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You don't know the financial situation of everyone.
During that mortgage crisis I saw plenty of homes go into foreclosure in a golf course community that I used to shortcut through.
This was an upscale community with mandatory golf club membership.
And there were plenty of foreclosures in there.
Many people are living at the edge.
Your friends may have $1K in savings but what are their debts ?
A good emergency stash is 6 months worth of living expenses in case you lose your job.
No I don't know everyone's exact financial picture that is correct. The thread title didn't get into all of the details your talking about. I was simply addressing the poster on face value of the thread.
Like I said everyone in my social circle has more than 1k in the bank, that was my only point. I'm a blue/white collar type worker. I do think it's bad if the stats are true. 62 percent of people have less than 1k...LOL, even just typing that out I sort of shake my head and just can't believe it to be true. Thousand dollars isn't much in this day and age.
For me it indicates that the American dream is basically dead or am I wrong. Also who do you blame government polices, the irresponsiblity of the American people or both.
No, it is not dead. Saving for retirement is a personal responsibility, and the figures show how personally responsible Americans are. Everyone seems to be able to afford a new car and 3000 soft house, but no one has any money to save.
Location: New Albany, Indiana (Greater Louisville)
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From my experience what hurts many poor people is lack of self control coupled with easy credit and constant advertising, much of which is geared toward impulsive / low IQ people. What's the average income of people buying $200 Beats headphones or those sporty but unreliable Chrysler vehicles?
My wife and I have a lot of student loan debt but an income of $65k a year. To save money we bought the cheapest house in a safe neighborhood we could find. Our front and back neighbors are both low income and it's crazy to see the dumb things they do. On one side the woman works at WM and the husband does labor and yet they bought 2 newer Chevy Camaros recently. My wife and I (at probably twice their income) would never consider such expensive cars. A few weeks back they were having a screaming match outside over the car payments. On our other side is a family of 6 that is so poor they have no curtains, you can look in their living room and see no furniture. So why have so many kids?
As this relates to savings... the problem I see over and over is the poorest people even when they come across money they often waste it while a high IQ person who comes across money pays down debt or invests it.
The reality is the American Freedom system is good for high IQ people but devastates low IQ people. European socialism caps the success of high IQ people to spare the low IQ people from destroying themselves.
The reality is the American Freedom system is good for high IQ people but devastates low IQ people. European socialism caps the success of high IQ people to spare the low IQ people from destroying themselves.
Not sure about all European countries, but the ones I am familiar with don't cap high IQ people. The pension system is based on mandated savings to private pension funds, and most of the savings some from the employer, not the employee. That way the tax payers are not on the hook to finance the pensions of those who have already retired.
Stocks are deadly for the most part.
Remember the low interest rates started under Clinton, people left with no alternative went into stocks as the big boys bailed leaving elders broke. That was the start of the recession at the end of the Clinton administration.
Your recollection of recent economic history is questionable
No, it is not dead. Saving for retirement is a personal responsibility, and the figures show how personally responsible Americans are. Everyone seems to be able to afford a new car and 3000 soft house, but no one has any money to save.
??? ??? The people I work with take the bus and rent crappy rooms.
There are tons and tons of people on welfare with iPhone's! Just yesterday I saw a lady with a Coach purse using an ebt card to pay for her groceries lol.
I understand that, many welfare recipients have unreported/under the table/illegal income and/or unreported support from parents/boyfriends/baby daddies.
There are also many welfare recipients who have none of the above and live hand-to-mouth.
I bet that lady has one of the zillions of fake Coach bags out there.
I am paying attention. I know those people exist, I know they are prevalent. I also know that I move in a much slower and much poorer circle, of poor single people who rent crappy rooms with no toys and no lives.
I am paying attention. I know those people exist, I know they are prevalent. I also know that I move in a much slower and much poorer circle, of poor single people who rent crappy rooms with no toys and no lives.
A pc and internet are, 90% of the time, toys.
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