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You never seem to understand my points. And you bring in a topic not directly on target. Even if medical bills are a cause of bankruptcy, I wasn't talking about bankruptcy.
I was talking about americans living above their means. If they face bankruptcy, then it makes even less sense to live above their means. That supports my argument that americans can use some control will. And when rainy days come, they can do better.
You think americans fear bankruptcy? People who really fear would take actions. Americans want to live above their means despite lack of funds for healthcare. People are buying new SUVs again. They are subsidizing the rich. They pay interest to bankers on stuff that isn't necessary. They buy into the consumerism that capitalism relies on. They prevent hemselves from accumulating wealth because spending is so tempting and bankers fool americans with "only $299 a month" financial manipulation. Americans think that we deserve something, so we buy it with tomorrow's money. We get depreciating stuff. The banker gets money to live in he Cayman Islands. Why do americans support the rich so much? Why do americans never stop paying the rich money in exchange for crap? Have some spine. Comfort is great. But reject relentless consumerism. Unless it's absolutely necessary, be cautious about spending money to make the rich richer. That eating out last Friday was over priced. The food wasn't great. The service sucks. The crowds were there because of effective advertising. The interior decorations are meant to attract spending. The televisions are meant to make you stay and order more drinks. The entire business is that of commercial propaganda. Of course us americans love to buy into that. The restaurant owner then take the money and invest it.
It sounds like you are trying to obliquely pat yourself on the back by saying your are frugal! Which smacks of insecurity.
Everyone is subsidizing everyone else. It is how an economy works. That "banker" pays many people both domestic and business related, who go on to feed and educate their children. And some of that money ends up in the hands of investors who are saving for retirement and other purposes. And the world goes round!
You should be pleased that you can feel good about yourself for doing something so obvious and mundane as not over-extending yourself and it seems like a big deal by comparison.
This may be veering a bit off topic but the OP mentioned it and I'm curious. Restaurants have TV's now? I don't eat out very often but have not seen this in the few places I go in my rural neck of the woods. Is this becoming common? Maybe just a city thing? I know that years ago when friends would occasionally manage to persuade me to go to a bar there would sometimes be a set hanging up and people seemed to watch sports, which puzzled me (if you want to watch TV why not stay home) but now restaurants too? Must be fairly common and widespread since the OP does mention it.
By the way, if he follows his own advice how would he know about them? Maybe he only goes to such places if someone else is picking up the tab? I guess that's one way to be frugal, although many people would not call that being frugal, they would call it being a cheapskate and a freeloader.
Wealth redistribution is a coined term to justify paying the working class Americans less. It amazes me the stupidity of others who think less pay and benefits is good for Americans. How can a family owned store who pays a living wage with health benefits be of less value than a corporation who pays minimum wage without benefits and claim it is an entry level position be better for America working class? This blind support of the corporate ideal is foolish.
This post is truly pathetic. I hope this is not standing in for the brilliance of our elite? Lot of Americans are nitwits. I'll give you that. You will find them on internet forums talking rubbish.
The biggest cause of bankruptcy is related to medical expenses which explains why people in other countries with socialized medicine do not suffer financially like they do in the US.
Bankruptcies resulting from unpaid medical bills will affect nearly 2 million people this year—making health care the No. 1 cause of such filings, and outpacing bankruptcies due to credit-card bills or unpaid mortgages, according to new data. And even having health insurance doesn't buffer consumers against financial hardship.
First off, no need to be so rude.
Second, the paper you cite invokes a fairly low cutoff for medical expenses to be considered the cause of a bankruptcy, in fact, the cutoff used is no higher than the deductible on Obamacare's "catastrophic" healthcare coverage. This suggests that a median-income household should be able to budget to pay out of pocket for that size expense without "going under" as a result.
Due to this contention, I reject the thesis that that many bankruptcies are truly medical without a component of irresponsible behavior (i.e. failure to have an emergency fund or failure to cut back on lifestyle when warranted.) Yes, many bankruptcies are indeed medical in nature*; however, I think the conclusion presented in that source is an exaggeration.
*If a household making $18,000 annually files bankruptcy with $6000/year medical expense, I think it's entirely fair to say it was medical in nature. However, if they earn $70,000 they should be able to pay it out of pocket, unless they have a spending problem.
Last edited by ncole1; 08-12-2014 at 07:17 AM..
Reason: typo correction
If you HONESTLY and LEGALLY earned your wealth, you should keep it. If you want to share some of it, then go ahead. I think the best way to start donating is into my bank account.
It sounds like you are trying to obliquely pat yourself on the back by saying your are frugal! Which smacks of insecurity.
Everyone is subsidizing everyone else. It is how an economy works. That "banker" pays many people both domestic and business related, who go on to feed and educate their children. And some of that money ends up in the hands of investors who are saving for retirement and other purposes. And the world goes round!
You should be pleased that you can feel good about yourself for doing something so obvious and mundane as not over-extending yourself and it seems like a big deal by comparison.
Everyone subsidizes everyone else to a certain degree. But lots of Americans are suckers who subsidize those wealthier than them, all because Americans want a standard of life they can't afford.
To sum it up Americans want to live like the wealthy but hate the wealthy yet can't stop enriching the wealthy.
Wealth redistribution is a coined term to justify paying the working class Americans less. It amazes me the stupidity of others who think less pay and benefits is good for Americans. How can a family owned store who pays a living wage with health benefits be of less value than a corporation who pays minimum wage without benefits and claim it is an entry level position be better for America working class? This blind support of the corporate ideal is foolish.
Stereotyping. Family owned stores don't always have what you call a living wage with health benefits. In fact, lots of small businesses can't afford to pay health benefits.
The best way is to not give businesses generosity when they aren't generous to you.
Last edited by Costaexpress; 08-12-2014 at 09:20 AM..
This may be veering a bit off topic but the OP mentioned it and I'm curious. Restaurants have TV's now? I don't eat out very often but have not seen this in the few places I go in my rural neck of the woods. Is this becoming common? Maybe just a city thing? I know that years ago when friends would occasionally manage to persuade me to go to a bar there would sometimes be a set hanging up and people seemed to watch sports, which puzzled me (if you want to watch TV why not stay home) but now restaurants too? Must be fairly common and widespread since the OP does mention it.
By the way, if he follows his own advice how would he know about them? Maybe he only goes to such places if someone else is picking up the tab? I guess that's one way to be frugal, although many people would not call that being frugal, they would call it being a cheapskate and a freeloader.
You can stop your assumptions now.
The point is Americans want to live like the rich, so people end up enriching the rich and bankrupting themselves. It's not just financial illiteracy. It's also a lack of shame about consumerism and its effects. Much like teenagers, many people seem to be absorbed with stuff, luxury, and envy. Grow up.
Of course not because it contains absolutely no useful information. I have read the same rant a hundred times. I too have the guilty pleasure insulting the behavior of Americans , but I try to offer more than an opinion. Did you notice I refuted your banal post with facts and a rational argument that explains one reason why Americans go bankrupt more often?
Quote:
I was talking about americans living above their means. If they face bankruptcy, then it makes even less sense to live above their means. That supports my argument that americans can use some control will. And when rainy days come, they can do better.
Great, but its been refuted with facts.
Quote:
You think americans fear bankruptcy? People who really fear would take actions. Americans want to live above their means despite lack of funds for healthcare. People are buying new SUVs again.
Oh so then you are for austerity, meaning you don't account for the the guy making the SUV going bankrupt if no one buys it. You know a carousel goes around and around right? It was engineered to do so.
Quote:
They are subsidizing the rich.
No kidding and the rich designed it that way.
Quote:
They pay interest to bankers on stuff that isn't necessary.
Which means the seller is winning the game of musical chairs. If people did not buy it then the would be save wins the game. Someone is going bankrupt. Its designed that way. There is no way to save eveyone in the arrogate when not enough finance flows through the system.
Quote:
They buy into the consumerism that capitalism relies on. They prevent hemselves from accumulating wealth because spending is so tempting and bankers fool americans with "only $299 a month" financial manipulation. Americans think that we deserve something, so we buy it with tomorrow's money. We get depreciating stuff. The banker gets money to live in he Cayman Islands. Why do americans support the rich so much? Why do americans never stop paying the rich money in exchange for crap? Have some spine. Comfort is great. But reject relentless consumerism. Unless it's absolutely necessary, be cautious about spending money to make the rich richer. That eating out last Friday was over priced. The food wasn't great. The service sucks. The crowds were there because of effective advertising. The interior decorations are meant to attract spending. The televisions are meant to make you stay and order more drinks. The entire business is that of commercial propaganda. Of course us americans love to buy into that. The restaurant owner then take the money and invest it.
OK , well, they are not like you or me I suppose. I live on about half my income and invest and pay off (secured)debt with the rest. I ride bikes rather than driving cars , rarely dine out, make gourmet food out of lawn weeds, and make my own wine from the land scape. Good stuff too since I would not part with my wild grape wine for $25 bucks a bottle. I can with a rocket stove I build out of junk and use scrap wood for fuel. Americans are quite silly, but I don't find that Americans are that much more silly than the rest of the world in that regard. They impress me most with their arrogance and ignorance, willing to be an authority on something they know nothing about. Now that is a particular American trait.
However what is dumber, spending too much money on something you want or voting for politicians who support tax polices particularly good for the idle rich? I'd say going into debt and getting nothing is even more dumb.
I think you heart is in the right place, but you seem intelligent enough of a person to improve your methods.
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