Posted on 06/25/2013 8:34:46 AM PDT by SeekAndFind
A nation living beyond its means or is it something having to do with changes in the economy? The bottom line is Americans aren't saving much money, don't put money away for a rainy day, and are living "hand to mouth" as they used to say with 76% living virtually paycheck to paycheck.
From CNN Money:
Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, enough to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to the survey of 1,000 adults. Meanwhile, 50% of those surveyed have less than a three-month cushion and 27% had no savings at all.
"It's disappointing," said Greg McBride, Bankrate.com's senior financial analyst. "Nothing helps you sleep better at night than knowing you have money tucked away for unplanned expenses."
Even more disappointing; The savings rates have barely changed over the past three years, even though a larger percentage of consumers report an increase in job security, a higher net worth and an overall better financial situation.
I think a lot of people are just ignorant about how to handle money. They don't budget. They splurge. They have impulse buys. And they get to the end of the month and wonder where it all went.
Also, I don't think there's any doubt that a large percentage of Americans have more house than they can afford. We saw this in the housing meltdown. Too many people take on too much mortgage for their income. And mortage companies have relaxed qualifications so that more people can afford more expensive houses.
(Excerpt) Read more at americanthinker.com ...
22% checking in.
>> “I think a lot of people are just ignorant about how to handle money. They don’t budget. They splurge. They have impulse buys. And they get to the end of the month and wonder where it all went.”
... and then they vote for Obama.
CNN just figured this out?
And their paychecks are being devalued by inflation thanks to the Federal Reserve QE needed to bail out their crony banks and the US Government.
And they line up to buy $200 LeBron James shoes.
If Obama gets this amnesty bill that 3/4 will go to 9/10.
Go Rubio (and Grahamnesty)
I’ve been “self-employed” for just over a year now. Lost a job after 18 years with the company and am trying to make it as a novelist. Not making enough to pay my monthly bills yet, but was fortunate enough to start saving several years ago. Bank account is shrinking, but I still have some time left.
ObaMao is deeply saddened because the figures aren’t closer to 99% and 95%, respectively.
Thank you, Baraq. May we have another?
“We don’t need no steeenkin’ savings!
Look at the number of vehicles parked in front of homes nowadays...
It’s hard to miss....
This is why I am telling the IRS to go F* themselves next year.
Dave calls it Financial Peace for a reason.....Keep living like no one else so that some day you can LIVE like no one else!
Dave Ramsey Fan ping...
RE: This is why I am telling the IRS to go F* themselves next year.
Be sure you have a good lawyer nearby to help you. These guys don’t have a sense of humor.
that’s right. chastise the people because wages are falling and work is scarce for everyone except elites, their children, and the fkng slaves they import and outsource to.
Raising hand. Not living out of our means but being taxed out of our means.
Signed for my furlough letter yesterday. 11 unpaid days starting July 8th and lasting for 11 weeks. Dave always says that Murphy is ready to start knocking. I listened, heard the knock and told Murph to go away, that we were FPU graduates and were ready.
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