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Americans, by and large, are morons, and don't deserve what they've been given

Absentglare said:
Wow, what a ridiculously stupid post. Literally everything in it is wrong.

From 1966 to 2016 (50 years), putting $10,000 in a 0% interest account would result in an effective $63,000 loss. Couple hundred of dollars ...? Lol...

Further, you don't seem to understand how debt works. I have a mortgage. If i pay that down early, i save money, even if i then take it back out later.
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You saved nothing, you played a shell game. Don't pull equity back out of your house, it's a stupid idea.

Putting 10,000 as a one time float would not result in a 63000 loss, per year it might, and there's no such thing as a zero interest account other then your coffee pot
 
cpwill said:
they DO, however, RICHLY deserve 2016, and all the crap-tastic punishment and awfulness that will follow it.


Anywho, that's how I read these three interrelated pieces:



http://www.cnbc.com/2016/09/16/here...e-single-person-has-saved-for-retirement.html



http://www.cnbc.com/2016/09/12/here...american-family-has-saved-for-retirement.html



Well maybe it's just an age thing, and people accumulate wealth as they age?

Not really:

http://www.cnbc.com/2016/10/03/how-much-americans-at-every-age-have-in-their-savings-accounts.html





Americans are ****ing stupid. We are short-sighted instant-gratification herd animals, and we are going to eat ourselves into starvation.
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Well... To be fair, human beings in general are morons. They always have been.

The problem these days is that we have an utterly listless and amoral society and culture which not only fails to keep such baser - self-destructive - impulses in check, but actually encourages them, and has a tendency to laud excess as being virtue rather than vice simply because it "feels good."
 
EMNofSeattle said:
You saved nothing, you played a shell game. Don't pull equity back out of your house, it's a stupid idea.
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Whatever difficulty you might have with math is irrelevant.

EMNofSeattle said:
Putting 10,000 as a one time float would not result in a 63000 loss, per year it might, and there's no such thing as a zero interest account other then your coffee pot
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Feel free to run your own, more complicated analysis to justify your own (false) "few hundred dollars" claim.

The fact of the matter is that parking cash in checking or savings accounts is a waste. If you're young, stocks are better because the risk is worth the gain- if you're old, bonds are better. A savings account gives, what, half a percent, while a bond will yield two percent.
 
NonoBadDog said:
I bet you squirreled away your extra pay when you deployed as I did. I watched how the younger guys used their money when we got back. Most of the younger guys used the money for down payments on new shiny toys. We had a whole section of Blackhawk crew chiefs that bought new cars, homes and motorcycles in the first month we were back. In less than 18 months every person in the section had filed bankruptcy and all but one were getting divorced but they "deserved" all that new shiny stuff that they gave back to the bank.
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Sounds a lot like the guys who used to work in the oilfields before the crash.
 
Carjosse said:
Sounds a lot like the guys who used to work in the oilfields before the crash.
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I know one of them. He spent all of it as fast as he could make it.
 
Absentglare said:
Whatever difficulty you might have with math is irrelevant.



Feel free to run your own, more complicated analysis to justify your own (false) "few hundred dollars" claim.

The fact of the matter is that parking cash in checking or savings accounts is a waste. If you're young, stocks are better because the risk is worth the gain- if you're old, bonds are better. A savings account gives, what, half a percent, while a bond will yield two percent.
Click to expand...

I don't know where you got your ideas but it clearly wasn't good advice. The best bet is using mutual funds, I'm invested in mutual a and in a fund of municipal bonds, buying single stocks and bonds is bad advice.

Using a HELOC as an emergency fund is bad advice

Money in a savings account is not waste, and an emergency fund is not an investment, it's insurance, insurace is to pay money to have money later. You will not lose 63K by having 10 in a a savings accout, the freaking Weimar Republic didn't crash that bad. Inflation most years doesn't even clear 2 percent, last year there was deflation
 
I always followed Dad's advice of pay yourself first, meaning set aside a couple of bucks for savings before paying the bills. This has led me to living a nice life debt free since 1989 by living within my means, retiring at 61, and having enough savings & investments to live comfortably. Thanks Dad!
 
cpwill said:
they DO, however, RICHLY deserve 2016, and all the crap-tastic punishment and awfulness that will follow it.


Anywho, that's how I read these three interrelated pieces:



http://www.cnbc.com/2016/09/16/here...e-single-person-has-saved-for-retirement.html



http://www.cnbc.com/2016/09/12/here...american-family-has-saved-for-retirement.html



Well maybe it's just an age thing, and people accumulate wealth as they age?

Not really:

http://www.cnbc.com/2016/10/03/how-much-americans-at-every-age-have-in-their-savings-accounts.html





Americans are ****ing stupid. We are short-sighted instant-gratification herd animals, and we are going to eat ourselves into starvation.
Click to expand...

those stats if true are mind-numbingly frightening
 
People who need to Dave Ramsey's advice are idiots
 
EMNofSeattle said:
I don't know where you got your ideas but it clearly wasn't good advice. The best bet is using mutual funds, I'm invested in mutual a and in a fund of municipal bonds, buying single stocks and bonds is bad advice.

Using a HELOC as an emergency fund is bad advice

Money in a savings account is not waste, and an emergency fund is not an investment, it's insurance, insurace is to pay money to have money later. You will not lose 63K by having 10 in a a savings accout, the freaking Weimar Republic didn't crash that bad. Inflation most years doesn't even clear 2 percent, last year there was deflation
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Mutual funds are often a terrible investment. Most of them can't even keep up with the s&p500.

Municipal bonds can be a good deal, with tax free interest.

You seem to have a hard time with money. There's nothing wrong with having an unused line of credit available.

I'm not talking about whether people should or should not accrue savings. I am explaining to you that parking money in a savings account is a bad investment. That this is somehow news to you is shocking.
 
EMNofSeattle said:
The reason employers run credit is to see if you are either susceptible to bribes or if you say are working in an environment where embezzlement might be a concern (armored car guard, bank teller etc) if they run my credit and see I have none that's the end of my discussion, at worst my credit says I live like I hermit and don't have debt collectors ringing my phone off the hook, so lack of credit doesn't hurt me there.

I've never been credit checked for a bank account, and I've opened multiple bank accounts and various other financial accounts, Or if my bank did run my credit I'll sue them because I never signed a waiver to allow them to.

You only proved my point, FICO has everything to do with debt, not wealth. I do not have a 300 FICO score,at be it doesn't say zero, it says "undetermined" because there's no history other then me pulling them.
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I never said all banks run credit reports to open an account. You may have missed the word "many" before "banks".

And no, potential employers don't just do it for armored car drivers and bank tellers. Employers aren't looking at or interested in your credit score. There was as study done a few years ago that said almost 50% of employers run a credit check now. Anyone with access to funds, which is a far larger portion of a workforce than you apparently realize, is a risk to an employer. That includes anyone in corporate accounting and purchasing, which are a lot of people.
 
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