Posted on 10/07/2015 9:08:27 PM PDT by TigerClaws
Americans are living right on the edge — at least when it comes to financial planning.
Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account, according to a new survey of more than 5,000 adults conducted this month by Google Consumer Survey for personal finance website GOBankingRates.com. “It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” says Cameron Huddleston, a personal finance analyst for the site. “They likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends and family, or even their retirement accounts to cover unexpected expenses.”
(Excerpt) Read more at marketwatch.com ...
I hope everyone is lying when getting these phone calls or any polling calls. When I get calls, I am a minority with no money who has varied opinions depending on what answer I want "them" to hear.
Where do you suggest placing it?
Cheap lefty America bashing. The idea that good "financial planning" means big savings accounts at negative interest rates is pure BS. Back on the planet earth the fact is that 50% of American households have a net worth of $55,400. America as a whole is even more wealthy considering that the national average of personal net-worth is $256,518. Sure, it's been going down with Dem control in Washington but we're definitely not "on the edge".
Yes, you are an unsecured creditor if the bank fails.
Let the fools of America stuff money in their savings accounts so that they can earn .000001% while the bank makes 24% or more on their money and the best part is that the money in the bank loses about 5% of it’s purchasing value each year due to inflation.
WHAT A DEAL! PUT THAT MONEY IN THERE FELLAS!
It’s a shame that at one time in America you could put money in the bank and it would “grow” but now it’s simply a storage area that you pay for in the name of bank charges, inflation and numerous expenses...and on top of that...you get to pay income taxes on the interest paid that is added on to your gross income for the year!
I sincerely think the day will come that the fools who put their money into savings and paper investments will wake up in the near future and find out while they were sleeping, it all became worthless.
I put all of my surplus income into tangible property that has value to a broad spectrum of the public.
And even less than that prepare for an “economic/political catastrophe” (Preppers) - so you have an idea of how many will starve when the SHTF.
Ding...ding...ding...we have a winner...who tells ANYONE their true income unless they know it’s going to be verified
Hmm, on the one hand, I’m proud to be part of the apparent minority who aren’t struggling too bad.
On the other hand, I sense the government will be taking steps to “remedy” that, especially if BS gets into office.
panama?.....why are you in Panama if everything is so great here in my country?....
Cheers
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.