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

(+) Yeah! (+)

We have predatory student loans in the US.
---

I'm generally older than most people around here, but when you get to my age (upper 30's) it tends to be the "I want X children, and I either don't care or don't realize that I cannot afford that many" people who are living with zero savings.
---

60% of births or covered by Medicare

---

Price of housing has gone up by like 500% over the past 50 years... while worker wages have only increased by what, 2-3%?

A salaried position obtained with only a high school degree used to afford you a home, a family and two cars.

I'm not saying people couldn't be better about saving more/spending less... but it's tougher than it used to be.

I have a lot in savings, but I attribute that to skipping a four year college entirely so that when I hit the work force I was immediately banking what I earned instead off paying of some degree.
---

AzNDarkSamurai posted...

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

Would you say you'd have more money left over at your current job if you didnt have a family?

Also, why isnt your wife working?

AwesomeToTheMAX posted...

Why does CE have such a high concentration of dumbasses who think anyone with financial issues must be buying expensive cars or luxuries

It's kinda funny to watch though until you realize how sad it is and hope it's just lazy trolling
---

speaking for myself, as someone who is only going back to college in his 30s, where I live everything is expensive(in proportion mind you). Everything is shipped to the province, prices of housing, gas and items for purchase are way out of proportion.

Companies are looking for ridiculous prereqs before you can apply. I remember one job doing simple office work they wanted a 3 year business management degree and 4 years of experience, and were only paying 13/h for 40 hours a week. I mean, I don't know about you, but if I have a 3 year degree and experience, I'd expect to get paid a hell of a lot more than 13/h when the min. wage is 11.75.

Not only that, but the trash jobs(retail and whatnot) don't give the hours you need to survive. It's gotten so bad that I even went on unemployment just to help pay my basic bills, and now.... I'm not allowed to go on unemployment despite my bills being fairly high, because I make too much money(at 400 every 2 weeks, apparently that's 150 too much, and all they would give me is 500 maximum).

Companies expect you to live off of nothing, so putting money aside to get your education is an almost impossibility. I'm lucky I have a great family who helps me with money now and then, I can only imagine people having to work 3 jobs just to get 40h/w.

Because Hell is other people.

And other people charge other people for the basic cost of living.

And that shit ain't cheap.
---

I graduated high school and I was stupid with money. With some youtube and googling I'm a lot better with money.


---

When rent is 75% of your income and bills take up nearly all the rest. It's pretty hard for most people to save anything.

The only real way to fix things would be massive government involvement.
A living wage, forcing business to hire people and at full time, no ridiculous job requirements for basic jobs anymore, no automation of the workforce. And national rent control. Rent should be half of what it is across the board.
But none of that will happen. Eventually all of this will hit the fan in a massive way that is going to decimate this country. I really don't know what the hell happens when that arrives. But yes, pretty soon we will have a cost of living far beyond what the majority of people can afford. Homelessness running rampant and multiple generations without income or ability to find work, only getting worse as they get older.
---

Wow you people really got upset while i was asleep just because i wont post my salary...
---

Weekly topic from ultima Trolling Americans
---

People called out my weak trolling. They must be upset!
---

Ok sameposter. Why did you wait until i was asleep before flaming me repeatedly overnight and derailing my topic?
---

A lot of unsubstantiated claims itt
---

Rika_Furude posted...

Ok sameposter. Why did you wait until i was asleep before flaming me repeatedly overnight and derailing my topic?

Its midday.... How many hours do you fucking sleep?

Because they barely have money as is and schools don't prepare people to be adults in any way
---

hockeybub89 posted...

Because they barely have money as is and schools don't prepare people to be adults in any way

I mean, financial management is one thing but i dont think you need a class to not immediately spend everything you earn. At that point its less of a failing of the schools and more of a lack of common sense
---

How out of touch are you?
---

Spooking posted...

EternalDivide posted...

When rent is 75% of your income

Rent is a secret tax. Do you think landlords are living in mansions? Of course not, they sometimes live in the same apartment complex. Most of the rent money goes to the government, and this is why I support further tax cuts and lowering rent.

Citation needed
---

EternalDivide posted...

When rent is 75% of your income and bills take up nearly all the rest. It's pretty hard for most people to save anything.

When rent is 75% of your income you're living some place you should not be.
---

I have 10k

---

Do 401ks count
---

It's technically your money after they tax and fees to bejesus out of it,unless you wait

---

Conflict posted...

Rika_Furude posted...

hockeybub89 posted...

Because they barely have money as is and schools don't prepare people to be adults in any way

I mean, financial management is one thing but i dont think you need a class to not immediately spend everything you earn. At that point its less of a failing of the schools and more of a lack of common sense

Do you think the only way to not be able to save money is by "not immediately spending everything you earn"?

If you make minimum wage and live paycheck to paycheck, with essentially no money for yourself after paying for bills, groceries and utility expenses, you're not going to be saving shit. Stop living in this fantasy world where everyone who doesn't have a savings is buying 2019 BMWs and $1000 iPhone Xs.

Certainly there are people out there in tough situations that legit are barely making enough to cover their already low expenses. Im not questioning those people. The topic is about people who just frivolously spend instead of saving when they do have the opportunity. Who have tons of credit card debt and pay a ton of interest on that instead of just buying what they can afford etc
---

I make $32k a year, have a shit load of debt, and have to live entirely on earned income, no credit cards or anything.
---

Thing is, if you manage to get a good education your almost laughing how fast you can pay it off. Sure it might not come immediately, but after you get "experience" under your belt, companies are literally begging to get you. My buddy got fired from his job as a cook from a local restaurant. That same day he got hired on by another company for higher wage as a general cook.

Same with his brother. His brother got a degree fixing computers. Started making 12/h, but after 7 years he's now making over a hundred grand a year. Just by always moving to a better company. Even if a company paid 25 cents more than the previous company, he'd still apply and move if necessary.

Problem is getting that experience. It's easy when your living at home as long as you study and memorize the material, but if your working 2 jobs just to keep your place it becomes a nightmare.

1. People are too poor to save any money.
2. People are terrible with money.
---

SideshowBob311 posted...

EternalDivide posted...

When rent is 75% of your income and bills take up nearly all the rest. It's pretty hard for most people to save anything.

When rent is 75% of your income you're living some place you should not be.

They can quit their job and move with the money they don't have.
---

Tired-Insomniac posted...

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

Dont forget the $5000/month mortgage on a $1.5mil house
---

JustMyOpinion posted...

Going from $12/hr to six figures a year in 7 years sounds like an atypical story to me.

it shows you how much experience can help you. Mind you, you have to be like a hawk looking all the time so it isn't easy peasy, and you have to be willing to move.

thronedfire2 posted...

Tired-Insomniac posted...

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

Dont forget the $5000/month mortgage on a $1.5mil house

And having a 401k contribution that rivals a lot of peoples salaries.
---

Having 40k saved up after a couple years of university is extremely unlikely. Even if you pay your debts off, theres still a new car to buy and a home to live in.

And if you don't own a home yet or are paying for a home yet your 40k savings is irrelevant unless you plan on starting a business.
---

Maybe The Rent is Too Damn High party should make a comeback.

If I only worked fulltime I'd only be able to save like a $100 a month after rent and bills.

I got a part time job on the side so I was able to save over a $1000 a month. You'd have to make a decent amount to save if you have alot of things to pay for which is a 100% understandable.
---

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.

All of this. Doesn't matter how much money you make if you have no concept of how to spend it and what to avoid. It's why they have actual economic professors teach special seminars to new NFL prospects and players on how to manage their money.

I had a very modest upbringing, but I learned how to manage finances and spend within my means. As a result, I have no debt. I don't make as much money as I would like, but I'm not chasing debt like a lot of people.

---

OP, what are you going to do with your $40K?
---

Alucard188 posted...

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.

All of this. Doesn't matter how much money you make if you have no concept of how to spend it and what to avoid. It's why they have actual economic professors teach special seminars to new NFL prospects and players on how to manage their money.

I had a very modest upbringing, but I learned how to manage finances and spend within my means. As a result, I have no debt. I don't make as much money as I would like, but I'm not chasing debt like a lot of people.

The ESPN 30 for 30 on that stuff is amazing (Broke). So many professional athletes go broke in all sports either due to not being able to manage money better or being screwed by friends and trusted associates. Kind of sad to see tbh.
---

Conception616 posted...

Do you not see who the TC is?

so you do this in other posters topics too. good to know

---

JustMyOpinion posted...

Ivany2008 posted...

JustMyOpinion posted...

Going from $12/hr to six figures a year in 7 years sounds like an atypical story to me.

it shows you how much experience can help you. Mind you, you have to be like a hawk looking all the time so it isn't easy peasy, and you have to be willing to move.

How does it show that based on experience? Lots of people have 7 years of work history and aren't making six figures.

are those people staying in the same company? then that's probably why. Having work experience is only half the equation. You also have to be willing to constantly look for better, the drive so to speak. It's not about moving from one company to another that pays the same. Always be willing to sell yourself and promote yourself, remembering that companies don't give a shit about you as a person, they only want your skills. Never growing attached.

There was a great Dave Ramsay video where a guy straight out of medical school could work in New York for 300 grand as a general surgeon and live a decent life with his wife, or they could pack up and move to the middle of the Canadian tundra and earn 800 grand every year locked in a 3 year contract, so 2.4 million which would pay off his medical school expenses and flat out buy a house.

I don't think they said what they went with afterwards, but its about taking opportunities when you can, especially when your young. Lots of people(myself included) get stuck in a rut. So while experience is great, if you don't have the drive to press for better opportunities your going to stuck in that rut making less than what you could be.

how can so many people be missing the point so spectacularly?

---

TrowaBarton7 posted...

OP, what are you going to do with your $40K?

Save more and have more than 40k. Why would i spend it just because its there?
---

There are many reasons why people don't have much savings. There are even more reasons why people don't have a lot of savings.

Rika_Furude posted...

TrowaBarton7 posted...

OP, what are you going to do with your $40K?

Save more and have more than 40k. Why would i spend it just because its there?

You should put it in some kind of high yield account rather than just letting it rot in the bank.