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I'm not going to quote the sources, because we've all seen the articles in passing, but it's scary to think that something like 60% of American's practically have nothing at all in savings. I would bet that even fewer have money invested that they can one day live off of. I'm really worried that when the next "great recession" arrives things could get really ugly. It's scary to think that if you have as little as $500 stashed away in a savings account that you are probably doing better than half your peers.
I'm not going to quote the sources, because we've all seen the articles in passing, but it's scary to think that something like 60% of American's practically have nothing at all in savings. I would bet that even fewer have money invested that they can one day live off of. I'm really worried that when the next "great recession" arrives things could get really ugly.
I think I read before an article on CNBC that 70% of American's can't come up with $1000 for a emergency without borrowing money.
Terrible. I'm not sure whether wealth inequality in the US is caused by people's stupid financial decisions or the tax system.
Like most things in life, I think the problem might be worst than we realize. For example, someone might have $10,000 saved up, but owe $20,000 in credit card debt.
Like most things in life, I think the problem might be worst than we realize. For example, someone might have $10,000 saved up, but owe $20,000 in credit card debt.
I won't be surprised.
I saw another article the other day from CNN Money saying that the average price of a new car paid is approaching $33K and the length of the car loan is now hitting 68? or 70 month average. (More people are choosing to pay over 72/84 months than 60 is what that average tells me).
I mean that's just insanity. I mean, the little things I don't really care too much about like spending a bit of money on food and little things, but for larger purchases, most people are just insane when it comes to homes (and everything inside it, like appliances, renovations, etc..) and cars. I don't know how people can justify those kinds of purchases since they're responsible for paying it back.
I'm not going to quote the sources, because we've all seen the articles in passing, but it's scary to think that something like 60% of American's practically have nothing at all in savings. I would bet that even fewer have money invested that they can one day live off of. I'm really worried that when the next "great recession" arrives things could get really ugly. It's scary to think that if you have as little as $500 stashed away in a savings account that you are probably doing better than half your peers.
no one I know who has suffered in the last recession is now handling their finances any better. People are stupid. They don't learn through mistakes. It will hit the same people again.
no one I know who has suffered in the last recession is now handling their finances any better. People are stupid. They don't learn through mistakes. It will hit the same people again.
I was a kid at the time (18) who didn't know anything better except see the pain and misery. I think growing up during that time changed my financial habits I developed now that I'm 27. I'm very financially conservative for someone my age. lol
I'm not going to quote the sources, because we've all seen the articles in passing, but it's scary to think that something like 60% of American's practically have nothing at all in savings. I would bet that even fewer have money invested that they can one day live off of. I'm really worried that when the next "great recession" arrives things could get really ugly. It's scary to think that if you have as little as $500 stashed away in a savings account that you are probably doing better than half your peers.
If your peer group has nothing saved, you need a new peer group...
And none of the pundits - pipes, beards, Ph.D's, sonorous voices and animated charts notwithstanding - has quite figured out the why of it.
I guess I need to come up with a catchy little acronym for Yet Another Reason I Don't Think Conventional Economic Theory Is Worth Wiping My Bum With, but insert the placeholder here.
Probably because things are HIGH and people are living beyond their means to keep things they can't afford like new cars. Or when you have kids there is no such thing as a savings account because they need clothes and food in addition to other things. That's why lots of parents I work with have two jobs so they can make ends meet. So that money is not going into a savings account it;s going toward the things below
1. Gas money
2. Bills
3. Rent
4. Kids
5. Car Insurance
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