Posted on 08/26/2014 3:51:12 PM PDT by 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.
(Excerpt) Read more at personalliberty.com ...
Unemployment and food stamps will boost the economy!
They can thank Obama and the Democrats for the ongoing, Marxist-inspired economic recession.
And how many of these individuals vote Democrat?
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.”
How about we try this. Everyone on FR who can come up with $400, send it to the FR fundraiser!
If Americans can't band together and support those trying to do what is right, then they DESERVE to have all of this happen to them. Quit whining and crying and go after school boards that cause problems for conservative teachers. It only takes THREE TO FIVE sets of parents constantly grinding on school board members to have effect. Go after the jobs of superintendents, principals and teachers who criticize in ANY form or fashion teachers trying to get children straightened out. Go after the jobs of parents who oppose you. Get them FIRED. Strike fear in the hearts of the opposition or SHUT THE HELL UP.
I'm sure I'll get boatloads of private e-mails offering support. (Crickets)
You know.. I’m just saying... anyone who can’t come up with a spare 200 or 400 dollars..... I mean these people shouldn’t even be allowed to vote. Even half decent decision making should allow a person to save 400 bucks.
If your mech is in Columbia, I would have an engine swap project to send his way. At the rate things are going, maybe next year. I don’t have the facilities, extra pairs of hands, free time, and experience. It hasn’t been since the late 80s since I tackled anything along those lines with friends. That would be for a CJ7 that I plan to work on at some point.
I am getting killed just normal living and not very extravagantly. I get to buy some tires for the first time in a few years and am kind of numb at the prices these days.
Maybe this weekend I can work out what I knocked out of line in my other pet project’s transmission a while back. That is a 65 Willys.
I have found that the more effort you put into saving, the more likely a small disaster will happen and clean you out. Credit cards are for those emergencies. I figure the world will end before I get them paid off anyway.
I couldn’t afford to go have lunch with your boss either.
If you are ever around Columbia and want to make some extra money as a consultant and sort of supervisor pointing out what I’ve forgotten and do wrong on some weekends, you’d be welcome. Meals included as long as not too outrageous.
I’ve forgotten so much and other times I could use a spare pair of hands. I’m all the labor there is.
Yup
Chin up, FRiend.
Sometimes it’s NOT bad decision making...sometimes it is just life.
We had crushing medical bills after my husband spent 9 days in CICU and two weeks total in the hospital after a 100% blockage of his LAD and emergency stent surgery. He came home w/a laundry list of name brand meds (Plavix and Lipitor weren’t genetics back then—plus other meds for diabetes, blood thinners etc). We had two out of college, 1 in college, our daughter getting married, and boys still at home. A mortgage and older cars (that need more maintenance).
We were “savers” and THATS how we got (sort of) thru THAT life crisis; wedding was cut back (and the kids and his parents paid for most—we couldn’t at that point); and additional loan was taken out for college son (and one of the younger boys is now in college w/unavoidable loans).
I could go on and on...but sometimes a life crisis can occur and recovering (financially) is near impossible. You tread water pay to pay... And it’s remarkable what you learn to do with out. And once you find yourself there...you recognize how and why OTHERS can be in the same situation.
One would think those living in this country would've learned their lesson after six years of economic policy fail by the Obama White House and the Fed.
3 months financial reserves? you'd better have 6 months minimum, one year best-case to survive the disaster that's coming.
I read your reply to the wife......she kinda snickered and gave me a look that is reserved for vipers.....lol/really lol
12 and change and same here.
Besides I love quiet and just being left alone. I have enough things eating away at what freed up money I have so I don’t need that waste either.
I thought I was the only one..
I dabble in used boats/cars.. Sellers won’t take a check and ATM’s are not always near by..
Heck my Gm 3600 in my uplander has been slapping for about 100,000 miles now ;)
Some say they came out of the factory slapping.
Ahead of the curve, whee!
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