Approximately 62% Of Americans Have Less Than $1,000 in their savings Accounts And 21% Don’t Even Have A Savings Account

[EastBoundandDownChick]

I am like a lot of people here. I don't keep much in my savings account because the return is terrible. What's the point of letting money sit in an account when inflation alone vastly outpaces it? You're literally losing from Day One.

I max out my ROTH contribution first and foremost. Beyond that, my money goes into a blend of commodities, mutual funds and stocks that I edit annually with my family's advisor. It's funding my retirement.

So yes, my savings account is not that much. But anyone who only looks at that is a fool.

Actually, anyone who keeps their hard-earned cash sitting in such a lousy place is doubly a fool. And lazy. I don't think the majority of them realize how hard the government is screwing them. The smart folks diversify and take moderate levels of risk. I watched as my friends bailed out in '08-'09 when the sky was falling. I held steady as my account was literally slashed in half. My portfolio is leaps and bounds beyond theirs now. I used the money I had in commodities at that point to pick up a lot of undervalued stocks. Had I not diversified I would not have been able to pick up those stocks. And I would never have had the buying power I did at that time had I taken no risk at all.

[StillwaterTownie]

Originally Posted by windowtreatments

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.


Most Americans have less than $1,000 in savings - MarketWatch

Definitely the irresponsibility of people. Too many of them would rather waste time playing video games, or hang out at a casino or bar, or watch junk on TV.

[StillwaterTownie]

Originally Posted by GregW

This is not surprising as our economic system is set up to protect and reward the successful. It does not care for anyone that cannot afford to play the game. Hell, most of the people working for WalMart cannot afford to shop there let alone pay rent, own a clunker car to get to work or even feed themselves. We have armies of homeless people including families with kids. Some of those have working adults.

I have solved the problem of working for a low pay employer before by putting in job applications for higher paying jobs until I got one. More people should try it. In order, to get a decent paying job it's common to first have to start out working steady at low pay to prove your reliability as a worker.

[tickyul]

Yeah, and they go out and buy overpriced vehicles that they really don't need.