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This is the result after almost eight years of Obama.
"Last year, GoBankingRates surveyed more than 5,000 Americans only to uncover that 62% of them had less than $1,000 in savings. Last month GoBankingRates again posed the question to Americans of how much they had in their savings account, only this time it asked 7,052 people. The result? Nearly seven in 10 Americans (69%) had less than $1,000 in their savings account."
What do you whine about? Havent you supported the super rich and their puppets for decades? The so-called "job creators"? As long as you continue to hate the concept of unions and a government that invests in the quality of the life of the people, you get what you deserve.
unions are the cause of many jobs going over seas.
have you ever met a poor union leader???
Quote:
Originally Posted by PCALMike
What do you whine about? Havent you supported the super rich and their puppets for decades? The so-called "job creators"? As long as you continue to hate the concept of unions and a government that invests in the quality of the life of the people, you get what you deserve.
Personal annual savings rates averaged 8.32% between 1959- 2016, reaching an all time high of 17% in May, 1975 and a record low of 1.90% in July, 2005.
The link does however conclude that the reasons for the low savings rate is generally attributed to people using credit cards to live beyond their means.
The US has historically been lousy savers compared to the rest of the developed world. There are many reasons why the so called standard of living is higher in the US than most other places. We live in more square footage and have more stuff.
I have very little in savings accounts. My money is in my 401K and my IRA rollover which both are about 90% stocks. Will have to change my investment patterns if the "elites" such as myself, a working stiff who hopes to go to self-employment in a year and a half, have our assets attacked by either a capital gains increase or protectionism.
I say some of that is the result of having no self control and trying to blame someone else for their problems.
I think over 50% of them have this issue.
I have way more than $1000 in the bank and I'm not rich. I've just saved 2-10% (or more) of my income every year since I was in my 20s and I'll be honest and state that during a large stretch of that time I made less than 30K per year because I was a SAHM for a stretch and only worked part time. I still saved money. I did have a spouse who worked as well but he is a spender and spends nearly everything he makes (if I let him). However, he also had automatic debits into a retirement account come from his paycheck for over 10 years and so he has over $50k in his retirement account.
It really isn't that hard to save money if you have it automatically debited from your pay and go into a savings account that you do not have a "card" for or that you don't regularly touch. I always keep a couple different accounts and both are at institutions where I cannot get that money out easily at an ATM. That way, I forget about them until I get quarterly statements.
I have two retirement accounts (401k/IRA) and two cash savings accounts. One cash account is at my regular bank but not connected to my ATM card and another one at a credit union that I rarely even look at. I send about $600 a month into both of those accounts combined each month. That adds up over the years. One is for vacations and one is for emergencies. Since I work a lot, I rarely go on vacations so both have a good amount of money in them.
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