Current Events > 69% of Americans have less than $1,000 in savings

(+) Yeah! (+)

1337toothbrush posted...

Do you know what per capita means, broseph?

Yes, you seem to be on something so let me recap real quick:

1. You accuse me of using per capita figures
2. I tell you I'm using median income
3. You say the US is behind several countries in median income
4. I show you that's wrong
5. Now you're mad I'm using median because you're getting your ass handed to you

You know you probably wouldn't say stupid shit all the time if you'd stop getting your news from Russian propaganda

mooreandrew58 posted...

Im usually going to be about the time the bank opens but I suppose I'll stay up later one day. Thee only purpose of savings for me it to prevent me from spending it. Being able to move the money around from a website might hurt that.... So Idk if it would be worth it.

Maybe. But it's better to be able to move it when you do actually need it. And you can always just not go on the site much. It takes a little willpower, but should be fine. I mean, it's better to be in the savings with the possibility of moving it instead on in you checking where using it is way easier...
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Broseph_Stalin posted...

You accuse me of using per capita figures

Nobody "accused" you of using per capita figures.
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Nice

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1337toothbrush posted...

Nobody "accused" you of using per capita figures.

1337toothbrush posted...

Probably average wage, so they're counting in inflated CEO salaries too.

You have to be a joke account, I feel sorry for anyone who's actually like this

LinkPizza posted...

Maybe. But it's better to be able to move it when you do actually need it. And you can always just not go on the site much. It takes a little willpower, but should be fine. I mean, it's better to be in the savings with the possibility of moving it instead on in you checking where using it is way easier...

Perhaps i could. I did save about 3k in cash at my last job and didnt start spending it until I quit. I actually wanna do that again too have a in cash savings in case of moments where i absolutely need the money now.

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Average = per capita? Is this some sort of stupid joke?
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1337toothbrush posted...

Average = per capita? Is this some sort of stupid joke?

LMAO

YOU LITERALLY DON'T KNOW WHAT PER CAPITA MEANS

https://en.wikipedia.org/wiki/Per_capita_income
Per capita income (PCI) or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the area's total income by its total population

1337toothbrush posted...

Do you know what per capita means, broseph?

1337toothbrush posted...

Do you know what per capita means, broseph?

1337toothbrush posted...

Do you know what per capita means, broseph?

I'm dying

mooreandrew58 posted...

Perhaps i could. I did save about 3k in cash at my last job and didnt start spending it until I quit. I actually wanna do that again too have a in cash savings in case of moments where i absolutely need the money now.

Yeah. It's good to have it in case. With my new (old) full time job, a once a month job, and old (kind of) part time job, I've been able to save up more money. Getting 5-7 paychecks a month really helps. Haha. And one goes directly to my savings. So, there's that, as well...
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LinkPizza posted...

Yeah. It's good to have it in case. With my new (old) full time job, a once a month job, and old (kind of) part time job, I've been able to save up more money. Getting 5-7 paychecks a month really helps. Haha. And one goes directly to my savings. So, there's that, as well...

I get one check a month. And they have to be dicks and pay you early in december. Sure my January check is gonna look killer but ive had to go longer with less money than normal.

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tremain07 posted...

How much money do YOU have saved up in case shit happens?

4k.

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Son Of Spam posted...

Why don't you have it in savings? You'd make about $230 a year doing nothing. It's not much, but it's better than not getting anything like you currently are.

what bank has interest rates like that


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damn. im in the top 30 percent? that....that doesnt bode well of this country

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FelineCyborg posted...

damn. im in the top 30 percent? that....that doesnt bode well of this country

What the fuck do you care? You'll be fine, maybe you'll be able to find a perch to laugh at the ones who could have been like you if they were a little bit smarter but it's one them

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Hard to save when you're living paycheck to paycheck.

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Gladius_ posted...

That is the situation you put yourself in.

Or maybe jobs just aren't paying enough and higher education is expensive.

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RchHomieQuanChi posted...

Or maybe jobs just aren't paying enough

Broseph_Stalin posted...

We have the highest wages in the world (save like two small countries) and a relatively low cost of living, stop downplaying our spending habits.

RchHomieQuanChi posted...

higher education is expensive.

But extremely profitable.

This is what happens when a lot of people barely get by and we do nothing to prepare children for adulthood

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Broseph_Stalin posted...

But extremely profitable.

Until the job market is oversaturated with college graduates and the value of that degree starts to significantly decrease (which is what's basically already happened).

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Gladius_ posted...

That is the situation you put yourself in.

Yeah who cares about other people. Not like they affect the economy or anything

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RchHomieQuanChi posted...

Until the job market is oversaturated with college graduates

That's not how economic growth works.

RchHomieQuanChi posted...

and the value of that degree starts to significantly decrease (which is what's basically already happened).

The opposite is actually true, the income gap between college graduates and high school graduates is at an all-time high.

https://www.usatoday.com/story/money/2017/01/12/pay-gap-between-college-grads-and-everyone-else-record/96493348/

mooreandrew58 posted...

I get one check a month. And they have to be dicks and pay you early in december. Sure my January check is gonna look killer but ive had to go longer with less money than normal.

I dont think I could do one paycheck a month. Even making slightly more than I do now. I would always be worried about not having enough, even when I knew I had enough...
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Gladius_ posted...

That is the situation you put yourself in.

Not always. But I guess you can think that if you want. Not everybody has the same options as everyone else... Whether talking about jobs or education. Sometimes, people get lucky and know the right people, or were born to the right family. And other times, people can get anything better than a minimum wage job, and can.the afford a student loan. But have no one who can help. Or came from a poor family that can try to help, but cant do much, either. When people are working multiple jobs to live, its not easy to find time and money to go to school. Especially if they need both jobs to live and wont have any free time without giving up the money they need to live...
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tremain07 posted...

Stop making excuses for them they're like this because they're ignorant and foolish so they deserve whatever happens to them

Just wait til we drag you down with us.

It's gonna be fun when a majority of the country can't retire or afford to take care of themselves.

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Cost of living has raised higher than wages have.

Obviously if money is your only concern, you can enter into a multitude of different fields and make money.

That being said, a lot of the labour jobs that our parents and grandparents entered into are being more automated, and a lot of the people who could retire already are just staying on. I grew up in a mining town, and the number of people who are making 6 figures without even a grade 10 education is incredible.

Of course, the mine will no longer hire people without their Grade 12, and they are actually losing positions due to automation.

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Gladius_ posted...

It really depends how much you are making per month.

Sure. Like, I know I could live. But Id be stressed all the time. I wouldnt like one only one paycheck a month...
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LinkPizza posted...

Not always. But I guess you can think that if you want. Not everybody has the same options as everyone else... Whether talking about jobs or education. Sometimes, people get lucky and know the right people, or were born to the right family. And other times, people can get anything better than a minimum wage job, and can.the afford a student loan. But have no one who can help. Or came from a poor family that can try to help, but cant do much, either. When people are working multiple jobs to live, its not easy to find time and money to go to school. Especially if they need both jobs to live and wont have any free time without giving up the money they need to live...

You're talking to some one who views life through the key hole of his own experience. Don't even bother with him.

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Gladius_ posted...

To be honest it never stops being stressful at any stage of wealth. The more you make the more you and your family can have. With that losing pay can always create a situation where you lose what you own. While I and others may not be at risk of ending up on the street it doesn't mean we are without risk. That being said, keep doing what makes you comfortable and/or happy.

I'm not talking about all that. I'm just saying I like having multiple paychecks per month. Having only one would keep me stressed thinking about if I'll have enough for the month, even when I know I have have way more than enough. It's just that waiting for the amount to come in. And like mooreandrew58 was saying, some months have you getting paid earlier, meaning going longer without pay. That's what freaks me out. You went down some whole other path...
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Gladius_ posted...

Oh, I see. Yeah that is still understandable and I can see that. The idea of being in the dark and not knowing exactly how much you are going to receive and fretting over how much you currently have on hand.. yeah, I get that. Sorry about my misunderstanding.

Yeah. It's fine.
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Its hard to save with so many expenses and forced insurance on top of it.

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Son Of Spam posted...

Why don't you have it in savings? You'd make about $230 a year doing nothing. It's not much, but it's better than not getting anything like you currently are.

Yeah I wish I'd done that before. Just started my savings account a year and a half ago. I would had made a lot more

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I think most Americans being so broke is the reason why Americans are so obsessed with other people's money. From Donald Trump to NBA stars.
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PIITB415 posted...

Honestly, I'm not surprised. Most people spend way beyond their means. Just suck to be poor but it's self inflicted.

words from a person who has never struggled

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REMercsChamp posted...

No one here is rich.

$400,000 in a savings account ain't shit

if you think that, then there are a lot of people who are piss poor. Ive never even had over ten thousand in any account.

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Wow I'm amazed at how this thread touched so many nerves.


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dj1200 posted...

if you think that, then there are a lot of people who are piss poor. Ive never even had over ten thousand in any account.

I assume his definition of being rich means you can live off your wealth and do whatever you want and you'll never have to think about working again. 400K is a 50K salary for 8 years. You still need to be money conscious else it'll evaporate. Of course, it's 20,000 leagues above most people, as you have breathing room to not work for those 8 years (silly idea) or have resources to invest for when opportunity strikes to grow your money.

To the topic, I barely have over $1K in my account and it'll drop if I look at it too long. No point in leaving it in US dollars when I can convert it to internet funny money. And if I need money on the short term (couple months at most), I can take out a loan using my crypto as collateral. It helps considerably that I still live at home and don't have many expenses on my plate.
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Ive only got like 2k tucked away but I am probably gonna be moving so some of that will be spend. I had about 13k saved up but I spent most of it paying off my car.

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Oh well

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Godnorgosh posted...

Sad_Face posted...

400K is a 50K salary for 8 years.

A 50k salary for 8 years does not equal 400k in your bank account. There are taxes, benefits and everyday living expenses to consider.

This. Its based on how much your living expenses are. But it would most likely take double, if not more, years to save that much...
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Godnorgosh posted...

A 50k salary for 8 years does not equal 400k in your bank account. There are taxes, benefits and everyday living expenses to consider.

Fine, 50K after taxes. But you're missing my point going after semantics, the $400K comparison implies you still have to worry about everyday expenses, as I've implied right here:

Sad_Face posted...

as you have breathing room to not work for those 8 years (silly idea)

You hear about these stories all the time in the crypto world; where blokes make a killing off of the 2017 bull run as the price of everything was skyrocketing and after cashing out and paying their taxes, they don't partition it to give themselves a yearly budget or salary, but they blow it all through new cars, condos, and luxury traveling expenses and up right back in the same forum asking people how to make more money so they don't have to work.

The original point of my post is that yes, $400K is amazing, but it's not rich levels of wealth. You still need to learn to grow your wealth if you want to be considered "rich", where you could choose to not work again ever.
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People just suck at saving and planning ahead...