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re: The Percentage of Americans With Less Than $1,000 in Savings Is Shocking
Posted on 12/20/19 at 6:31 am to Will Cover
Posted on 12/20/19 at 6:31 am to Will Cover
Does this include retirement savings or just emergency fund?
0
Posted on 12/20/19 at 6:32 am to Armymann50
quote:
Save 10% a pay check and spend less than you make resulted in me retiring at 56yrs old.
Unless you made quite alot this doesn't leave you with alot of money. You'd have to be making almost $200k just to be maxing out a 401k,403b,etc.
Must have a pension.
Posted on 12/20/19 at 6:33 am to NewIberiaHaircut
quote:
I couldn’t sleep at night if I had less than $1,000 in the bank.
I’ve been that person before and it’s not a good feeling and it certainly does not provide a sense of security.
Now, if push comes to shove, we have at least two years of savings saved (liquid) if disaster strikes us (non-medical). Gives us great peace of mind.
Posted on 12/20/19 at 6:34 am to Will Cover
quote:
Meanwhile, 20% point to a high cost of buying shite they really don't need as the reason their bank accounts are in such a sorry state.
Posted on 12/20/19 at 6:41 am to tigerinthebueche
quote:Saving 10% of one's check and spending less than you make is some intense, unachievable formula nearly 70% can't apply to their lives?
Yes cause one size fits all. Everyone is exactly the same ?
Posted on 12/20/19 at 6:47 am to Will Cover
People are irresponsible with money. My gf doesn’t have enough extra money to buy a new tire for her car but makes 50k a year, no kids, and I pay for dang near all her food. And she is 5 years older than me (I’m about to turn 29).
I have over 15k in my account and I own 2 boats (one paid for, owe 56k on other) have a 2015 gmc z71 fully loaded i paid off, and almost done paying student loans. Granted I make more than her but I also have more bills.
She just blows her money shopping
I have over 15k in my account and I own 2 boats (one paid for, owe 56k on other) have a 2015 gmc z71 fully loaded i paid off, and almost done paying student loans. Granted I make more than her but I also have more bills.
She just blows her money shopping
Posted on 12/20/19 at 6:50 am to Will Cover
The smart folks of the OT and Money boards often poo-poo Dave Ramsey, but his advice will work for every single one of these folks who are illiquid and drowning in debt.
When you're in a hole, at some point you have to stop digging and start climbing back out, difficult as that may be.
When you're in a hole, at some point you have to stop digging and start climbing back out, difficult as that may be.
This post was edited on 12/20/19 at 6:52 am
Posted on 12/20/19 at 6:50 am to tigerinthebueche
quote:
If you’re under 30, you blame boomers. If you’re over 50, you blame millennial entitlement.
If you’re between 30-50, you’re too busy working and paying your bills to give a shite.
Millennials are in their mid 30s blaming boomers.
This post was edited on 12/20/19 at 6:51 am
Posted on 12/20/19 at 6:51 am to Will Cover
I have 6-8 months worth of expenses saved up.
Best thing about it is I can afford to quit my job if I got tired of it.
Best thing about it is I can afford to quit my job if I got tired of it.
This post was edited on 1/25/21 at 4:14 pm
Posted on 12/20/19 at 6:53 am to Will Cover
Savings accounts at most banks are worthless. The growth you get in them make them little more than a normal checking account
Posted on 12/20/19 at 6:53 am to Jake88
quote:
Saving 10% of one's check and spending less than you make is some intense, unachievable formula nearly 70% can't apply to their lives?
Saving 10% of one’s check is not nearly enough for most people to retire at 56.
Posted on 12/20/19 at 6:55 am to Will Cover
This is why when even things like a gas hike causes people to fold like tents and you see the number of repos go off the chain.
Posted on 12/20/19 at 7:00 am to deltaland
Dude, you need to run
Posted on 12/20/19 at 7:01 am to Ace Midnight
(no message)
This post was edited on 4/10/23 at 3:55 pm
Posted on 12/20/19 at 7:01 am to Will Cover
quote:
Today's American economy is booming. 3 % unemployment rate. Stock market at an all-time high. And sadly, $1K for savings is not achievable for 69 % of Americans. We're fcuked when the economy goes into the shitter again.
Because the GDP is a terrible measurement for how our country as a whole is doing. The unemployment rate is low but the workforce participation rate is low and those people don't factor into the unemployment rate, our wages have stagnated while costs and consumerism have increased so people can't pay their bills, suicide rates are high, drug abuse & overdoses are high.
We derive a sense of economy and the well-being of our country by how the markets are and not by how our people are doing, and people are suffering for it. We need to re-invent how we look at the status of the country. This should include GDP but GDP should not be the sole driver. The creator of the GDP said it would be terrible to use in the way we use it.
Human-centered capitalism is what we should use moving forward.
Posted on 12/20/19 at 7:02 am to Henry Jones Jr
quote:
Savings accounts at most banks are worthless.
Agreed. I stick my emergency funds in a brokerage account. They offer close to a 2% return or more based off how much you have in it. I can transfer money in/out with no penalties or invest in the market. Very convenient.
Posted on 12/20/19 at 7:02 am to Will Cover
Have a friend who spent close to 2 grand to go to the playoff game on his credit card. Guaranteed he doesn’t have $1000 in savings.
Posted on 12/20/19 at 7:05 am to Will Cover
quote:
We're fcuked when the economy goes into the shitter again.
IDK, last time the economy receded, I was sitting on some cash looking to buy a good used side by side and a boat. I thought CL would have been full of people letting go of recreational items and other non necessary items and never really found a deal I liked.
Credit cards and home equity loans and line of credits will be maxxed out to avoid giving up material items.
Living within your means can suck a lot when you want something, have the cash for it, but know deep down you have to be prepped for an emergency expenditure/ retirement.
Posted on 12/20/19 at 7:11 am to NewIberiaHaircut
quote:
I couldn’t sleep at night if I had less than $1,000 in the bank.
yeah i'm WAY behind where i should be, but $1k? that's unfathomable for a professional
this is like people who have 5-figure CC debt. how can you get that far along?
Posted on 12/20/19 at 7:14 am to Will Cover
quote:
And sadly, $1K for savings is not achievable for 69 % of Americans. We're fcuked when the economy goes into the shitter again.
bullshite. I don’t make shite and I have more than $1k saved up and growing. I get things are harder economically today, but this whole line of thinking that you can’t save money or buy a house is bullshite.
ETA: I hope we have a correction soon. That means stock prices go down. That’s when I contribute more to my accounts.
This post was edited on 12/20/19 at 7:16 am
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