Current Events > Why are Americans typically bad with money?

(+) Yeah! (+)

Average savings is like 0% or something crazy
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That's usual liberals, American conservatives, save their money, invest their money and actually have savings.
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shit costs a lot of money
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The economy falls apart if too many people save so we aren't taught how to manage money and are encouraged to spend too much.
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tremain07 posted...

That's usual liberals, American conservatives, save their money, invest their money and actually have savings.

Lol no they don't
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We aren't given as much to work with

https://img.washingtonpost.com/wp-apps/imrs.php?src=https://img.washingtonpost.com/blogs/wonkblog/files/2014/09/It-pays-to-be-a-CEO-in-the-U-S-The-ratio-between-CEO-and-average-worker-pay_chartbuilder.png&w=1484
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Mexicans are worse and I say this as a mexican
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Because I'm a gamer and gaming is expensive especially if you a PC gamer.
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people would rather look like they have money then have money so they buy dumb shit
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Prices have gone up, but wages have generally remained stagnant.

Americans don't have much to save as a result.
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We're capped at 2% raises at most, which doesn't even cover the rate of inflation.
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It's probably linked with education. Also financial literacy is pretty low in the US sadly as it's not emphasized in the school system at all.
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There's lots of new goods coming out left and right, we're bombarded with commercials and advertising nonstop telling us to spend all of our money on this stuff and our culture is based around trying too like like you're more well off than the people around you. It's no wonder that people barely save anything. Plus you don't learn anything about money management in school unless you takes courses about business or whatever in college.
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Sativa_Rose posted...

It's probably linked with education. Also financial literacy is pretty low in the US sadly as it's not emphasized in the school system at all.

Another great point. Stuff like financials, home care, (and sex ed) etc. are electives, and are not required for graduation.
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In my previous profession, I regularly worked with people with household incomes ranging from 35k to 500k.

Money itself (or not having enough) is not necessarily the problem. People just spend spend spend. They get a $1.00, they spend $1.10. I can recall several specific instances of people making well over 100k and literally not having 2-3k in the bank for emergency savings. We would go through their income and expenses and it's just crazy how much people live check to check. People are just programmed to spend and "keep up with the Jones" if that makes any sense.
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Antifar posted...

We aren't given as much to work with

https://img.washingtonpost.com/wp-apps/imrs.php?src=https://img.washingtonpost.com/blogs/wonkblog/files/2014/09/It-pays-to-be-a-CEO-in-the-U-S-The-ratio-between-CEO-and-average-worker-pay_chartbuilder.png&w=1484

this is one of the worst posts I've ever seen you make.
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Twin3Turbo posted...

People are just programmed to spend and "keep up with the Jones" if that makes any sense.

I think that is very common unfortunately. People call it lifestyle inflation. They make more but then they feel they have to spend more to live in the neighborhoods with all the sophisticated people, send their kids to the same private schools, go on the same fancy vacations, etc.
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Sativa_Rose posted...

Twin3Turbo posted...

People are just programmed to spend and "keep up with the Jones" if that makes any sense.

I think that is very common unfortunately. People call it lifestyle inflation. They make more but then they feel they have to spend more to live in the neighborhoods with all the sophisticated people, send their kids to the same private schools, go on the same fancy vacations, etc.

One specific instance that always stuck with me was when I had a 45 minute conversation with a guy about how much of a wreck his life was financially. He was getting a divorce, losing his house, he had expenses coming out the ass, and he literally had no money saved despite making like $120k or so

As we parted I see this dude get up and drive off in a brand new BMW.

I'll never understand.
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What's the point of saving if we're all going to die within the next few decades anyway

Why are forum users prone to start topics based on false premises?
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Impulsive purchases to sate our consumer needs. We gotta have the best and gotta have it now. We driven by the haves and have nots. Bad at money means we rather take risks than hold on to our hard earned pay. We spend 2 win! Bad at money aint all bad, it presents business adventures to a willing market ready to buy the next best or innovative product/service.

Even those of us in poverty find ways to have nice things. Its the way of the world.
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The same reason Trump got elected
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We're a country of consumers that especially hates when our neighbors have nicer stuff than us.
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jayj420 posted...

The same reason Trump got elected

Liherals?
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GOATSLAYER posted...

jayj420 posted...

The same reason Trump got elected

Liherals?

Most people are pretty stupid.
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