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Two-thirds would struggle to cover $1,000 emergency...

MickeyW said:
Yep...Hope and Change = Pipe Dreams and Pennies!



Ain't that the Truth!
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And Mickey's celebration over suffering Americans continues!
 
Lord Tammerlain said:
A culture that I believe that started to take hold in the 1980's with the advent of easy credit. Take a loan out for a new pair of shoes, that jacket, oh and a new tv.
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We don't do that. If we don't have cash to spend, we don't get it. Obviously, the exceptions are on large ticket items, but otherwise, I don't use credit cards, it all comes out of my bank account.
 
cpwill said:
Alternative headline: Approximately 66% of Americans Are Financial Idiots.


FFS. Emergency Funds, people. This isn't that difficult.
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Sure. Never mind that all the jobs they've learned how to work at are now in China and Mexico. :lamo

Until these effed up "free trade" policies are cleaned up, this emergency will remain permanent and those funds will run out.
 
Howler63 said:
Rock solid, well paying, middle class building jobs are a thing of the past. it's hard to save anything living from paycheck to paycheck in a service based economy.
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Except for low paying jobs, where it is difficult to pay rent on a modest apartment, and basic foodstuffs it is not hard.

People just have to limit their wants and purchases.

Cut cable to the basics, get one cell phone for the family rather then 4. Getting one older car, rather then two new cars

There are plenty of ways for middle class income people to save money, provided they would be willing to cutting spending
 
Lord Tammerlain said:
Except for low paying jobs, where it is difficult to pay rent on a modest apartment, and basic foodstuffs it is not hard.

People just have to limit their wants and purchases.

Cut cable to the basics, get one cell phone for the family rather then 4. Getting one older car, rather then two new cars

There are plenty of ways for middle class income people to save money, provided they would be willing to cutting spending
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In today's economy, even living within your means is tough. If you want to have any kind of decent quality of life.
 
Middleground said:
Says the guy who worships (see avatar) the Godfather of the destruction of the middle class. The irony is face palm funny.
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Hogwash!

Winchester said:
Yeah I know. I'm happy I come from a long line of skinflints and they taught me well. I do not know what the hell happened to both of my sisters as they both fall into the 66% and there is no reason for them to be there.
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I learned to save from the time I was 6 years old....and continue to sock it away today. It's a way of life that didn't take a lot of thought....just common sense.

Lord Tammerlain said:
A culture that I believe that started to take hold in the 1980's with the advent of easy credit. Take a loan out for a new pair of shoes, that jacket, oh and a new tv.
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I always thought it stupid to get soaked by creditors. I pay off my CC bill every month. If I can't afford to pay for it next month, I won't charge it this month. To me, the CC is a temporary convenience, nothing more. If you can't afford it, Do Without .........is my Motto!

Visbek said:
Good grief. Give it a rest.

This is not a new thing -- if you read your own link, you'd see this has been the case for decades.

It isn't a partisan thing, and people didn't get in this position because of their political beliefs. Again, two thirds of Americans don't have $1000 in emergency cash -- and lots of those people are conservatives and Republicans.

Financial illiteracy is definitely a part of it. So are flatlining wages, readily available credit, and the ongoing transition from an industrial to a service economy.

Maybe instead of reaching for your partisan punching bag, you should read up a little bit on why Americans have such low savings amounts and rates.
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I think that people who are stupid enough to vote for a Democrat, or don't vote at all, are stupid enough to be deep in debt. Idiocy is what it is.
Sure, there are some on the Right with no will power.....but they are usually smarter overall.

Cephus said:
Seriously. I just bought a new house and dropped almost $70k in cash on it. It's probably been 40 or so years since I couldn't cover a $1000 or even a $10,000 debt at any time.
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Ditto! Being Debt Free is a way of life....just like having a nest egg for life.;) It's not rocket science, it's all about will power and intelligence.

Howler63 said:
Rock solid, well paying, middle class building jobs are a thing of the past. it's hard to save anything living from paycheck to paycheck in a service based economy.
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And my business is service oriented...right place, right time. :lol:
 
Cephus said:
We don't do that. If we don't have cash to spend, we don't get it. Obviously, the exceptions are on large ticket items, but otherwise, I don't use credit cards, it all comes out of my bank account.
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I use my credit card for the vast majority of purchases, I don't pay any fees on it, and get some cash back on it. But it is paid every month so I do not have any interest charges. I also only have the one, so I can keep track of what I am spending very easily.

My mother could not save money and still does not. If I am not saving 1500 a month over and above my what is being saved for retirement then start to panic.
 
Howler63 said:
In today's economy, even living within your means is tough. If you went to have any kind of decent quality of life.
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We've been led to believe a decent quality of life = spending money. It's really not true.
 
Howler63 said:
How is pointing it out 'celebrating'?
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Perhaps you should pose that question to Mickey. He might say something like, "It is carte blanche to bash Obama!" but without the carte blanche part.
 
MickeyW said:
NEW YORK (AP) — Two-thirds of Americans would have difficulty coming up with the money to cover a $1,000 emergency, according to an exclusive poll released Thursday, a signal that despite years after the Great Recession, Americans' finances remain precarious as ever.

Two-thirds of US would struggle to cover $1,000 emergency
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And yet, that same 2/3rds have a 50-inch flat screen, a PS4, and a rockin' sound system in their car.
 
Winchester said:
We've been led to believe a decent quality of life = spending money. It's really not true.
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Perhaps, but the occasional weekend 'down to the coast' costs money. So does the occasional six-pack, and the occasional trip to a theme park, concert or sporting event. And ofttimes, quality of life takes a front seat.
 
Howler63 said:
In today's economy, even living within your means is tough. If you want to have any kind of decent quality of life.
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Depends on income level, and of course size of family (and where you live).

If people would go back to how they were living just in the 90s' when it comes to personal electronics and the monthly fees associated with them, I expect a lot of families could cut spending by $200 a month

Cell phone plans, internet plan, cable plan, Netflix and so on. Cut to a lower level of expenses
 
BitterPill said:
Perhaps you should pose that question to Mickey. He might say something like, "It is carte blanche to bash Obama!" but without the carte blanche part.
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Well, truth be told, Obama deserves a little bashing. As does any other member of the government.
 
Lord Tammerlain said:
Depends on income level, and of course size of family (and where you live).

If people would go back to how they were living just in the 90s' when it comes to personal electronics and the monthly fees associated with them, I expect a lot of families could cut spending by $200 a month

Cell phone plans, internet plan, cable plan, Netflix and so on. Cut to a lower level of expenses
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True. Going OverTheAir instead of cable is always an option. It depends, again, on what YOU consider 'quality of life' to be.
 
Howler63 said:
Well, truth be told, Obama deserves a little bashing. As does any other member of the government.
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That leaves Trump off the list.

Nice move.
 
Lord Tammerlain said:
Except for low paying jobs, where it is difficult to pay rent on a modest apartment, and basic foodstuffs it is not hard.

People just have to limit their wants and purchases.

Cut cable to the basics, get one cell phone for the family rather then 4. Getting one older car, rather then two new cars

There are plenty of ways for middle class income people to save money, provided they would be willing to cutting spending
Click to expand...
Precisely. Income hasn't changed - consumption has.

Sent from my XT1526 using Tapatalk
 
Howler63 said:
Perhaps, but the occasional weekend 'down to the coast' costs money. So does the occasional six-pack, and the occasional trip to a theme park, concert or sporting event. And ofttimes, quality of life takes a front seat.
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People "do things" now for entertainment. I think they've forgotten how to sit down with family and friends, visit, maybe play a game of cards.
 
Howler63 said:
True. Going OverTheAir instead of cable is always an option. It depends, again, on what YOU consider 'quality of life' to be.
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I would find little quality of life in worrying about next months bills each and every month.
 
I dont know how this is a liberal or conservative thing...but the absolute reality is that MANY individuals from both sides of the aisle have ****ed up values when it comes to money. People 'cant' afford healthcare and food...but they can afford cell phones, internet, video games, big screens, wifi, cable, tattoos, drugs and alcohol, etc. Nothing in the world wrong with having all the niceties. But the necessities should come first always. Most people COULD put away money for emergencies and have an emergency fund in 3-4 months...if they cut out all the unnecessary frivolities
 
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