Current Events > Why is it so many people dont have any sort of savings

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Rika_Furude
08/18/19 8:50:00 AM
#1:


Like not even 10-20 grand

Like im a young guy, i graduated uni a few years ago and have been working probably for a shorter time than most people here. Yet i live within my means and i got 40k saved up and ive already paid off my student debt. Yet some people here and in america have like 60k+ debt (ignoring house) and a couple hundred bucks in the bank or less. Like doesnt it frighten you that literally any misfortune will drain your entire bank? Living paycheck to paycheck?
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JuanCarlos1
08/18/19 8:54:59 AM
#2:


1) Youre an exception
2) Financial literacy is not taught at school or college and on purpose most likely. Consumerism would be much lower, banks would miss higher interest rates due to more people having better credit.
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LightningAce11
08/18/19 8:55:06 AM
#3:


Do you rent an apartment?
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Unsugarized_Foo
08/18/19 8:55:12 AM
#4:


Are you white? If so, that explains a lot

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jcmason
08/18/19 8:56:03 AM
#5:


Many Americans are not raised with good financial literacy or responsible spending habits. Were a society of consumers, heavily pressured to spend everything we have, it is not hard to see that people succumb to that pressure all the time.
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MudKip_Master
08/18/19 8:58:22 AM
#6:


No control over spending.
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Blo
08/18/19 9:01:33 AM
#7:


Sure it's frightening. But fear doesn't make my boss pay me more. I can't pay the landlord in fear.

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AlecSkorpio
08/18/19 9:03:12 AM
#8:


A lot of people live paycheck to paycheck due to bills, and a lot of the ones who have the luxury of not needing to live paycheck to paycheck seem to tend to lack self control to not buy absolutely everything they want.

My sister is like that. Between her and her husband they make around 80k a year, but they have absolutely zero savings because she has an obsession with buying Funko pops and clothes and other shit. I somehow have more savings than them even though I'm on disability and have been unable to work for over a year.
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Anteaterking
08/18/19 9:06:48 AM
#9:


Rika_Furude posted...
Yet i live within my means and i got 40k saved up and ive already paid off my student debt.


What's your salary?

How much were your student debts?
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AsucaHayashi
08/18/19 9:07:22 AM
#10:


this is the #yolo generation. gotta have dem cars and dem bling bling to match your #yolo friends and then apparently still be surprised when stuff like this pops up:

https://www.youtube.com/watch?v=fW5B6ZrHkCE" data-time="

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Manocheese
08/18/19 9:16:19 AM
#11:


Because they waste their money.

https://www.financialsamurai.com/wp-content/uploads/2015/03/FS-500K-Student-Loan.png
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Rika_Furude
08/18/19 10:16:59 AM
#12:


Manocheese posted...
https://www.financialsamurai.com/wp-content/uploads/2015/03/FS-500K-Student-Loan.png

Wtf is this garbage
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Colorahdo
08/18/19 10:24:04 AM
#13:


I never understand this either TC

If I can't afford it, I can't buy it. Making payments on it makes it MORE expensive... It's just logic. You sit down and do simple addition and subtraction

Blows my mind
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21WIVES_CHILL
08/18/19 10:27:56 AM
#14:


Most people dont care about retirement or know what a purpose of retirement will do. Add that with expensive rent and having multiple children which causes stress. Then people spend their last bit of net earnings on dealing with stress (food, shopping, etc).

If people started saving like you, our retirements would be in deep shit. The market would plummet because nobody is spending and our retirement accounts wouldnt exist.
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#15
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DarkRoast
08/18/19 10:32:55 AM
#16:


Cost of living and education debt has gone up exponentially higher than income in the past few decades.

It's easy for Baby Boomers to say they saved up money, when they had no debt after college, the easiest economy in US history, and an extremely low cost of living.

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emblem boy
08/18/19 10:36:27 AM
#17:


TC, how much do you make?
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Solar_Crimson
08/18/19 10:36:59 AM
#18:


DarkRoast posted...
Cost of living and education debt has gone up exponentially higher than income in the past few decades.

It's easy for Baby Boomers to say they saved up money, when they had no debt after college, the easiest economy in US history, and an extremely low cost of living.

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DarkRoast
08/18/19 10:37:10 AM
#19:


And for what it's worth, I literally spent 80%-ish of my income over the past year paying off my student loans, and I'm one of the lucky few who could do that. But it also means my savings are nil.

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Timohtep
08/18/19 10:37:44 AM
#20:


"why don't people just make more money lmao wut haha"
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HANGtheDJ_86
08/18/19 10:43:01 AM
#21:


Online shopping and repeated drug use is my guess.

That honestly sounds a heck of a lot more fun than saving money though.
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AdamGaseFace
08/18/19 10:43:58 AM
#22:


People make poor financial decisions
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smoke_break
08/18/19 10:44:04 AM
#23:


I've never made enough to save. I hope to get a better job soon though in the coming years, it'd be nice to have a cool 10-20k in the bank.

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Tired-Insomniac
08/18/19 10:44:48 AM
#24:


Rika_Furude posted...
Like not even 10-20 grand


"not even"?

Let's try to work on the fact that most Americans can't even afford a $500 emergency without using credit cards before we ask why people can't buy a brand new car with cash

I'm perfectly happy with my $5000 emergency fund. Invest the rest.
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Nintendo415
08/18/19 10:46:38 AM
#25:


Idk why TC would make this topic but not reply to the basic two questions everyone has after reading the details. 1. Whats your yearly income 2. What were your student d price. The TC isnt gone either they returned to reply to a link posted (>_>
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RaulJenkins
08/18/19 10:47:18 AM
#26:


i can't take these topics seriously
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Tired-Insomniac
08/18/19 10:47:40 AM
#27:


Manocheese posted...
Because they waste their money.

https://www.financialsamurai.com/wp-content/uploads/2015/03/FS-500K-Student-Loan.png


Lmfao

"Feel average"
"Three vacations a year"

Fuck whoever made that, it's either fake or they're fucking brain damaged
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NinjaBreakfast
08/18/19 10:47:48 AM
#28:


AsucaHayashi posted...
dem cars and dem bling bling


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Lairen
08/18/19 10:53:13 AM
#29:


Marked for obvious trolling.
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Conception616
08/18/19 11:06:22 AM
#30:


Nintendo415 posted...
Idk why TC would make this topic but not reply to the basic two questions everyone has after reading the details. 1. Whats your yearly income 2. What were your student d price. The TC isnt gone either they returned to reply to a link posted (>_>


Do you not see who the TC is?
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sktgamer_13dude
08/18/19 11:10:46 AM
#31:


Hey guys, I could do it. Why cant everyone!? I mean, everyone was obviously in the exact same situation as I was. Obviously no changes in situation.
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Unsugarized_Foo
08/18/19 11:26:53 AM
#32:


Tired-Insomniac posted...
Lmfao

"Feel average"
"Three vacations a year"

Fuck whoever made that, it's either fake or they're fucking brain damaged


It's gotta be fake lol I like $9500 for clothes and they have a BMW 5 series and a Land Cruiser.

They also are getting shafted by PMI, $60k/yr on a $1.5m house? Bruh

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JBaLLEN66
08/18/19 11:29:48 AM
#33:


so tc is basically trying to say he doesnt have a life
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AwesomeToTheMAX
08/18/19 11:30:14 AM
#34:


Why does CE have such a high concentration of dumbasses who think anyone with financial issues must be buying expensive cars or luxuries
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JBaLLEN66
08/18/19 11:30:48 AM
#35:


Nintendo415 posted...
Idk why TC would make this topic but not reply to the basic two questions everyone has after reading the details. 1. Whats your yearly income 2. What were your student d price. The TC isnt gone either they returned to reply to a link posted (>_>


Cause hes trying to compensate for his ***** social life by bragging on an internet forum
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Lairen
08/18/19 11:31:56 AM
#36:


Im not starving so theres no excuse for anyone ever to be starving.

Are you sick? Im not. Youre doing something wrong.
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Lost_All_Senses
08/18/19 11:32:12 AM
#37:


Saving is for suckers!

*Throws beer bottle at you and pulls newspaper over my body*

Jesus gots me. That's all I need
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GregShmedley
08/18/19 11:42:26 AM
#38:


Conception616 posted...
Nintendo415 posted...
Idk why TC would make this topic but not reply to the basic two questions everyone has after reading the details. 1. Whats your yearly income 2. What were your student d price. The TC isnt gone either they returned to reply to a link posted (>_>


Do you not see who the TC is?


This.

This is his thing. Now after being called out, he's going to get upset and claim people are targeting him.
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KStateKing17
08/18/19 11:44:23 AM
#39:


Conception616 posted...
Nintendo415 posted...
Idk why TC would make this topic but not reply to the basic two questions everyone has after reading the details. 1. Whats your yearly income 2. What were your student d price. The TC isnt gone either they returned to reply to a link posted (>_>


Do you not see who the TC is?

This. He isn't even from the U.S
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EndOfDiscOne
08/18/19 11:45:22 AM
#40:


Unsugarized_Foo posted...
Are you white? If so, that explains a lot

What does race have to do with making good financial decisions
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AzNDarkSamurai
08/18/19 11:57:09 AM
#41:


I want to save money but if you have kids and youre paying all these expenses to keep your family afloat, good luck being able to develop any kind of savings

I make good money now but im hoping to get a higher paying job next year so that I can have more money for myself after expenses and I can finally create a decent savings fund.

The best time to really save money for anyone is really while theyre still living in their parents house and they dont have a wife or kids to support yet
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fan357
08/18/19 12:16:16 PM
#42:


You guys are acting like nobody had debt until recently. People in America have always lived on debt.
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Squall28
08/18/19 12:21:46 PM
#43:


People just find ways to blow their money. If they get any extra money, they just buy some useless shit.

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Nintendo415
08/18/19 12:23:45 PM
#44:


GregShmedley posted...
Conception616 posted...
Nintendo415 posted...
Idk why TC would make this topic but not reply to the basic two questions everyone has after reading the details. 1. Whats your yearly income 2. What were your student d price. The TC isnt gone either they returned to reply to a link posted (>_>


Do you not see who the TC is?


This.

This is his thing. Now after being called out, he's going to get upset and claim people are targeting him.


I see... I dont know the CE board members like that. I guess I was roped into beliving it was a real thread lol.
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SauI_Goodman
08/18/19 12:24:41 PM
#45:


They are living check to check. You can't save it you don't have anything to save.
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masticatingman
08/18/19 12:42:42 PM
#46:


It's also an extremely legitimate reason to break up with a person these days. If a potential partner doesn't have any savings and just has a mindset of wanting to spend whatever money that they have, it's a huge red flag for a person that does have considerable savings. Don't expect people's spending habits to change.
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#47
Post #47 was unavailable or deleted.
ScionTC_07
08/18/19 1:03:33 PM
#48:


masticatingman posted...
It's also an extremely legitimate reason to break up with a person these days. If a potential partner doesn't have any savings and just has a mindset of wanting to spend whatever money that they have, it's a huge red flag for a person that does have considerable savings. Don't expect people's spending habits to change.


wait why would that be?

that person is an adult. he/she can spend the money they worked hard for however they see fit.
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Manocheese
08/18/19 1:06:47 PM
#49:


masticatingman posted...
It's also an extremely legitimate reason to break up with a person these days. If a potential partner doesn't have any savings and just has a mindset of wanting to spend whatever money that they have, it's a huge red flag for a person that does have considerable savings. Don't expect people's spending habits to change.

This. Money before honeys. Wads before broads. Stacks before racks.
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CRON
08/18/19 1:07:26 PM
#50:


JuanCarlos1 posted...
1) Youre an exception
2) Financial literacy is not taught at school or college and on purpose most likely. Consumerism would be much lower, banks would miss higher interest rates due to more people having better credit.

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