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I've seen the stat that breaks it down by age. It includes all non-deferred savings. Half of Americans have less than $2,000 in readily available cash. The 50 to 70 groups have the most, but still a very low amount.
I've seen the stat that breaks it down by age. It includes all non-deferred savings. Half of Americans have less than $2,000 in readily available cash. The 50 to 70 groups have the most, but still a very low amount.
Again though, what would I do with $2K in "readily available cash"?
Did I wake up in 1986 instead of 2016? Cash and savings accounts?
This includes NOT making p**s poor and impulsive decisions that invariably result in economic hardship. So many people have a blinder to common sense, and will always have a pathetic life because they just won't have it any other way. Those of us who make better decisions usually seem to enjoy better quality of life.
Examples include: Not using drugs
Not drinking to excess, or driving afterwards under the influence of any mind altering substances
Not having children with irresponsible people
Not buying an excessively expensive car, clothes, jewelry, cigarettes, food at convenience stores
Go to school and graduate. No one hated school more than I did, but a high school diploma is necessary.
Waiting for sales instead of paying full price
Buying used items instead of new to save money
Maintaining one's car so it lasts longer
Doing what you don't want to do at work, starting with showing up every day on time, and ending with doing as one is told, even if one doesn't like it. You can always look for another job if it's that bad. We all have to do what we don't want in order to get paid.
Not behaving in ways that make it likely you'll get arrested, like fighting, reckless driving, stealing, etc.
Read about improving various aspects of life, the public library is full of books for free.
Listen to radio shows that offer advice on various aspects of life. There's tons of wisdom to hear.
When struggling with personal problems, go to friends/family/clergy/school office for help.
In other words, apply common sense. Look at those who are doing better than you, because they know things that you don't. Learn from them. I'm far from the brightest guy in the world, so if I can figure this out, so can anyone else.
Many people do the above and are poor. What's your point?
That's strange... I find that the great "people-mover of life" (I like that!) favors some over others. I went to one of the top public high schools in the US. That was followed by a top public university with a top 10 computer science program. My dad was an executive at a venture capital firm and paid for my college education by check. When I came out of college I leveraged my dad's connections for a job at a Fortune 500 company. Even today, I leverage the network I have built through the town I grew up to build my current businesses as an entrepreneur.
I work hard. So does the minimum wage worker, working two jobs.
I live in a beautiful 4 bedroom contemporary home on 3 acres in Connecticut with my partner. I know of families who have 3 kids and a two bedroom apartment. We have two cars and a boat. Others have to travel by public bus....
I have to say that I had some good favor and it certainly was easier for me to achieve success than a kid who grew up in poverty, surround by crime in Bridgeport, CT.
It's not as simple as making bad choices. You have to acknowledge that.
On the other hand, despite the situation you are born in to, in the end you ARE responsible for your choices-- but the path is by no means equal.
I didn't say the path was equal, I tried to emphasize the that the length of time everyone has in their working life is about equal.
Both my wife and I came from upper middle-class families. Can't say there has been any money support, but there definitely was attitude support.
I know a guy named Ted Leonsis. He started out with squat.
75% of Americans are living paycheck to paycheck.
Of course they wouldn't have any savings.
They spend it as soon as they get it.
The US always had a low savings rate compared to other countries in the world.
And over time it's getting lower and lower.
housing bubble, car loan bubble, student debt bubble, commercial real estate bubble...Thanks to the federal reserve and its cheap and easy money everyone can live like a millionaire!
housing bubble, car loan bubble, student debt bubble, commercial real estate bubble...Thanks to the federal reserve and its cheap and easy money everyone can live like a millionaire!
??? ??? ??? ???
What good is cheap and easy money if you can't get it?
Only on C-D do "cleaning ladies" take home $65K per year.
While my mom was in the process of dying, I had no time for housework for months. I had to get some help In my neighborhood, the rate is $125 per cleaning. Everybody who has a cleaning lady pays 125. It took 3-5 hours. They may not work full days.
They also manage their income so they can prove less than the amount required on the reduced and free lunch forms. Most are not married, but the father lives in the household. His income is not reported. This father earned enough to purchase a house. He got deported, so she lost the house. Within two years, he was back and they bought another house. I learned there are mortgage brokers who specialize in getting mortgages for low income, off the books buyers.
Between the folks working off the books, the thieves and dope dealers, IMO, we have a vast underground economy.
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