American families' finances in bad shape

Ohio e-CPA Weekly, Issue 11 ^ | (March 13-17, 2006)

[mr_hammer]

Startling facts from the recent Federal Reserve Board's Survey of Consumer Finances indicate that the typical American family has about $3,800 in the bank, no retirement account, no mutual funds and no stocks or bonds. Financial planners suggest families do the following to avoid financial ...

http://www.financialfitnessohio.com/Main.aspx?MenuItem=580

http://www.federalreserve.gov/pubs/bulletin/2006/financesurvey.pdf

[satchmodog9]

Funny, I don't know anyone like this.

[CROSSHIGHWAYMAN]

Startling facts from the recent Federal Reserve Board's Survey of Consumer Finances indicate that the typical American family has about $3,800 in the bank, no retirement account, no mutual funds and no stocks or bonds.

These are Democrats expecting handouts from the government..........

53% of Americans own stocks....

I'd say that is more typical

[TXBSAFH]

I know some who are in better shape as well, but I also know many that are in worse. Soem because of their own foolishness and some because od just plane old bad luck.

[stuartcr]

Not funny, I do.

[Graybeard58]

Funny, I don't know anyone like this.

I do, except for the $3800 in the bank part, they don't have that.

[mr_hammer]

"Some because of their own foolishness"

Is it really?

TODAYS TAXES, Accounts Receivable Tax, Building Permit Tax, Capital Gains Tax, CDL License Tax, Cigarette Tax, Corporate Income Tax, Court Fines (indirect taxes), Dog License Tax, Federal Income Tax, Federal Unemployment Tax(FUTA), Fishing License Tax, Food License Tax, Fuel permit tax, Gasoline Tax 42 cents per gallon), Hunting License Tax, Inheritance Tax Interest Expense (tax on the money THEY paid tax on already), Inventory tax IRS Interest Charges(tax on top of tax), IRS Penalties (tax on top of tax), Liquor Tax, Local Income Tax, Luxury Taxes, Marriage License Tax, Medicare Tax, Property Tax, Real Estate Tax, Septic Permit Tax, Service Charge Taxes, Social Security Tax, Road Usage Taxes (Truckers), Sales Taxes, Recreational Vehicle Tax, Road Toll Booth Taxes, School Tax, State Income Tax, State Unemployment Tax(SUTA), Telephone Federal Excise tax, Telephone Federal Universal Service Fee Tax, Telephone Federal , State and Local Surcharge Taxes, Telephone Minimum Usage Surcharge Tax, Telephone Recurring and Non-Recurring Charges Tax, Telephone State and Local Tax, Telephone Usage Charge Tax, Toll Bridge Taxes, Toll Tunnel Taxes, Traffic Fines (indirect taxation), Trailer Registration Tax, Utility Taxes, Vehicle License Registration Tax, Vehicle Sales Tax, Watercraft Registration Tax, Well Permit Tax, Workers Compensation Tax

[Gefreiter]

Articles like that always make me chuckle.

They all say basically the same thing: save more, spend less; don't eat out so much and put more $$ into your investment portfolio--which you surely have.

But for families like mine, that's not an option. Pretty much every dollar made goes out again. The only solution in my case, and I'm sure I'm not alone, is to make more $$. Which is not as easy as alot of people suggest.

[mr_hammer]

Tell you what, we will chat once your have read the data.

Pulling your gun out of the holster that quick would indicate otherwise.

[stuartcr]

I'm sure there's a bunch of freepers out there, that are thinking that you just aren't trying hard enough...

[Southside_Chicago_Republican]

Yes, but those are all the contributions we make so that everything will be taken care of for us. Right?? Please tell me that's right!

[Pessimist]

"53% of Americans own stocks...."

I'm guessing most of that is via their retirement funds, so its not like that's exactly liquid for current needs.

[GeorgefromGeorgia]

I agree. There are a lot of "live for the moment" people that don't worry at all about the next month, much less retirement. Usually, people do learn that they have to save for buying a home or even a nice vacation. After all, 70% of people in the USA own their own homes. Most had to save something for a downpayment and the closing costs.

I this article another MSM propaganda piece?

[ClearCase_guy]

It would be nice if more citizens were to realize two things:

1) I can't save as much as I ought to, because my tax burden is too high.
2) Social Security isn't going to help me, and needs to be reformed.

If people really understood these 2 things, it would deeply sadden the Dems.

[Caveman Lawyer]

And don't forget, if Rep. Pelosi gets her way, the "FREE broadband" tax.

[Alberta's Child]

I was in a similar position earlier in my life, and the one thing that I did that ended up making a huge difference was "pretending" I earned a little less than I really did.

I took about 5% of my take-home pay from my part-time job (I was in college at the time, and working nights and weekends to pay my way through school) and put it aside in a savings account no matter how much I needed it (and believe me -- I did need it!). This kind of discipline went a long way toward helping me realize that saving even a little bit really helps when faced with emergencies, unexpected expenses, etc.

[Drew68]

Funny, I don't know anyone like this.

I do. I know a lot of people who are a paycheck away from poverty. I know someone quite well who recently lost a $60,000/yr job. Hadn't saved a dime but instead bought lots of cool toys. His severance pay is exhausted and soon his tax returns will be as well.

At 33 years old, it looks like he'll be moving back home with mom and dad. Fortunately, he's single with no kids.

His mom and dad are despondent. They really don't want him back home again.

[Obadiah]

Amen, brother! Has anyone even started to consider all the taxes you pay on a monthly basis!! Have a cell phone? What about one for your spouse? If so, that's about $7 per month in taxes. Have a regular phone too? Add another $4 per month? As you noted, there are a thousand ways the government steals your money every day. How about an article on the impact of that on the American family?

[Skooz]

Preach it, brother.