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re: The Percentage of Americans With Less Than $1,000 in Savings Is Shocking
Posted on 12/20/19 at 9:55 am to Will Cover
Posted on 12/20/19 at 9:55 am to Will Cover
quote:
and most Americans like "instant gratification.
It's not "instant" with me. It takes about two minutes.
0
Posted on 12/20/19 at 10:00 am to Hoops
quote:
There’s plenty of financially responsible space between paycheck to paycheck and put every dollar into retirement
No where did I say he had to put every dollar into retirement. I just wanted to point out what a 60k boat loan really costs so showed the opportunity cost of 600 a month financed vs invested. It sounds like that reality made some folks butthurt
This post was edited on 12/20/19 at 10:01 am
Posted on 12/20/19 at 10:03 am to Armymann50
I live in a cardboard box and retired at age 32.
Posted on 12/20/19 at 10:16 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?
no its an excellent idea. But as previously pointed out, you have to be making a pretty good salary for it to work out.
I'm a firm believer in saving whatever you can- no matter how little that may be. But I'm not deaf to the fact that peoples situations are all different and fluid, so even the best, most simplistic financial advice/plan isn't always feasible.
Posted on 12/20/19 at 10:28 am to Will Cover
Take it from experience, SS + That $1000 X 1000 may be enough for a comfortable life providing house paid off if a person retires today.
Oh yeah, I almost forgot, Medicare and a rider policy paid for by company that one retired from is a must too.
Oh yeah, I almost forgot, Medicare and a rider policy paid for by company that one retired from is a must too.
Posted on 12/20/19 at 10:32 am to sportsaddit68
quote:
sportsaddit68
quote:
How old are you?
quote:
Mid Thirties
I truly hope you are joking when you said
quote:
I have less than $1000 in savings. I'm OT poor.
Again, if true, there are ZERO excuses that will make sense as to why you have not been able to accumulate at least $1K in cash for your savings account.
This post was edited on 12/20/19 at 10:33 am
Posted on 12/20/19 at 10:34 am to fr33manator
quote:
I bet they have a smart phone,
Flat screen, and other creature comforts.
Smart phone is no longer a "creature comfort". I have to own a smartphone to log into certain systems at work.
I'm 30 and have only been in the professional working world for 2 years so my savings account isn't great. But I do my best by doing things like cooking at home, not going out to bars all that often anymore, driving an old car that is well maintained and no car payment, etc...
I work with people older than me who are always complaining about being broke and then they'll go drop $200 on a concert ticket. I feel like people do things to "keep up with the Jones's". I know some people are ashamed to admit that they shouldn't go to a concert (or do something else expensive) because they can't really afford it so they put it on credit cards. People like to do things that they can put on Facebook and Instagram to show how awesome their lives are. I personally don't give a shite about looking cool on social media but that is definitely a thing among people in my age group.
Posted on 12/20/19 at 10:42 am to Will Cover
Feels nice to be in the top 4%
Posted on 12/20/19 at 10:42 am to gamatt53
quote:did you just take your first college finance class?
point out what a 60k boat loan really costs so showed the opportunity cost of 600 a month financed vs invested. It sounds like that reality made some folks butthurt
Posted on 12/20/19 at 10:52 am to GreatLakesTiger24
No but I did just eat a snickers bar
Edit; in this Post you claim your credit score is 480
you really trying to seriously participate in this thread?
Edit; in this Post you claim your credit score is 480
you really trying to seriously participate in this thread? This post was edited on 12/20/19 at 11:03 am
Posted on 12/20/19 at 10:52 am to VADawg
quote:
. People like to do things that they can put on Facebook and Instagram to show how awesome their lives are. I personally don't give a shite about looking cool on social media but that is definitely a thing among people in my age group.
Other than a sickness, I rarely see anyone post on social media about "life" and what happens to them. Instead, it's usually a "look at me" and "look how much fun I am having" types of post --- and that's fine, if it works for them, but you're right, Facebook and the like are just commercials only showcasing the highlights of one's experiences.
Posted on 12/20/19 at 10:52 am to GEAUXT
quote:
You'd have to be making almost $200k just to be maxing out a 401k,403b,etc.
I maxed both 401k and Roth IRA this year on $110,000 salary.
The higher the income, the easier to max but it is about priorities.
Posted on 12/20/19 at 10:54 am to JohnnyKilroy
quote:
JohnnyKilroy
quote:
Feels nice to be in the top 4%
Posted on 12/20/19 at 10:59 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 many people’s first thoughts after just getting a new raise or job is “what can I buy?” instead of a save-first-buy-later mentality
Posted on 12/20/19 at 11:03 am to VADawg
Just take a look around while driving. Note the types of cars you see out there. Note their age and brand. Then go see how much these cars cost.
Looking at the average or even above average income, there is no reason as many people should have that many expensive new cars. The percentage of monthly income that goes towards these people's car notes must be insane.
I would imagine most out there with a nice house, nice car, "creature comforts" etc are just in massive debt that we don't realize. They'll be paying compound interest for generations.
Looking at the average or even above average income, there is no reason as many people should have that many expensive new cars. The percentage of monthly income that goes towards these people's car notes must be insane.
I would imagine most out there with a nice house, nice car, "creature comforts" etc are just in massive debt that we don't realize. They'll be paying compound interest for generations.
Posted on 12/20/19 at 11:11 am to keakar
quote:
banks start paying 4-5% on savings and watch how fast they find bank accounts overflowing with money
Your cost of borrowing will increase as well. You will be screaming about 12% mortgage rates and 10% auto loan rates.
Posted on 12/20/19 at 11:15 am to gamatt53
My credit score is one of my worst attributes
Posted on 12/20/19 at 11:21 am to GreatLakesTiger24
Ahhh so you were lying in the other thread but that is totally real huh?
Here’s mine. Christmas shopping dropped me a few points
Here’s mine. Christmas shopping dropped me a few points
This post was edited on 12/20/19 at 11:35 am
Posted on 12/20/19 at 11:22 am to gamatt53
Believe what you’d like
Posted on 12/20/19 at 11:24 am to Mr Perfect
quote:
I'll take my $1k per month out the door.
False. You'll be taking others money. You didn't earn it.
I'd gladly accept UBI. In the form of cutting my tax bill by $1,000 a month.
Same thing, right?
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