Posted on 10/19/2012 12:31:42 PM PDT by rightwingintelligentsia
PHILADELPHIA (CBS) — A survey of about 1,100 Americans finds that more than 4-in-10 respondents admit they don’t have more than $500 in readily accessible savings.
The survey is a kind of departure for CreditDonkey.com, a website that compares credit card deals. Not respondents all were poor. Some had big houses, big mortgages or 401(k)s, but still no more than five Benjamins to rub together right now.
Jill Michal, president and CEO of the United Way of Greater Philadelphia and Southern New Jersey, reacts to the lack of liquid assets.
“It doesn’t shock me, but it does scare me. You know, we often say that the reason so many people fall off the edge in a tough economy is that they’re standing way too close to it, and I think this is a perfect demonstration of that.”
Michal says there’s a lack of training in personal finances.
(Excerpt) Read more at philadelphia.cbslocal.com ...
During the next Obama term, those with $500 in savings will be the “new rich.”
40% have less than $500 in savings? I find that very hard to believe, just like the 1 in 5 people going hungry statistic.
Idiots.
My checking account alone has a $1,000 buffer in it. I have another $10,000 in a savings account for emergencies, like failing appliances.
It wasn't hard to build up that kind of cushion. I just spent less than I took home in my paycheck, for my entire working career.
That's a terrifying thought...
This poll is non-cents.
... and targets for an 0bama/Biden tax increase.
I’m rather skeptical myself.
But maybe if they only polled Obama voters, it might be accurate.
But they have at least that much in “balance available” on their credit cards. Isn’t that the same thing?
Next question should be...how many Mocha Grande Frappichinos did they buy last year?
The last 4 years cost my family our savings. Kept dipping into it to make up for 28 hour work weeks.
It happens.
This is a number that I actually can believe. While many people truly do live paycheck to paycheck, the freeloader segment is so permanently irresponsible, that if they found $500 on their doorstep, it would never occur to them to set it aside for a rainy day. Their perception is that they “need” and “deserve” to have the latest cell phone, a bigger flat screen television, new rims for the about to be reposessed car in their driveway, or just a damn good partying night out since waiting on the next handout is damn stressful!
6 trillion in new obama debt
Most of mine is tied up in precious metals.....silver....nickle.....copper.
It`s in that big jar by the fireplace.
Look on the bright side, now that we’ll be rich, maybe we can date supermodels :)
Why worry about savings?
SNAP, Welfare, Medicaid, Cell Phones all keep coming. And Ben Bernanke keeps printing the money for that. No worries!
It is not how much money you make that is important, it is how much you spend. It is always a good idea to spend less then you bring home.
This is why some lottery winners, as well as major sports stars allow millions to slip through their fingers ending up broke.
Bury some of it somewhere before Obama’s sons break in to steal it.
I live with gun by side(especially election night)
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