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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 11:49 am to TigerFanInSouthland
Posted on 12/20/19 at 11:49 am to TigerFanInSouthland
quote:
UBI is going to absolutely destroy this country if and when it is ever passed.
I see several people think that my comment was an endorsement of UBI. Quite the contrary.
UBI, at this stage of society, will destroy us. However, with the progression of technology it's inevitable. Moore's Law and all. At some point we'll transition to a resource management economy rather than a resource scarcity/meritocracy economy.
At some point, automation will become so ubiquitous that the majority of people would be unemployable. We will have become so efficient at production through the use of machinery that it will change the paradigm of what it means to be successful. People will turn inward instead of outward and look to build themselves and their character and relationships rather than career and bank accounts.
So not all hope will be lost. In order to avoid becoming victims of our own success as a species, we will have to adapt our mentality.
This post was edited on 12/20/19 at 11:52 am
0
Posted on 12/20/19 at 11:52 am to gamatt53
quote:
It sounds like that reality made some folks butthurt
lol yeah that’s what it is can’t possibly be people just laughing bc your assumption is no one else understands how rates work
Posted on 12/20/19 at 12:25 pm to Volvagia
The biggest problem isn’t a rich poor but people don’t know how to budget nor save. My dad budgeted everything. Money each month went into different accounts ( on paper) and if something happened to the car or school cloths, he would look see how much was in the account and take care of it. Who does this anymore? Side note, he also uses credit cards he has to pay off at the end of the month.
Posted on 12/20/19 at 12:29 pm to Will Cover
How many of them have 1000 dollar smartphones?
Posted on 12/20/19 at 12:30 pm to Aristo
quote:
How many of them have 1000 dollar smartphones?
This is such a retarded meme
Posted on 12/20/19 at 2:32 pm to JohnnyKilroy
quote:Because you have >$1k in savings but a <$1k smartphone?
quote:
How many of them have 1000 dollar smartphones?
This is such a retarded meme
Posted on 12/20/19 at 2:58 pm to Redbone
quote:
Because you have >$1k in savings but a <$1k smartphone?
No. It is a tired and played out meme. Same as the "you stupid millenials could get a job if you didn't major in gender studies!" meme.
Yes, people make retarded decisions with money regardless of age. The issue is conveniently ignored is the structural problems in today's economy such as offshoring and automation, which make it more difficult for the lower classes to just "pick themselves up by their bootstraps" and "work harder".
There are many small towns in America with no good jobs and it is difficult for most folks to leave. And it is very difficult for middle aged folks to retrain for new jobs and learn to code. The solutions are just not easy nor do I know the perfect policy prescription to solve it.
The hive mind here will skyscream that it is all personal responsibility but there is more to the problem. And to ignore such problems is to be willfully ignorant.
Posted on 12/20/19 at 3:04 pm to GEAUXT
quote:
You'd have to be making almost $200k just to be maxing out a 401k,403b,etc.
In that case, I'm gonna march into my boss's office first thing Monday and inform him that I need a huge raise.
Posted on 12/20/19 at 3:11 pm to NewIberiaHaircut
quote:
I couldn’t sleep at night if I had less than $1,000 in the bank
quote:
by NewIberiaHaircut
Does not check out.
Posted on 12/20/19 at 3:15 pm to Will Cover
after looking at this thread
then seeing all of the $50k+ trucks and european luxury vehicles running around, you know most of the people can't actually afford these vehicles
vehicle market is the next bubble to pop
then seeing all of the $50k+ trucks and european luxury vehicles running around, you know most of the people can't actually afford these vehicles
vehicle market is the next bubble to pop
Posted on 12/20/19 at 3:17 pm 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.
pretty much
Posted on 12/20/19 at 3:19 pm to jmarto1
quote:
Dude, you need to run
Yep.
That's going to turn into some expensive pussy.
Best thing I ever did was marry a girl that thinks exactly like me in nothing but finances. Fitting since that's the number one reason for divorce.
Posted on 12/20/19 at 3:22 pm to Will Cover
There are 1.5 trillion dollars in 100 dollar bills sitting in bank vaults and under peoples mattresses all around the world.
banks just tryin to get these deposits so they can grow their asset base. They have to have deposits to lend money and build their balance sheet.
banks just tryin to get these deposits so they can grow their asset base. They have to have deposits to lend money and build their balance sheet.
Posted on 12/20/19 at 3:31 pm to TigerFanInSouthland
quote:
Seems like it’d be an easy answer. Where’s this $12K/year for each person over 18 going to come from?
Where’s this roughly $3,000,000,000,000 going to come from each year?
It's "only" going to cost a 10% VAT.
You need to remember that these people are economically illiterate.
This post was edited on 12/20/19 at 3:32 pm
Posted on 12/20/19 at 3:39 pm to Redbone
quote:
Because you have >$1k in savings but a <$1k smartphone?
I think it's pretty presumptuous to claim every smart phone out there is $1,000. I've never paid that much for a smart phone, and there are many out there that can be had for a few hundred dollars. Still expensive, but they are almost a necessity these days, especially for those that live in a home without high speed internet or a laptop or desktop computer. So many things have moved to online.
Is is irresponsible to run out and buy the latest iPhone every year when you have no savings? Sure. Is it irresponsible to go to Walmart and get an older model iPhone on a prepaid plan for $300 when you have no savings? I don't think so.
Posted on 12/20/19 at 3:44 pm to Mr Perfect
quote:
? I'm in favor of Ubi just Like Cuban or Elon musk. plenty of ppl support it
and these are much smarter ppl than you ever dreamed of being dude.
UBI would definitely not work right now. In fact, it would be disastrous. It would just be another horribly managed government expenditure, among the many. That said, I'm not against the idea of it in an intermediary fashion sometime in the far future as we transition to a resource management or natural resources based economy.
There are plenty a very smart people who are often very wrong. Very few of them are smart and also Nobel Prize winners in economics.
Do yourself a favor. If you're really interested in matters of economy I have some easy watching for you. Freedom to Choose. Or basically anything by Milton Friedman.
Enjoy and then get back to us.
This post was edited on 12/20/19 at 3:46 pm
Posted on 12/20/19 at 3:47 pm to Will Cover
It's both frustrating to read the OPs facts and to read the responses.
The bottom line is, unless you're in the top 90% of income or live in podunk middle of nowhere, you've experienced considerable shrinking of buying power due to wage stagnation, home prices, health costs, college costs, food costs, etc.
I know people who think they're doing well, or are living comfortably, don't find it easy to admit that they aren't doing near as well as they should be if we lived in under a more equitable economy. Corporations have been raping workers for damn near 40 years! Pensions gone. Lowering 401k matches. Lower quality medical insurance (I mean, who here just LOVES high deductible plans?).
Sure, our 401ks may look great due to market performance over the last 6 years but what about your take home pay? How many people saw a considerable pay increase when their employer's income taxes dropped by 150% last year? How many are getting annual COLA or merit increases?
The top is just raping the rest of us and, as long as we have a few hundred grand in our 401ks, we pretend to be satisfied. frick that. Worker productivity in this country has steadily increased while wages remain stagnant. Enough is enough.
You want to rag on people for having a $500 flat screen TV? A cellphone plan? Does anyone really think that those are the types of items that are causing people to lack savings? Most folks are spending around $500 per paycheck on health insurance that they rarely use!
Quit defending the status quo. You, in the 83rd income percentile, are just as much of a fricking peasant in this economy as the welfare queen in the 9th percentile. The difference between you and her is minuscule compared to the gap between you and the guy in the 99th percentile.
The bottom line is, unless you're in the top 90% of income or live in podunk middle of nowhere, you've experienced considerable shrinking of buying power due to wage stagnation, home prices, health costs, college costs, food costs, etc.
I know people who think they're doing well, or are living comfortably, don't find it easy to admit that they aren't doing near as well as they should be if we lived in under a more equitable economy. Corporations have been raping workers for damn near 40 years! Pensions gone. Lowering 401k matches. Lower quality medical insurance (I mean, who here just LOVES high deductible plans?).
Sure, our 401ks may look great due to market performance over the last 6 years but what about your take home pay? How many people saw a considerable pay increase when their employer's income taxes dropped by 150% last year? How many are getting annual COLA or merit increases?
The top is just raping the rest of us and, as long as we have a few hundred grand in our 401ks, we pretend to be satisfied. frick that. Worker productivity in this country has steadily increased while wages remain stagnant. Enough is enough.
You want to rag on people for having a $500 flat screen TV? A cellphone plan? Does anyone really think that those are the types of items that are causing people to lack savings? Most folks are spending around $500 per paycheck on health insurance that they rarely use!
Quit defending the status quo. You, in the 83rd income percentile, are just as much of a fricking peasant in this economy as the welfare queen in the 9th percentile. The difference between you and her is minuscule compared to the gap between you and the guy in the 99th percentile.
Posted on 12/20/19 at 3:51 pm to mmmmmbeeer
Well said my dude. 
A bunch of temporarily inconvenienced millionaires on this board who will always white knight for the wealthiest in this country. It's always fun to watch.
A bunch of temporarily inconvenienced millionaires on this board who will always white knight for the wealthiest in this country. It's always fun to watch.
This post was edited on 12/20/19 at 3:54 pm
Posted on 12/20/19 at 3:58 pm to oliveandblue
quote:
I intentionally hold no money in checking. The savings money goes into vehicles that passively earn money. Money that isn't converted into goods/services or accruing interest is essentially being destroyed by inflation.
Posted on 12/20/19 at 4:15 pm to fillmoregandt
quote:
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
Shheeiitt.
Delayed gratification gives me priapism.
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