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re: I Heard Two Interesting Positions on NPR Today; Do People Not Have Savings Anymore?
Posted on 3/18/20 at 9:46 pm to Caddeaux
Posted on 3/18/20 at 9:46 pm to Caddeaux
Most Americans would have to sell something or incur more debt for even a $1k emergency.
Folks should be ashamed of themselves, but shame died a long, long time ago.
Folks should be ashamed of themselves, but shame died a long, long time ago.
1
Posted on 3/18/20 at 9:58 pm to Caddeaux
The fed keeping interest rates so low is partially to blame for this. Most people hate parking money if they don’t earn anything on it. If we wanted to incentivize the average American to save more money we should stop artificially lowering the rates.
I realize this is not feasible with every other central bank doing it so it would make us not competitive. But damn the unintended consequence is nobody saves anymore.
I realize this is not feasible with every other central bank doing it so it would make us not competitive. But damn the unintended consequence is nobody saves anymore.
Posted on 3/18/20 at 11:48 pm to Caddeaux
most do not. dont believe the bullshite. nothing against them btw..
Posted on 3/19/20 at 12:31 am to Caddeaux
15 years of near zero interest paid by banks is why no one saves any more, the system doesn't reward you for saving any more
if you had $10k in the bank for the last 10 years you would have made somewhere in the area of $100 in interest on it in all that time, had you put it in government bonds you might have gotten $350 in all that time
with little to no returns like that on savings, you are better off putting your money in a jar and burry it in the back yard
frick the fed and business lending rates, none of that shite matters to regular people, all we care about is the rates we get from the bank on our savings accounts which has been 0.0000001% for like forever
trump should find a way to mandate banks can never pay less the 4% on savings accounts and that alone would change the dynamics of no one having any savings in the bank
if you had $10k in the bank for the last 10 years you would have made somewhere in the area of $100 in interest on it in all that time, had you put it in government bonds you might have gotten $350 in all that time
with little to no returns like that on savings, you are better off putting your money in a jar and burry it in the back yard
frick the fed and business lending rates, none of that shite matters to regular people, all we care about is the rates we get from the bank on our savings accounts which has been 0.0000001% for like forever
trump should find a way to mandate banks can never pay less the 4% on savings accounts and that alone would change the dynamics of no one having any savings in the bank
This post was edited on 3/19/20 at 12:34 am
Posted on 3/19/20 at 2:58 am to Caddeaux
Good thing I have been working on my baby steps. Debt is dumb, cash is king, and the paid-off home mortgage has replaced the BMW as the status symbol of choice!
Posted on 3/19/20 at 5:21 am to Caddeaux
Most of it depends on age. Do I blame someone in their 20s-early 30s not having savings for 3-6 months, probably not. Wages aren’t as high and saddled with a multitude of payments.
Someone in their mid 30s or older, no excuse.
Someone in their mid 30s or older, no excuse.
Posted on 3/19/20 at 7:02 am to Caddeaux
Cost of living has skyrocketed. It is what it is. I knew good people in the oil field devastated when they lost their jobs in 2015. They definitely didn't have 6 months savings.
Posted on 3/19/20 at 8:41 am to Caddeaux
Most don’t. Ask your local realtor what percentage of people buying houses couldn’t unless seller pays closing
Posted on 3/19/20 at 8:46 am to Caddeaux
quote:
My question is: does the average American really not have any money saved? If so, I think that speaks volumes about the state this nation is really in.
I'll do you one better. Our corporations and banking system cannot operate without massive liquidity injections. They are so levered up most can't pay their interest payments with cash from operations. We are so fragile as a society.
Posted on 3/19/20 at 9:17 am to Caddeaux
It took me awhile to really embrace the concept of saving. Credit cards are evil. If the feds send us checks it is going straight into my savings until this mess is over. Then I guess I'll use some of it to buy a new TV and do my part to stimulate the economy.
Posted on 3/19/20 at 10:01 am to Caddeaux
There's people out there working 2-3 jobs just to scrape by, you think they have the means and luxury of a savings account?
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