View Poll Results: Do you save money?

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  • I save money

    55 80.88%
  • I don't save money

    13 19.12%
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Thread: Do you have money saved?

  1. #91
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    Re: Do you have money saved?

    Quote Originally Posted by 3step View Post
    According to new studies released recently, roughly a third of American adults don't have any emergency savings. As for me, usually I put 20% of my income into my deposite account and I have some cash for a rainy day saved at home. Do you have savings for emergency case or maybe for retirement? What part of your income do you save?
    A third? The last I heard was that more than half of American's have pretty much nothing saved up.

    "Approximately 62% of Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair, according to a new survey of 1,000 adults by personal finance website Bankrate.com. Faced with an emergency, they say they would raise the money by reducing spending elsewhere (26%), borrowing from family and/or friends (16%) or using credit cards (12%)." (Most Americans are one paycheck away from the street - MarketWatch)

    More recently: " About half of Americans are saving no more than 5% of their incomes, according to a new Bankrate.com RATE, -0.35% report." (Nearly Half of Americans Saving Virtually Nothing - MarketWatch)

    EDIT: And to answer the question, no, I have jack squat saved up. About to start a part-time job tomorrow and I have some serious student debt.
    Last edited by Mr. Invisible; 04-05-15 at 05:33 PM.
    "And in the end, we were all just humans, drunk on the idea that love, only love, could heal our brokenness."

  2. #92
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    Re: Do you have money saved?

    My wife does. problem is I have to die for her to collect those saving.
    Same applies to her, for me to collect.

    Govt pension not large- Military
    I also work
    In 2 years at age 60 I collect-CPP- - Canada Pension Plan. As the Military paid at a differing rate into 2 pensions- Military (Superannuation) & CPP at 65 when I draw Canada Pension the claw back is about dollar for dollar.
    Small mortgage as we decided years ago to travel more while still healthy.
    Yes we have savings- a fair amount.
    My wife is retired.
    Myself I like to work. 4 days on - 4 off -10 hr days- as much vacation as I want - not all paid of course - so a ton of flexibility there.
    So i work about 5 months of the year. Not a shabby deal.
    I could retire but go foolish.
    So why not stay working and still remain foolish is the way I am looking at it.
    Extra cash never hurts when you have grandchildren.
    So this summer we are taking all to NB & PEI

  3. #93
    Dungeon Master
    Chicks dig the long ball

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    Re: Do you have money saved?

    My wife and I both take advantage of our companies 401K plan and both have other retirement plans. Over the last couple of years we have got to the point where our retirement instruments make more money then we do.
    Trump is so good at eliminating government waste, he's shortened POTUS to POS. Thanks, Trump!

  4. #94
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    Re: Do you have money saved?

    Quote Originally Posted by Jerry View Post
    Yeah it does bump you into another tax bracket but you still take home a more. My 75hr check is a hell of a lot bigger than my 48hr check.
    I used to have a job that we could work as many hours of overtime that we wanted... I never heard so many people bitch about not wanting to work overtime because of them supposedly losing money when they work over a certain amount of overtime.
    I never could get it through their heads that it's mathematically impossible to lose money by working more overtime.
    I was an overtime hound at that job...I usually put in 14-16 hours mon-fri and 5 or 6 hours on Saturday.

    when I struck out on my own, I was putting in 16-18 hours , 7 days a week, for nearly 3 years.... no overtime, but I was consistently billing 30-40 hours a day( at $75/ hr)

    looking back.. it was totally worth it...every minute of it.

  5. #95
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    Re: Do you have money saved?

    Quote Originally Posted by radcen View Post
    I love threads like this. Most Americans* don't save, but everybody on the internet does.

    *- Have seen estimates ranging from 1/3 to 2/3.
    Sure, they have years worth of salary in the banks, hundreds of thousands in 401K, brand new Corvette for self and wife, 6000 sq ft home (paid off). It's amazing how responsible people are online, yet say the dumbest things ever.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

  6. #96
    Villiage Idiot
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    Re: Do you have money saved?

    Quote Originally Posted by Thrilla View Post
    I never could get it through their heads that it's mathematically impossible to lose money by working more overtime....
    "Losing money" or "tax bracket" is an excuse for a lot of people to work fewer hours.

    If the more one made the less they brought home, then "rich" people would have a negative paycheck.
    Quote Originally Posted by ocean515 View Post
    ...I'm not interested in debating someone who is trolling for an argument....
    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

  7. #97
    Quantum sufficit

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    Re: Do you have money saved?

    I save. Have to... to put three kids thru college. Via modest living throughout my whole life, I have enough to send all of them for four years of undergrad - even out of state - with no loans. Theyre on their own for graduate school tho (although I'll probably help out there too....) That money is starting to fly out the window now.

    But I never understood the concept of a six month 'emergency fund'. I've never been unemployed- nor has my wife. In my profession, I doubt if I'd ever be unemployed for longer than a few months - and a severance should cover more than that. An emergency fund in money market funds or whatever seems silly to me in that case - that money would be better invested in a 401k and withdrawn if there was a true emergency.

    The entire secret to saving is to live below your means.
    Many Trump supporters have lots of problems, and those deplorables are bringing those problems to us. They’re racists. They’re misogynists. They’re islamophobic. They're xenophobes and homophobes. And some, I assume, are good people.

  8. #98
    Quantum sufficit

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    Re: Do you have money saved?

    Quote Originally Posted by imagep View Post
    "Losing money" or "tax bracket" is an excuse for a lot of people to work fewer hours.

    If the more one made the less they brought home, then "rich" people would have a negative paycheck.
    Its a basic misunderstanding of how tax brackets work. You dont get taxed at a higher rate for ALL your income, just the incremental income.

    In my experience, the people who dont understand the concept usually turn out to be Conservatives - and guys who are specifically Conservatives because they dont like high taxes. Funny that.
    Many Trump supporters have lots of problems, and those deplorables are bringing those problems to us. They’re racists. They’re misogynists. They’re islamophobic. They're xenophobes and homophobes. And some, I assume, are good people.

  9. #99
    Sit Nomine Digna
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    Re: Do you have money saved?

    Quote Originally Posted by imagep View Post
    "Losing money" or "tax bracket" is an excuse for a lot of people to work fewer hours.

    If the more one made the less they brought home, then "rich" people would have a negative paycheck.
    Well technically they are right, marginal income per hour worked decreases sometimes significantly and it may not be worth their time but I doubt most people who do understand that. For example the decreased income per hour worked may not be worth it to a couple with a new child and time with the child outweighs the decreased monetary benefit of working.

  10. #100
    Villiage Idiot
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    Re: Do you have money saved?

    Quote Originally Posted by Carjosse View Post
    Well technically they are right, marginal income per hour worked decreases sometimes significantly and it may not be worth their time but I doubt most people who do understand that. For example the decreased income per hour worked may not be worth it to a couple with a new child and time with the child outweighs the decreased monetary benefit of working.
    I agree that sometimes additional income doesn't outweigh family obligations and/or leisure time, and that money has a declining utility as one makes more and more of it.

    However, most people in the US who get paid by the hour get time and a half for hours over 40/week, which generally more than makes up for any increase in income tax bracket rate.

    So maybe someone who is at the top of the 15% income tax bracket makes $12/hr, then they work 10 hours overtime at time and a half, even after federal income tax at the next highest bracket (assume 20%) plus withholding taxes and even state income taxes, they still may have $11.88 left over, which is more per hour than they took home out of the first 40 work hours.

    However in the case of a part time worker, who's additional hours still might not get them to the time and a half requirement, you may be right, especially if more hours would cost them means tested welfare benefits.

    It used to be in the US that a certain class of low level white collar workers, the "non-exempt salaried worker" could be paid "Chinese overtime", which was half time for over time, but I believe that was outlawed. My wife got Chinese overtime for a few years with a particular employer.
    Last edited by imagep; 04-06-15 at 05:48 PM.
    Quote Originally Posted by ocean515 View Post
    ...I'm not interested in debating someone who is trolling for an argument....
    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

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