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Started By
Message
re: The Percentage of Americans With Less Than $1,000 in Savings Is Shocking
Posted on 12/20/19 at 9:18 am to GEAUXT
Posted on 12/20/19 at 9:18 am to GEAUXT
quote:
You'd have to be making almost $200k just to be maxing out a 401k
This. I've been putting away 15% since I graduated college in 2013. Solid amount, but it's not reaching the max. I think (hope) that may change this next year though!
Max out the 401k then add what I can, when I can to my brokerage.
This post was edited on 12/20/19 at 9:18 am
0
Posted on 12/20/19 at 9:20 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.
People are less intelligent than in the past and instant gratification is the rule of the day.
This is why people are screaming for a bigger safety net, they can't survive without it.
Posted on 12/20/19 at 9:20 am to NewIberiaHaircut
quote:
I couldn’t sleep at night if I had less than $1,000 in the bank.
You get used to it.
Posted on 12/20/19 at 9:21 am to GreatLakesTiger24
quote:
cool. Thanks for sharing
No problem. Being able to retire earlier > having a shiny new boat.
Let’s assume this guys loan was for 60k @ 4.5% for 10 years. That’s a monthly note of just over $600
If instead he had invested that at a 7% return he would have 100k after 10 years. So that boat really didn’t cost him 60k it cost him 100k plus all the future returns on that as well. So 30 years in the future he could have half a million in his investment account...or he could have 30 year old pictures of him in a boat that by now is in a scrap yard somewhere.
This post was edited on 12/20/19 at 9:24 am
Posted on 12/20/19 at 9:23 am to Will Cover
I would be quivering in the fetal position if that were me.
Posted on 12/20/19 at 9:24 am to Will Cover
quote:
Nearly 33% of Americans are living paycheck to paycheck, which explains their glaring lack of savings.
For me the level of savings (money that I intentionally put out of reach) makes me live like I'm living paycheck to paycheck.
Posted on 12/20/19 at 9:25 am to gamatt53
quote:
or he could have 30 year old pictures of him in a boat that by now is in a scrap yard somewhere.
And he would have actually lived a fun and interesting life.
Posted on 12/20/19 at 9:27 am to Will Cover
maybe because banks only pay 0.00000000001% interest on your money
every time i get paid i take it all out because i rather put it to use then earn nothing on it in the bank
banks start paying 4-5% on savings and watch how fast they find bank accounts overflowing with money
but its also part of the credit card world we live in, cash isnt something you need or use much anymore
every time i get paid i take it all out because i rather put it to use then earn nothing on it in the bank
banks start paying 4-5% on savings and watch how fast they find bank accounts overflowing with money
but its also part of the credit card world we live in, cash isnt something you need or use much anymore
Posted on 12/20/19 at 9:29 am to gamatt53
quote:what incredible stuff are you going to do in your early retirement that so clearly outweigh having a boat when you’re young and active
So 30 years in the future he could have half a million in his investment account...or he could have 30 year old pictures of him in a boat that by now is in a scrap yard somewhere
Posted on 12/20/19 at 9:32 am to Tchefuncte Tiger
quote:
Once you use your credit to buy an asset, you owe money to an outside party that you must repay,
This is called debt.
quote:
Your car loan is a liability, as is your mortgage, student loan debt, and credit card balances.
Again, this is debt. Debt is a liability.
The ability to get debt is not a liability. It is a very useful tool.
Posted on 12/20/19 at 9:36 am to PhiTiger1764
quote:
The ability to get debt is not a liability. It is a very useful tool.
I understand your point.
This post was edited on 12/20/19 at 9:37 am
Posted on 12/20/19 at 9:38 am to GreatLakesTiger24
quote:
what incredible stuff are you going to do in your early retirement that so clearly outweigh having a boat when you’re young and active
Why bother saving money at all with that logic?
You can still have a boat just get something older that has already depreciated unless you are talking about an offshore boat. In that case just go out on charters with your buddies it will be way cheaper
Posted on 12/20/19 at 9:39 am to Will Cover
quote:
We're fcuked when the economy goes into the shitter again.
Who's we? Speak for yourself.
Posted on 12/20/19 at 9:41 am to Will Cover
70% of Americans are also uneducated and unintelligent, so those numbers aren’t surprising.
Posted on 12/20/19 at 9:47 am to gamatt53
You’re doing a “if you spend more than me you’re wrong” thing and that’s silly
For all you know he uses it five times a week, or “had” to spend that much to meet needs
I could afford a 70k car but drive a 15k car because Im not a car guy. I’m not going to lecture a car person on tbt financial implications though.
For all you know he uses it five times a week, or “had” to spend that much to meet needs
I could afford a 70k car but drive a 15k car because Im not a car guy. I’m not going to lecture a car person on tbt financial implications though.
Posted on 12/20/19 at 9:50 am to Mr Perfect
quote:
all entitlement programs eliminated. this is why I say to watch YouTube about the freedom dividend. it's all explained.
Well I know the difference between a far-fetched idea and reality.
Posted on 12/20/19 at 9:53 am to gamatt53
quote:
Why bother saving money at all with that logic?
Why do you holier than thou types always go to the exact opposite extreme. There’s plenty of financially responsible space between paycheck to paycheck and put every dollar into retirement
Posted on 12/20/19 at 9:54 am to Volvagia
No - the 1% are completely immune after getting tens of trillions in free cash since the 2008 "recession". People that were on the edge of bankruptcy with millions upon millions in debt have cash sitting around for the next 100 years. It is the middle class, which is in decline, that got freaked over again.
Posted on 12/20/19 at 9:55 am to deltaland
quote:
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
Hopefully you aren’t considering marriage with a woman like this
Posted on 12/20/19 at 9:55 am to PUB
quote:
No - the 1%
Stopped right there.
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