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I Heard Two Interesting Positions on NPR Today; Do People Not Have Savings Anymore?
Posted on 3/18/20 at 8:20 pm
Posted on 3/18/20 at 8:20 pm
The guest (female economist, can't remember her name) used to work for the Obama administration, so I already expected to hear some left-of-center viewpoints, but she was arguing that tax cuts preferred by Trump are not the way to go because they fail to benefit those who have lost their jobs or didn't pay taxes to begin with.
Her second point was that people need the (in my opinion negligble) $1,000 proposed cash sum immediately because they are really hurting right now (after a mere 2 weeks into this "crisis").
I was always taught to make sure you have enough savings to live for 3-6 months without steady income. This is exactly what my wife and I made a point to save. I guess this means we had to forgo some of the luxuries other people our age indulge in, but it was more important to feel secure, and I can guarantee we don't miss having a new $1,200 iPhone every year, or a 75-inch TV, or whatever the average consumer is spending their 'disposable' income on.
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.
God forbid we have an actual crisis. These people would be living in the woods and eating sticks.
Her second point was that people need the (in my opinion negligble) $1,000 proposed cash sum immediately because they are really hurting right now (after a mere 2 weeks into this "crisis").
I was always taught to make sure you have enough savings to live for 3-6 months without steady income. This is exactly what my wife and I made a point to save. I guess this means we had to forgo some of the luxuries other people our age indulge in, but it was more important to feel secure, and I can guarantee we don't miss having a new $1,200 iPhone every year, or a 75-inch TV, or whatever the average consumer is spending their 'disposable' income on.
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.
God forbid we have an actual crisis. These people would be living in the woods and eating sticks.
Posted on 3/18/20 at 8:22 pm to Caddeaux
Until 2 years ago, I didn't have any. Now I have 1/3 a years salary.
People live paycheck to paycheck now.
People live paycheck to paycheck now.
Posted on 3/18/20 at 8:22 pm to Caddeaux
I was told last night a family of 4 earning 90k a year can’t be expected to have substantial savings.
Posted on 3/18/20 at 8:23 pm to Caddeaux
Most people do not and would prefer an expensive boat or house with extra "bedrooms". Neither of these will get you out of a bind quickly like a 3-6 month savings account
This post was edited on 3/18/20 at 8:25 pm
Posted on 3/18/20 at 8:24 pm 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.
That’s a problem
How much money has our fedgov “saved”? That’s a bigger problem
This post was edited on 3/18/20 at 8:24 pm
Posted on 3/18/20 at 8:24 pm to Caddeaux
Do these multi billion profit companies not have any savings (cash). Bc they are sky screaming about bailouts two weeks in.
fricking Wall Street always wanting growth and if a company sits on cash no one invests in them ... the CEO gets axes for no growth (M&A, buybacks, expansions, etc)
fricking Wall Street always wanting growth and if a company sits on cash no one invests in them ... the CEO gets axes for no growth (M&A, buybacks, expansions, etc)
Posted on 3/18/20 at 8:26 pm to Ollieoxenfree99
I understand being unable to save while in college and the first 2-3 years after you enter the workforce; I was there once myself.
But the majority of the nation is not 18-25; I feel like there are adults with families who have no safety net, and frankly will never have the means or intent to save.
It's pitifully sad.
But the majority of the nation is not 18-25; I feel like there are adults with families who have no safety net, and frankly will never have the means or intent to save.
It's pitifully sad.
Posted on 3/18/20 at 8:27 pm to Caddeaux
i got blasted for pointing this out on the OT
i can't really feel bad for any adult with less than a couple months expenses saved, unless you're very fresh out of college or something
i can't really feel bad for any adult with less than a couple months expenses saved, unless you're very fresh out of college or something
Posted on 3/18/20 at 8:27 pm to Caddeaux
I have enough in a college fund to probably send my 2 daughters to college and give them decent weddings. So, that’s a relief.
I have enough in general to re-roof my house and put a new HVAC in when those days beset me.
I have enough in general to re-roof my house and put a new HVAC in when those days beset me.
Posted on 3/18/20 at 8:28 pm 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.
This is not news. People have been saying this for YEARS.
Posted on 3/18/20 at 8:29 pm to Ollieoxenfree99
Anyone who doesn't have 3-4 months of income close and available is asking for problems. Common sense!
Posted on 3/18/20 at 8:34 pm to Caddeaux
My wife and I have a savings, it’s called a 401K.
This post was edited on 3/18/20 at 8:40 pm
Posted on 3/18/20 at 8:35 pm to Caddeaux
They should put that big tax refund they receive due to the earned income credit in a savings account
Posted on 3/18/20 at 8:36 pm to Caddeaux
It took me 4 years to save up 6 months worth by myself. So it’s not an easy task.
People want what they want they want it now. Saving is the exact opposite of that. It takes discipline, consistency and knowing what you want versus what you need. It also lets me use one of my favorite quotes “delayed gratification built the middle class”.
People want what they want they want it now. Saving is the exact opposite of that. It takes discipline, consistency and knowing what you want versus what you need. It also lets me use one of my favorite quotes “delayed gratification built the middle class”.
Posted on 3/18/20 at 8:37 pm to GreatLakesTiger24
It’s tough. I’m 33. Had 50k of student loans out of school making 55k. After 10 years of working in my field I now make over 130K. I was able to pay off all my student loans and both cars for me and my wife and erase all debt by the time I was 30. For the 7 years prior to both my income and my wife’s income (combined at the time 100K before tax) went all to rent/mortgage, car notes, student loans. I always paid extra on the student loans to pay them off until I flipped a house for profit and paid everything off. If I had not taken a chance on the house flip id still be paying that off.
So I don’t understand y’all that say 2-3 years after college you should have a nest egg. That’s not realistic for normal people. I didn’t have money growing up. I had the hope scholarship in GA but my masters cost me 50K but I needed it to land my job.
If you have a car and rent on top of it you don’t have a lot extra after food, gas and utilties. And I didn’t live extravagantly at all and I still don’t because of those leaner times. I’m very frugal. Now I have two kids and my wife stays at home with them because day care is more expensive than the money she could bring in.
So...you see how this works. I now have over a years worth of living expenses in the bank. Very comfortable. But I had to take some chances to get here. Most “normal” people don’t do that. They just live their life on the their pay check.
So I don’t understand y’all that say 2-3 years after college you should have a nest egg. That’s not realistic for normal people. I didn’t have money growing up. I had the hope scholarship in GA but my masters cost me 50K but I needed it to land my job.
If you have a car and rent on top of it you don’t have a lot extra after food, gas and utilties. And I didn’t live extravagantly at all and I still don’t because of those leaner times. I’m very frugal. Now I have two kids and my wife stays at home with them because day care is more expensive than the money she could bring in.
So...you see how this works. I now have over a years worth of living expenses in the bank. Very comfortable. But I had to take some chances to get here. Most “normal” people don’t do that. They just live their life on the their pay check.
This post was edited on 3/18/20 at 8:54 pm
Posted on 3/18/20 at 8:38 pm to Caddeaux
quote:
Do People Not Have Savings Anymore?
Sadly no. Most people have a mountain of debt and live paycheck to paycheck, that's why they get so screwed when an emergency pops up.
Posted on 3/18/20 at 8:38 pm to Dawgfanman
quote:we're a family of 5 with well over 90K a year and don't have substantial savings. I dont know how people make it on 50 60 or 70k a year.
I was told last night a family of 4 earning 90k a year can’t be expected to have substantial savings.
Posted on 3/18/20 at 8:38 pm to Dawgfanman
quote:
I was told last night a family of 4 earning 90k a year can’t be expected to have substantial savings.
Depends on where you live. If i made that here we'd be eating Ramen every night.
Posted on 3/18/20 at 8:40 pm to Caddeaux
My wife and I have savings but I shouldn’t have to use it because some fricking Chinese trash bag ate a bat and our media is trying to collapse our economy.
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