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Scary that 60% of Americans don't have savings for minor emergencies such as repairs.
Lots of folks are living paycheck to paycheck with little to no savings.
If they saved money they couldn't pay for cable TV, new cars, PS4s, and whatnot. I had a coworker recently spend several thousand dollars on a new washer and dryer. I Purchased a new washer and dryer for $700 two or three months earlier. Then I hear the same guy say he thinks everyone at work is only a check or two from being homeless. I could only think that if everyone lives like you do then that is probably true.
This is the problem that is never discussed concerning the American workers. Given current prices for housing, housing and transportation working 50 hours a week at $20 an hour does not allow for savings. If a worker is trying to feed a wife and family on this it is even less possible. This is the reality of modern America and shames our entire society.
If they saved money they couldn't pay for cable TV, new cars, PS4s, and whatnot. I had a coworker recently spend several thousand dollars on a new washer and dryer. I Purchased a new washer and dryer for $700 two or three months earlier. Then I hear the same guy say he thinks everyone at work is only a check or two from being homeless. I could only think that if everyone lives like you do then that is probably true.
People have champagne taste on a beer budget. As you noted, they don't want to settle for a traditional, reasonably priced washer and dryer. They want the $3000 front loaders with fifty-two cycles that they'll never use. At my old job I had a co-worker who complained about money yet managed to afford cigarettes and daily lattes from Starbucks.
Scary that 60% of Americans don't have savings for minor emergencies such as repairs.
Lots of folks are living paycheck to paycheck with little to no savings.
I can't even relate to that.
When I was first married in the late 60's and both of us attending our Senior year at University (which we paid for with no loans) - total monthly income was about $400, rent was $175 and we always manage to put something into savings AND could pay a $500 repair bill. There has NEVER been a moment since that we could not pay a $500 repair bill.
Of course - back then, there were very few repairs that we could not do ourselves to save money.
Still do as a matter of fact.
People have champagne taste on a beer budget. As you noted, they don't want to settle for a traditional, reasonably priced washer and dryer. They want the $3000 front loaders with fifty-two cycles that they'll never use. At my old job I had a co-worker who complained about money yet managed to afford cigarettes and daily lattes from Starbucks.
True story - married almost 45 years and NEVER owned a "new" clothes dryer.
I got my first NEW Washer in 2000. In my entire married life - I've only ever owned 2 washers and 2 dryers. I've owned a Washer and Dryer since 1975.
The bad news is that I'm on my 4th refrigerator - #3 was a dud. We actually think that the installation of "Smart Meters" blew out the electronic brain on the control panel for the freezer.
This is the problem that is never discussed concerning the American workers. Given current prices for housing, housing and transportation working 50 hours a week at $20 an hour does not allow for savings. If a worker is trying to feed a wife and family on this it is even less possible. This is the reality of modern America and shames our entire society.
GregW..60% of Americans include much higher paid white collar workers and dual income families.
Stop and think for a moment about that number..60% of Americans.
Americans have never been known to be good savers.
I'm calling BS on this one, maybe the minimum wages workers or the unemployed but not the whole working populations.
Bankrate is a very reputable source.
All that money flying around driving Wall Street to new highs is coming from the Fed's printing press which has done an excellent job of convincing people that America is booming again.
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