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Wait, are you being a smug *******? Color me shocked. Maybe you should not take snippets of my post and you’d know that I’ve seen and lived true poverty.
I didn't mis/disquote you. You missed the point that it's not about people who can't get $400 somewhere - from the credit cards you so easily obtained, for example - but that they do not have $400 on hand in any form. That's a razor's edge these days.
And I've been broke... with a family. Not as a single college student.
I am usually pretty polite about it but I get a little annoyed when people whine to me about their money problems while owning a large home, lease expensive cars, go out to eat a lot, buy the latest of everything tech, and take frequent vacations. I live very modestly... tiny home (same home I bought after graduation. 5 people in 1000sqft 2 bed 1bath)... buy inexpensive used cars... and save a lot. My biggest expense is actually my children. Most probably think I'm lower income by the way I live and spend. In reality, I'm in the upper middle class income range....
Judging from all of this... I should be a loan shark.. I'd make a killin... probable beat my stock portfolio. lol
I didn't mis/disquote you. You missed the point that it's not about people who can't get $400 somewhere - from the credit cards you so easily obtained, for example - but that they do not have $400 on hand in any form. That's a razor's edge these days.
And I've been broke... with a family. Not as a single college student.
I guess it’s time to pay up for a financial advisor. Because I guarantee, I could identify wasted expenses stacking up year over year if 40% of households are pawning off the lawnmower to pay for the $400 dental bill. No doubt there are millions upon millions of truely poor in this country. I’ve lived in economically collapsed areas. But 40% is a load of pure bull****.
I wasn’t talking about being broke as a college student. I’ve been homeless as a minor. But that’s really besides the point because I’m not really in a competition of comparisons with you.
I guess it’s time to pay up for a financial advisor.
Yes, everyone who isn't broke is of course intellectually and morally superior to those who are, and could easily instruct them in the proper way to live. Because no one is broke unless they're, you know, pretty worthless people.
Quote:
I wasn’t talking about being broke as a college student.
Well, it's not my intention to make this an argument, but that's almost exactly what you said. Maybe you mistyped, but I kind of have to reply to what's said here, not what might have been meant.
Quote:
But that’s really besides the point because I’m not really in a competition of comparisons with you.
Don't mean to do that, either. However, I've noticed that of people who have been on the skids at some time in their lives, they later divide into two polarized camps: those who absolutely loathe the poor as worthless losers, and those who remember trying to make one can of soup feed four people, regardless of why or how that circumstance came about.
Having spent a good part of my life after that experience quite well off, my perception is that people who make out well tend to remember the humiliation and fear, and those who barely scratch out a middle class toehold are the ones who loathe the poor and worship the (notion of someday getting) rich.
But whatever. I believe the Fed report is accurate enough, and it's quite worrisome. To me, anyway.
There are probably a substantial number of folks working minimum-wage (in some cases dead-end) jobs, and who lack the education./training to move on to something more lucrative. For them, it's a paycheck to paycheck existence.
Median checking account balance is $2900. So how do they not have $400?
Not sure what to believe.
Yep all theses articles use different metrics and sample sets. The worst are the articles that say the average American only has x in savings, and their source is another article about average balance of savings account. The word "savings" goes from a type of account to representing their total assets. Same with ones that say Americans only have x saved for retirement then source is average 401k balance without consideration of IRAs, taxable investments, t-bills, CDs, MM, etc.
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