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re: I Heard Two Interesting Positions on NPR Today; Do People Not Have Savings Anymore?
Posted on 3/19/20 at 12:18 am to PEPE
Posted on 3/19/20 at 12:18 am to PEPE
quote:
Most people have a mountain of debt and live paycheck to paycheck, that's why they get so screwed when an emergency pops up.
That's my situation now, mountain of debt and working my way out of it.
1
Posted on 3/19/20 at 12:19 am to bad93ex
Another likely reason is the divorce rate. Divorce is expensive and both sides get f*cked.
Posted on 3/19/20 at 12:25 am to Ollieoxenfree99
quote:
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.
This guy gets it
Posted on 3/19/20 at 12:30 am to RiseUpATL
quote:
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
I'm honestly curious about this...and not talking specifically about you, but even my family agrees with your synopsis.
100k a year comes to 6k+ bring home monthly. A decent house $1000-1500 month + $1k monthly for cars, and I would think you should be able to put at least 1500 a month in the bank.
I guess I'm spoiled because my wife is a saver. When we met she was 19 yr old and had $40k in the bank from saving paychecks. Even today(up until she quit last month to stay home with the kids,) she put 80% of her salary in the bank every month.
Posted on 3/19/20 at 12:31 am to Caddeaux
15 years of near zero interest paid by banks is why no one saves any more, the system doesn't reward you for saving any more
if you had $10k in the bank for the last 10 years you would have made somewhere in the area of $100 in interest on it in all that time, had you put it in government bonds you might have gotten $350 in all that time
with little to no returns like that on savings, you are better off putting your money in a jar and burry it in the back yard
frick the fed and business lending rates, none of that shite matters to regular people, all we care about is the rates we get from the bank on our savings accounts which has been 0.0000001% for like forever
trump should find a way to mandate banks can never pay less the 4% on savings accounts and that alone would change the dynamics of no one having any savings in the bank
if you had $10k in the bank for the last 10 years you would have made somewhere in the area of $100 in interest on it in all that time, had you put it in government bonds you might have gotten $350 in all that time
with little to no returns like that on savings, you are better off putting your money in a jar and burry it in the back yard
frick the fed and business lending rates, none of that shite matters to regular people, all we care about is the rates we get from the bank on our savings accounts which has been 0.0000001% for like forever
trump should find a way to mandate banks can never pay less the 4% on savings accounts and that alone would change the dynamics of no one having any savings in the bank
This post was edited on 3/19/20 at 12:34 am
Posted on 3/19/20 at 12:42 am to keakar
I had two very nice sales bonuses earmarked for savings go up in smoke in two ER visits paying deductibles. Friggin BS.
Posted on 3/19/20 at 1:02 am to SportTiger1
quote:
100k a year comes to 6k+ bring home monthly.
You’re obviously not including 401k contributions, insurance and taxes. More like $5400 or so.
Posted on 3/19/20 at 2:58 am to Caddeaux
Good thing I have been working on my baby steps. Debt is dumb, cash is king, and the paid-off home mortgage has replaced the BMW as the status symbol of choice!
Posted on 3/19/20 at 5:17 am to Paul Allen
quote:
100k a year comes to 6k+ bring home monthly.
You’re obviously not including 401k contributions, insurance and taxes. More like $5400 or so.
100k a year is 8300 a month gross. My paycheck takes out 28% with all of those things, which is how I got to 6k....but thats obviously depending on insurance rates
Posted on 3/19/20 at 5:21 am to Caddeaux
Most of it depends on age. Do I blame someone in their 20s-early 30s not having savings for 3-6 months, probably not. Wages aren’t as high and saddled with a multitude of payments.
Someone in their mid 30s or older, no excuse.
Someone in their mid 30s or older, no excuse.
Posted on 3/19/20 at 5:26 am to SportTiger1
quote:
I guess I'm spoiled because my wife is a saver. When we met she was 19 yr old and had $40k in the bank from saving paychecks. Even today(up until she quit last month to stay home with the kids,) she put 80% of her salary in the bank every month.
Goals. I have another year until one of my kids can go to public school. Will be rich then, getting a $700/month raise. We ntend to save half of that in an education fund for him and the other half in regular savings.
This post was edited on 3/19/20 at 5:27 am
Posted on 3/19/20 at 6:59 am to Muleriderhog
quote:
so we don’t have anything to worry about during this.
i have some bad news for you...
Posted on 3/19/20 at 7:02 am to Hangover Haven
quote:
My wife and I have a savings, it’s called a 401K.
Damn, I hope you’re not really that ignorant
Posted on 3/19/20 at 7:02 am to 4cubbies
All these people talking about how smart and frugal they are , are full of it or either don't have kids . A family of 4 with a take home of 5400 after house payments,insurace on 2 cars a car note utilities(electric, water, gas) cable/stream, food, fuel and frickin clothing for the kids(shoes are a killer) and just regular misc expenses eats up that 5400 a month.....fast.
Posted on 3/19/20 at 7:02 am to RiseUpATL
quote:
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.
like i have said a bunch of times during this crisis. this is going to be a referendum on our recent, over-reliance on urbanity
Posted on 3/19/20 at 7:02 am to Caddeaux
Cost of living has skyrocketed. It is what it is. I knew good people in the oil field devastated when they lost their jobs in 2015. They definitely didn't have 6 months savings.
Posted on 3/19/20 at 7:27 am to SportTiger1
quote:
All if them drive nice new cars, have the newest iPhones, internet and cable at home etc.
wait. you're saying those women made bad financial decisions because they bought a fricking car, cable and internet? GTFO
Posted on 3/19/20 at 7:36 am to bigman334
quote:
bigman334
Typical dumb Democrat
Posted on 3/19/20 at 7:45 am to TeLeFaWx
I can see how people have almost zero in savings. We are constantly bombarded with consumer products and our society is geared towards always having the latest and greatest. Our house hold income is over $100k and our home and autos are paid for but it is still hard to save over $1k /month. With three kids it’s all the little things that add up. Phone, internet, tv, groceries, fuel, insurance etc. Hell I pay more in health insurance each month than my first mortgage. Easily $5k a month in recurring expenses
Posted on 3/19/20 at 8:13 am to Brood211
quote:
Do these multi billion profit companies not have any savings (cash). Bc they are sky screaming about bailouts two weeks in.
This. All the airlines are wanting a bailout. Where is there savings for a time of emergency?
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