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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 8:37 am to RiseUpATL
Posted on 3/19/20 at 8:37 am to RiseUpATL
We lived pay check to paycheck where one unfunded emergency meant more debt. It is possible to dig yourself out of that hole. I believe with some discipline, practice saying no to yourself and your children, there will be a few dollars every month to tuck away. Eat cheap, drive old cars, fore go vacations, until things improve. Don’t mean to sound condescending, I’ve lived it too, I know it’s tough when you’re young and have a family, but it is doable.
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Posted on 3/19/20 at 8:41 am to Caddeaux
Most don’t. Ask your local realtor what percentage of people buying houses couldn’t unless seller pays closing
Posted on 3/19/20 at 8:46 am 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.
I'll do you one better. Our corporations and banking system cannot operate without massive liquidity injections. They are so levered up most can't pay their interest payments with cash from operations. We are so fragile as a society.
Posted on 3/19/20 at 8:54 am to Ollieoxenfree99
I have an equivalent of 4 months take home pay in the bank, but I’m able to work from home, and my wife is a teacher, so she’s still getting a check. As for my adult daughters, they have no savings, and both are out of work now. I’m sure we’ll be using Venmo a lot for the foreseeable future.
This post was edited on 3/19/20 at 9:14 am
Posted on 3/19/20 at 8:55 am to wutangfinancial
quote:
do you one better. Our corporations and banking system cannot operate without massive liquidity injections. They are so levered up most can't pay their interest payments with cash from operations. We are so fragile as a society.
I’ve been wondering if investors will demand more reserves and liquidity after this fiasco... but my guess is it won’t change a thing
Posted on 3/19/20 at 8:56 am to bayoudude
quote:
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.
Yikes
This post was edited on 3/19/20 at 8:57 am
Posted on 3/19/20 at 8:59 am to GreatLakesTiger24
I’m lucky I’m in a stable area
Whatever savings I had, I used to pay to study for the bar, fees to take the fricking thing, and moving to a different state.
I just started making real money for the first time in my life within the past 6 months, I’d be fricked if I was in oil and gas law or something. I can easily empathize with service industry folks who are getting fricked. Pretending everyone can work from home and survive on savings with no end in sight is incredibly naive
Whatever savings I had, I used to pay to study for the bar, fees to take the fricking thing, and moving to a different state.
I just started making real money for the first time in my life within the past 6 months, I’d be fricked if I was in oil and gas law or something. I can easily empathize with service industry folks who are getting fricked. Pretending everyone can work from home and survive on savings with no end in sight is incredibly naive
This post was edited on 3/19/20 at 9:00 am
Posted on 3/19/20 at 9:06 am to GreatLakesTiger24
quote:
I’ve been wondering if investors will demand more reserves and liquidity after this fiasco... but my guess is it won’t change a thing
I think most stock market participants are passive investors. Therefore no, they won't. People loved the $1T+ support in stock prices all the way up.
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Posted on 3/19/20 at 9:10 am to Dawgfanman
quote:It's true.
I was told last night a family of 4 earning 90k a year can’t be expected to have substantial savings.
Posted on 3/19/20 at 9:15 am to Who_Dat_Tiger
quote:
Granted we don’t have kids yet
You may not believe this, but kids are a major factor in the running out of money.
Posted on 3/19/20 at 9:17 am to Caddeaux
It took me awhile to really embrace the concept of saving. Credit cards are evil. If the feds send us checks it is going straight into my savings until this mess is over. Then I guess I'll use some of it to buy a new TV and do my part to stimulate the economy.
Posted on 3/19/20 at 9:18 am to sorantable
When the fed keeps interest rates low for so long, of course people won't have much savings. A far cry from the days of people saving at least 20% each year.
Posted on 3/19/20 at 9:30 am to NIH
I do feel bad for the people fresh out of school
Every other adult should be prepared for a couple months of no/limited income. We have a recession every ten years. This isn’t a new thing.
Every other adult should be prepared for a couple months of no/limited income. We have a recession every ten years. This isn’t a new thing.
Posted on 3/19/20 at 9:33 am to GreatLakesTiger24
Right
I understand that on an individual basis to some degree
Small businesses? They’re fricked if this continues. Some places will make out ok with to go or delivery but most wont
I understand that on an individual basis to some degree
Small businesses? They’re fricked if this continues. Some places will make out ok with to go or delivery but most wont
Posted on 3/19/20 at 9:37 am to GreatLakesTiger24
There have probably been posts like this upthread, but jeez. 58% of Americans have less than $1,000 in savings. On edit, article may be misleading as it's focused solely on savings accounts.
LINK
I'm not pointing that out to be preachy. Sure, if you're established in a career and have a family, it's responsible to set aside 3 to 6 months or something. But, that's just not the reality of how things work. We can maybe endure one more week of this pseudo-shutdown before TSHTF IMO.
LINK
I'm not pointing that out to be preachy. Sure, if you're established in a career and have a family, it's responsible to set aside 3 to 6 months or something. But, that's just not the reality of how things work. We can maybe endure one more week of this pseudo-shutdown before TSHTF IMO.
This post was edited on 3/19/20 at 9:40 am
Posted on 3/19/20 at 9:55 am to Bunk Moreland
The “we are the world” flatten the curve stuff will not work on people who are going broke in a few weeks time or businesses that are bleeding
Posted on 3/19/20 at 10:01 am to Caddeaux
There's people out there working 2-3 jobs just to scrape by, you think they have the means and luxury of a savings account?
Posted on 3/19/20 at 10:14 am to Damone
Another problem is growing that money once saved. Interest rates are near zero so cds pay hardly anything and the stock market is definitely not a sure thing.
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