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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 9:37 pm to GreatLakesTiger24
Posted on 3/18/20 at 9:37 pm to GreatLakesTiger24
Not at all. I drove a paid off car from high school and my rent in metro Atlanta was $1,000 per month. I was paying $500 a month in student loans. You either pay down your debt or spend. I was paying down debt you jackass. What part of “I didn’t spend extravagantly” didn’t you understand. Do you know how long it takes to pay off 50K plus interest in student loans takes? Someone doesn’t know what the frick they are talking about. I lived that shite. It wasn’t fun. But I made it work and found my way out of it by taking a risk.
This post was edited on 3/18/20 at 9:42 pm
2
Posted on 3/18/20 at 9:41 pm to RiseUpATL
quote:what? no. there are other options, one being save a little for a rainy day.
You either pay down your debt or spend.
quote:that's not an excuse to be financially irresponsible.
I was paying down debt you jackass.
Posted on 3/18/20 at 9:45 pm to GreatLakesTiger24
100k in Atlanta GA is not a lot of money. And I was anything but financially irresponsible. How fricking dare you. If you knew how long I’ve gone without a vacation, having a BMW or living in a big house. Dont know where you are from but you sound like a real prick.
Posted on 3/18/20 at 9:46 pm to RiseUpATL
quote:it might be better to pay the minimum on debt and build an emergency fund, then go after the debt.
You either pay down your debt or spend.
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.
Posted on 3/18/20 at 9:49 pm to RiseUpATL
quote:
100k in Atlanta GA is not a lot of money. And I was anything but financially irresponsible. How fricking dare you. If you knew how long I’ve gone without a vacation, having a BMW or living in a big house. Dont know where you are from but you sound like a real prick.
Depends on where you choose to live, if you have kids, etc. it’s not a lot but emergency savings is more important than damn near anything, to me. I’d go without eating , drive a beater, sell shite, work another job..to have savings. Sounds like you did good flipping that house
Posted on 3/18/20 at 9:50 pm to Ace Midnight
As I've gotten older, I look back on purchases or having nice things and I realize it's all a waste.
The only real incentive to be wealthy these days and have an expensive home, is to get away from the trash that couldn't afford to live where you do.
The only real incentive to be wealthy these days and have an expensive home, is to get away from the trash that couldn't afford to live where you do.
Posted on 3/18/20 at 9:52 pm to Pussykat
I mean it’s moot now. I’m past it. Even if during those times, saving a wad of cash after the minimums wasn’t really realistic especially if you wanted a down payment to buy a home.
The point of this is that there are some really out of touch people that don’t understand how difficult it can be for some to save money. A lot of people do spend above their means and irresponsible. They great many. They blow their tax refunds within the week they get it because they think it’s “free” money because they don’t understand taxes. But it can be difficult even for those that do things correctly.
The point of this is that there are some really out of touch people that don’t understand how difficult it can be for some to save money. A lot of people do spend above their means and irresponsible. They great many. They blow their tax refunds within the week they get it because they think it’s “free” money because they don’t understand taxes. But it can be difficult even for those that do things correctly.
Posted on 3/18/20 at 9:52 pm to RiseUpATL
so you were making about 55k, paying $1,000/month rent, driving a paid off car, and paying $500/month in student loans... so what were you doing with the other ~50% of your income? couldn't save a couple hundred bucks a month for an emergency fund? that should be your first priority when you start getting a paycheck
then you got married and doubled your income and still couldn't do it?
youre an idiot
then you got married and doubled your income and still couldn't do it?
youre an idiot
Posted on 3/18/20 at 9:55 pm to Dawgfanman
A lot of times people can’t really choose where you live. Would I like to live in say Oconee county where I could buy a nice house for 30% less than my house in metro Atlanta? Sure. But I’m not finding a salary in Oconee that I have in Buckhead. I’m also not driving to Buckhead from Oconee. Time is money. It’s not that simple.
Posted on 3/18/20 at 9:57 pm to GreatLakesTiger24
I gave you a very simple example. You don’t know the half of it. You are missing the whole point of this thread. You are the idiot.
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 10:04 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.
Sounds familiar
I remember seeing that exchange, if we're talking about the same thing, and I don't remember seeing it go down quite like that. It was more like for a family of that description, it isn't easy to maintain what was it, $20k savings? As I recall, there was one reply to the effect of a reasonable expectation being to save up earnestly until that $20k mark. Who in their right mind would be against working up that safety net? But real life is right around every corner nipping away at that effort to save.
Posted on 3/18/20 at 10:05 pm to RiseUpATL
You have to treat your personal finances like it were a responsible business. It is fine to be leveraged, but you have to take care of your business. Pay as little as you can on debt an boost your balance sheet. Focus on your debt to equity number and not focus so much on your long term debt.
Posted on 3/18/20 at 10:06 pm to RebelExpress38
It’s really easy to be frugal...if you want to be.
And the savings and/or money not spent...adds up quicker than you think.
The best way to economic freedom is to gain true home ownership...i.e. no mortgage.
Try to get that done by age 40 or earlier.
And the savings and/or money not spent...adds up quicker than you think.
The best way to economic freedom is to gain true home ownership...i.e. no mortgage.
Try to get that done by age 40 or earlier.
Posted on 3/18/20 at 10:09 pm to RiseUpATL
quote:an example of how bad financially literacy is in this country, yes
I gave you a very simple example
Posted on 3/18/20 at 10:14 pm to RiseUpATL
quote:
Most “normal” people don’t do that. They just live their life on the their pay check.
Most of the people who post on this site are full of shite, just like everyone else in the real world.
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 12:08 am to bigman334
This thread just reminds me I am prepared for the apocalypse compared to the vast majority.
I worry about my long term retirement, but I could probably go 9-12 months with my liquid savings without changing my family’s lifestyle.
I worry about my long term retirement, but I could probably go 9-12 months with my liquid savings without changing my family’s lifestyle.
This post was edited on 3/19/20 at 12:09 am
Posted on 3/19/20 at 12:14 am to Ollieoxenfree99
quote:
People live paycheck to paycheck now.
Can you really call it paycheck to paycheck when they blow money on the finer things in life...as the OP pointed out.
About half of my employees are 25-40 yr old black women who make less than $15 he...most are single. All if them drive nice new cars, have the newest iPhones, internet and cable at home etc.
They choose to live like that
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