More Than Half Of All Americans Can’t Come Up With $400 In Emergency Cash… Unless They Borrow

Personal Liberty Digest ^ | August 11, 2014 | Ben Bullard

[SeekAndFind]

Count yourself fortunate, or something, if you’re among the 48 percent of Americans who can cough up a spare $400 in emergency cash without having to beg, borrow or steal.

According to a Federal Reserve report on American households’ “economic well-being” in 2013, fewer than half of all Americans said they’d be able to come up with four Benjamins on short notice to deal with an unexpected expense.

The report, released last week by the Board of Governors of the Federal Reserve, indicates a disparity between how Americans view their financial situation and the reality of where their finances actually stand — a signal that the recession of the late 2000s fundamentally altered the concept of doing well for many, as well as an indication that the subsequent recovery may yet be more nominal than real.

Under a section titled “Savings,” the report notes that “[s]avings are depleted for many households after the recession,” and lists the following findings:

* Among those who had savings prior to 2008, 57 percent reported using up some or all of their savings in the Great Recession and its aftermath.

* 39 percent of respondents reported having a rainy day fund adequate to cover three months of expenses.

* Only 48 percent of respondents said that they would completely cover a hypothetical emergency expense costing $400 without selling something or borrowing money.

Obviously, an enormous financial gulf separates the 39 percent who can live for three months off their savings and the 48 percent who can’t even come up with an extra $400 on their own.

“Overall, the survey found that many household were faring well, but that sizable fractions of the population were at the same time displaying signs of financial stress,” the report observed.

[ecomcon]

They got us right where they want us.

[discostu]

I could but I wouldn’t. That’s what the “big credit card” is for, bad luck runs in streaks, best not to empty the back account during one.

[skully]

I can do the 400$$, but If it was 401$$ I’d have to borrow a buck.

[Billthedrill]

Huh...I think I got that on my EBT card. Lemme hit the liquor store and check. BRB...

[Cry if I Wanna]

Let’s try this. Everyone on FR who can come up with $400 bucks, send it to me. If you can’t just let me know. When everyone has participated one way or the other I’ll let you know where members of the FR stand.

[Lurkina.n.Learnin]

Sure. Give me your account number and PIN. I’ll send it right away.

[The Sons of Liberty]

More Than Half Of All Americans Can’t Come Up With $400 In Emergency Cash… Unless They Borrow

Wait! How can that be? We're just wrapping up the FIFTH "recovery summer" as proclaimed by baraq hussein 0bama and idiot joe biden!

/sarc

[Opinionated Blowhard]

Hey, why save when all you have to do is scream for Uncle Sam to hand you some cash if you need it. That’s what we’ve come to in this country. Self-sufficiency is gone and has been replaced by a culture of “government should take care of me.”

[Robe]

Well I can attest that this is prob true .. My own experience...
While visiting family in NY, My 2010 Jeep Grand Cherokee developed a Click which was diagnosed as a “Piston Slap”.
The local mech. said $3600 to replace the engine and would take 2 weeks. Unable to do that, I had the Jeep transported back to South Carolina for $650.00. We flew back home for a $400.00 tickets.
My local Mech put a rebuild in for $1800.00 in 2 days.
Upon returning home we discovered that our frig had quit a week before.. that was an additional $1300.00.
Right now our emer savings are gone.
If I needed $400.00 now I would have to go to the credit cards that are used only for emergencies

[Jonty30]

I have a line of credit. Harumph!

[njslim]

Got over $500 in coins stashed, along with about $125 in pennies

Spare change anyone, Anyone have spare change......

[TheZMan]

Under normal circumstances, one emergency shouldn’t kill you. Your story is 2+ emergency payouts, both greater than $400. Most of my life I couldn’t have handled that much stress at the same time.

That half the country can’t come up with $400 for an *emergency* is ridiculous. Either that, or the unemployed (plus never employed) is a hell of a lot higher than ~7%.

Or the respondents were lying to make sure their EBT cards kept getting filled.

[Laslo Fripp]

This must explain our lengthy FReepathons.

[SamAdams76]

Yikes. If I have less than $400 in my wallet at any give time, I’m worrying about where the nearest ATM machine is.

[editor-surveyor]

Ditto!

[OA5599]

There might be more to your story, but piston slap will not cause sudden catastrophic engine failure. It's usually just an embarrassment and cause for more oil consumption.

If both mechanics said the entire engine had to be replaced instead of rebuilt, why not just drive back home in the Jeep instead of flying & towing?

[Still Thinking]

Exactly my question. If it’s believed that the engine is toast anyway, you risk nothing by driving. If the engine fails halfway home, you save on both towing and plane tickets, and if it doesn’t you avoid them altogether.

[editor-surveyor]

Was your Jeep a v8 or a six?

The inline 6 cyl Jeep engine often has some piston slap, but it is usually of no consequence. It’s usually only noticeable
on a slow idle, and goes away above 700 RPM.
.