that applies there.
Posted on 4/25/15 at 6:39 pm to lsuwontonwrap
That's why we have unemployment compensation.
Posted on 4/25/15 at 6:45 pm to kywildcatfanone
Saving money is sssooo important, you never know what is going to pop up not only in your life but family and friends lives so I always try to save as much as possible. Also, it's great having a lot of cash at your disposal if the right investment opportunity pops up.
My lease is up at the end of this month and the landlord is selling so rather than moving into a new place I am staying at my moms, not with her because she lives at our condo in San Diego from May-October, but alone at her fully furnished house in a great area of Scottsdale. In the next 5 months I am going to add $25,000 to my savings. I could have not dealt with having to get a storage unit and only moved once instead of twice but why not add $25,000 in 5 months as opposed to my usual $10,000 over the same time frame? I have some friends that think I am crazy for doing it since they know I don't need to but they are also broke at the end of each month.
My lease is up at the end of this month and the landlord is selling so rather than moving into a new place I am staying at my moms, not with her because she lives at our condo in San Diego from May-October, but alone at her fully furnished house in a great area of Scottsdale. In the next 5 months I am going to add $25,000 to my savings. I could have not dealt with having to get a storage unit and only moved once instead of twice but why not add $25,000 in 5 months as opposed to my usual $10,000 over the same time frame? I have some friends that think I am crazy for doing it since they know I don't need to but they are also broke at the end of each month.
This post was edited on 4/25/15 at 6:48 pm
Posted on 4/25/15 at 6:47 pm to lsuwontonwrap
Some folks live paycheck to paycheck. Count your blessings.
Posted on 4/25/15 at 6:47 pm to lsu480
quote:
add $25,000 in 5 months
Your lease is $5K per month?
Posted on 4/25/15 at 6:48 pm to stout
No. I normally save $2000 each month and my monthly lease and bills are around $3000, which is why I said I will add $25,000 instead of the usual $10,000 over 5 months.
This post was edited on 4/25/15 at 6:50 pm
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