Posted on 02/10/2024 7:03:50 AM PST by Phoenix8
Nearly half of Americans have $500 or less in their savings accounts, an amount that leaves them vulnerable to unexpected expenses, according to a GOBankingRates survey of 1,063 U.S. adults conducted in November 2023.
About 29% of respondents have between $501 and $5,000 in their savings accounts, while the remaining 21% of Americans have $5,001 or more.
Few hold much cash in their checking accounts as well. Of those surveyed, 60% report having $500 or less in their checking accounts, while only about 12% have $2,001 or more.
The lack of cash in either savings or checking accounts suggests that many Americans are living paycheck to paycheck. This leaves them vulnerable to unexpected expenses, underscoring the importance of having an emergency fund, if they’re able to build one.
(Excerpt) Read more at cnbc.com ...
Some of us don’t even have a “savings” account.
“Because in the end, all that money winds up in the hands of the Oligarchs.”
Spot on.
Ditto for Reparations.
And Pandemic Relief.
Department of Agriculture SNP (Food Stamps).
Medicare, etc, etc.
That money is not for you.
A few rounds of hospitals and follow up medical plus all the third party stuff insurance didn’t cover kept me pretty much at paycheck to paycheck.
Two years later I finally have some semblance of savings.
I’m down to one real debt left at least.
However I have to upgrade the antique computer and related my wife uses. She got 8 years from a Dell tower. I’m gotten about 10 from a similar model.
Right. And many of the people with very little money are drug/alcohol addicts or have anger issues or other mental issues that cause them to be out of jobs often. I know others personally who happily subsist on military or other pensions, live in RVs, do a little part-time work, mooch off relatives and love it. They choose that life and don’t think they are suffering, they’re happy. I know some relatives who aren’t happy with them though.
WOW!
NOT to take any gov’t loans for education. They have graduated from college debt free taking less courses per semester year round.
Save a cushion in the bank for emergencies.
Also, I tell my kids if you have to use a credit card instead of cash, you can’t afford it!
He made six figure salary and was frequently complaining about being broke.
Being rich is a little like a vernal pool. The pool exist as long as there is a flow of water into it but when the water flow stops the pool eventually dries up. This like someone living paycheck to paycheck regardless of how much money is coming in, when it stops the money on hand quickly dries up.
Being wealthy is using the money you have to create multiple streams of money flowing into your pool. This is done with interest on savings, CD or stock, or a side business.
One of the most basic rule of money is that your income should be greater then outgo. Once you start using credit to support you current lifestyle you are on the road to the poor house.
If you can’t increase you income, then cut back on your outgo.
Of course there is no point in telling anyone this, they don’t listen.
https://en.wikipedia.org/wiki/Vernal_pool
> I saw cigarettes the other day in a convenience store priced at $11.29 a pack.
Though I don’t smoke, a LOT of people get the bags of tobacco and roll their own these days. That is much, much cheaper. Buying a pack is for the lazy.
I keep everything I have working in real estate deals that earn 10%-15% per anum, which only sucks because it’s not liquid. This forces me to live frugally within a tight budget. Don’t have an extra $500. But, I’ll suffer now so future Billy can travel later... if there’s still a world left.
it will be the creditors... we are heading into default wait a total liability of 332 trillion.
One key to being wealthy:
—Marry someone frugal and stay married.
If you both are on the same team you both will win every time.
I grew up in a well to do suburb and did not marry any of the local young women—my joke was “I have no intention of working my tail off to keep them living in the style to which they have become accustomed”.
I married a farm girl—still married—and we are doing great.
Agree 100%
I use it as a place to place interest from t-bill maturities and other financial transactions.
Once those deposits clear then I move them out of savings to other investment instruments that pay a much higher yield than that account - while still keeping liquidity to meet any current or near future needs.
Heading into default?
Per some on this board it’s time to pay off debt. To which:
“Hey, lets pay off all our debt liabilities so when the gov defaults and the dollar collapses we’ll at least have no debt denominated in the now-worthless dollar. No assets but at least no debt in worthless money.”
I really hope no conservative listens to that reasoning. The US currency has been off the gold standard for over 50 years.
Forgive me for the anger that spills out, but her mother took the vax while pregnant. My dear little girl was born 14 weeks premature, weighing 17 ounces. Yes, I do blame the vax. My granddaughter is a fighter, she's been through so much...she's doing chemo now, to reduce the tumor on her liver, so they can remove it surgically.
Over the past 2 1/2 years, I have helped the family to the tune of $50K, but my largesse is coming to an end, out of necessity, not of choice.
Oh wait...I forgot about what I have left in my Charles Schwab account, current value of approximately $1500! LOL
its probably not a good thing to have a lot of cash in a bank nowadays...that’s my excuse....lol
What’s a savings account. I bet more Americans have NO savings accounts that do. They have to keep it in a checking account because they don’t have enough cash on hand to pay bills and still have a savings account.
Then inflation will eat away at your cash.
As with my friend’s wife it’s hard to be fiscally responsible when one spouse absolutely refuses to do so.
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