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A new report says half of people in NC have little to no savings in their bank accounts.
In many cases it's not because of a low economic status.
Does this surprise you?
We have become a materialistic world over the years....
People today have no idea what the word "sacrifice" means....to most, sacrifice means cutting from digital to basic cable.
Also, society today wants politicians who promise government assistance. The more assistance one receives, the less that individual will be hungry to earn things on their own.
Throw in all those ingredients and you have a growing class of people in over their heads....
We have become a materialistic world over the years....
People today have no idea what the word "sacrifice" means....to most, sacrifice means cutting from digital to basic cable.
Also, society today wants politicians who promise government assistance. The more assistance one receives, the less that individual will be hungry to earn things on their own.
Throw in all those ingredients and you have a growing class of people in over their heads....
I don't subscribe to this reason.
Wages have not kept up with costs of living over time for many, many, many Americans that are finding themselves pinched to the point that they can't save without degrading their lives over time. It's not always about sacrificing potential upgrades in ones lives or relying on the government.
Everything I have read recently indicates this is a national trend, not limited to only North Carolina. Per these articles, over half of the people reaching retirement age within the next decade currently have under $25,000 in their retirement savings!
I have two sisters; one is nearly destitute and the other appears to be OK in regards to her's and her husband's planned retirements in the next 10 years. My wife has four siblings, only one of which is in the OK category. I worry deeply about the other three. My mother-in-law retired early over 20 years ago and never fails to use the "I'm living on a fixed income" statement to her advantage. She refuses to comprehend that her UAW negotiated pension and monthly SS payments are greater than the annual income of three of her working children - all of whom are over 50. I do their taxes for them at no cost, so I know.
I don't subscribe to this reason.
Wages have not kept up with costs of living over time for many, many, many Americans that are finding themselves pinched to the point that they can't save without degrading their lives over time. It's not always about sacrificing potential upgrades in ones lives or relying on the government.
There are definitely some bad luck hardship cases out there and for those people I have empathy. But for (in my opinion) a vast majority, people have overextended themselves voluntarily ( the real estate bust is a great example of how greed got the best of many).
Many people unfortunately are ignorant about their own personal situation and not even tried to figure out how to budget or improve their financial situation. Most will just chalk it up to laziness or put up the roadblock and say "there's nothing to sacrifice" when the opposite is usually true.
There is more government assistance out there than any other time in history w food stamps, earned income credits, WIC, help for energy bills and free meals for kids, Medicaid, the list goes on and on (which poor people 50 yrs ago didn't have, or would be ashamed to rely on). Attitudes and cultures have changed over time which makes it harder for people to break the cycle of dependence.
There are definitely some bad luck hardship cases out there and for those people I have empathy. But for (in my opinion) a vast majority, people have overextended themselves voluntarily ( the real estate bust is a great example of how greed got the best of many).
Many people unfortunately are ignorant about their own personal situation and not even tried to figure out how to budget or improve their financial situation. Most will just chalk it up to laziness or put up the roadblock and say "there's nothing to sacrifice" when the opposite is usually true.
There is more government assistance out there than any other time in history w food stamps, earned income credits, WIC, help for energy bills and free meals for kids, Medicaid, the list goes on and on (which poor people 50 yrs ago didn't have, or would be ashamed to rely on). Attitudes and cultures have changed over time which makes it harder for people to break the cycle of dependence.
Income inequality is at an all time high. The wealthiest in this country have more money than at anytime in our lifetimes. More and more people are working without any benefits, paid time off, etc. The job security that was essentially afforded to the currently retired generation is all but gone....as are company paid pensions.
These are the macro-issues that are facing more than just "some bad luck hardship cases"; they are issues facing entire generations. While it's true that there are some who are thriving in this economic environment and doing really, really well, I think it's important to realize that it's mostly at the expense of those who aren't.
We have become a materialistic world over the years....
People today have no idea what the word "sacrifice" means....to most, sacrifice means cutting from digital to basic cable.
Also, society today wants politicians who promise government assistance. The more assistance one receives, the less that individual will be hungry to earn things on their own.
Throw in all those ingredients and you have a growing class of people in over their heads....
I don't agree with this for a different reason. Saving, of all things, is something that the importance of is not taught.
I don't agree with this for a different reason. Saving, of all things, is something that the importance of is not taught.
I learned from an early age the value of a dollar. As a parent you have to lead by example and not cave in to the 'wants' and be able to save a dollar.
A new report says half of people in NC have little to no savings in their bank accounts.
In many cases it's not because of a low economic status.
Does this surprise you?
I guess I'm one of them. I don't have much liquidity in a bank account to fall back on for a rainy day, but I do have plenty in three retirement accounts. If disaster struck, I could still access my savings, even if I had to pay penalties.
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