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Or they are well into retirement (and well-pensioned, most likely) retirement years - "bubble" world, I call it.
The game has changed out here. There are, and always will be, those who are irresponsible and reckless with money and who make poor choices. That is not the norm of the average working people struggling out here to keep themselves, and their families, afloat today.
If you have a low wage job and you are supporting a family there is very little disposable income to be irresponsible with. I raised my kids alone with no child support but worked every day. I remember like yesterday the times when I had to decide between paying the utility bill or buying groceries, and there was no "reckless spending" going on in my house, my kids wore thrift shop clothes and the only entertainment we had was an old hand me down TV set. So please spare me with the elitist crap about 'irresponsible' and 'reckless'.
Banks charge fees when a customer "overdrafts" or goes over the amount he or she has on deposit in the bank, they are not "unexpected expenses".
The way to avoid these fees would be to take personal responsibility for keeping track of your own bank account balance. Most banks offer 24/7 access nowadays so that people can see what has come in, what has gone out. It used to be called "balancing your checkbook".
You can save the eye roll Boomer.
The point is that Americans aren't able to save like they used to. Especially young Americans. If your not starting out with a savings, and already stretched thin + debt, its hart to pay your bills sometimes let alone get ahead.
The point is that Americans aren't able to save like they used to. Especially young Americans. If your not starting out with a savings, and already stretched thin + debt, its hart to pay your bills sometimes let alone get ahead.
Actually, that's not true.
Between 1958-2015, the savings rate peaked in 1975 at 17% and it's been on a downward trend ever since.
The lowest rate was 1.90 in 2005.
Thus far, this year, we have been in the 5.5 range.
So many of our bills are discretionary spending, cell phone plans, cable TV, coffee drinks, dining out, more clothing and shoes and on and on. Then there's Lotto and tats.
People used to replace the collar and cuffs on their dress shirts to add years of wear. Nowadays, people are more enclined to toss something if a button is missing.
People used to have a single shared party line for the household. Now, young kids have smart phones.
Last edited by middle-aged mom; 06-02-2015 at 10:13 PM..
Speaking of, knowing how thin the margins are now, think about the trend with banks and overdraft fees.
Some banks charge $34-37 in overdraft fees for 1 item. Have 2 charges come out in one day and that's $70+ in overdraft fees.
$140 total in opportunity cost.
The banks are making a killing off poor people. Unexpected expenses could knock somebody out of a rent payment.
Poor people tend not to have bank accounts.
Overdrawing an account can result in criminal charges.
Don't write checks for amounts that exceed your balance and you will not incur overdraft fees.
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