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Thread: Nearly 7 in 10 Americans have less than $1,000 in savings

  1. #11
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    Re: Nearly 7 in 10 Americans have less than $1,000 in savings

    If these stats are true then its a big reason why she lost. People with no money being told they need to pay more in taxes and higher insurance premiums.
    Meanwhile she insulates all her money in CF and pays almost nothing in taxes. Lives off the CF accounts.

  2. #12
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    Re: Nearly 7 in 10 Americans have less than $1,000 in savings

    Quote Originally Posted by crimethink View Post
    http://www.usatoday.com/story/money/...tudy/91083712/

    [I]However, new data emerged this week from personal-finance news website GoBankingRates that shows just how dire Americans' savings habits really are.

    Last year, GoBankingRates surveyed more than 5,000 Americans only to uncover that 62% of them had less than $1,000 in savings. Last month GoBankingRates again posed the question to Americans of how much they had in their savings account, only this time it asked 7,052 people. The result? Nearly seven in 10 Americans (69%) had less than $1,000 in their savings account.
    This tells us nothing. I keep nothing in my savings account either, there's no point, savings accounts have no interest these days. Just because I don't have anything in savings, doesn't mean I don't have a personal investment account, an IRA, a pension, 3 months of cash on hand for emergencies, gold silver, etc.

    I imagine lot's of folks have nothing in their savings account, but are financially doing just fine. Only an idiot would choose a savings account as a way of saving money.
    life is good.

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    Re: Nearly 7 in 10 Americans have less than $1,000 in savings

    60-70% of people (most with different backgrounds) I know live paycheck to paycheck and have several Ccs

    Many household debt reports corroborate the OP
    All the money that exists cannot buy Earth, and the evidence is that we destroy our habitat as a result, thinking that we can just seize and pillage as we see fit. If crowds endorse the pursuit of wealth at their own level, they cannot prevent multinationals from doing exactly the same. The “dystopian endless growth paradigm” is going to end with a bang but will open the door to a premise endorsing that Earth is the only wealth we truly have while journeying through life.

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    Unobtanium crimethink's Avatar
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    Re: Nearly 7 in 10 Americans have less than $1,000 in savings

    Quote Originally Posted by Hitch View Post
    This tells us nothing. I keep nothing in my savings account either, there's no point, savings accounts have no interest these days. Just because I don't have anything in savings, doesn't mean I don't have a personal investment account, an IRA, a pension, 3 months of cash on hand for emergencies, gold silver, etc.

    I imagine lot's of folks have nothing in their savings account, but are financially doing just fine. Only an idiot would choose a savings account as a way of saving money.
    You are an exception to the rule. Most people get their "advice" from the Talmudvision, which tells them "the safest place for your money is in the bank."
    The night has come upon us, and we have but two choices: to fear it, or to face it bravely while looking to the Light that cannot be overcome. John 8:12

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    Re: Nearly 7 in 10 Americans have less than $1,000 in savings

    Quote Originally Posted by crimethink View Post
    You are an exception to the rule. Most people get their "advice" from the Talmudvision, which tells them "the safest place for your money is in the bank."
    They keep it in their checking account. Savings accounts are pretty much obsolete at this point, so if you do a survey on them, sure nobody uses them anymore. I even try to keep 3 months worth of expenses in my checking account. Anything above that, gets put some place were it works for me. I only have a savings account because my bank requires one to have overdraft protection. I don't even need that. I should get rid of both.

    I just think doing a survey on "savings accounts" just doesn't tell us the true picture.

    On top of that, if they were doing cold calling on the phone. Most people would think it's a scam and not answer. I got called once on a "survey" about home alarms, and if I had one and needed one. Thinking it was a scam (probably was), I said I had a home alarm, two very big dogs, and a gun on me at all times. Didn't need their help...zip, the guy hung up.
    life is good.

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    Re: Nearly 7 in 10 Americans have less than $1,000 in savings

    Quote Originally Posted by Hitch View Post
    They keep it in their checking account. Savings accounts are pretty much obsolete at this point, so if you do a survey on them, sure nobody uses them anymore. I even try to keep 3 months worth of expenses in my checking account. Anything above that, gets put some place were it works for me. I only have a savings account because my bank requires one to have overdraft protection. I don't even need that. I should get rid of both.

    I just think doing a survey on "savings accounts" just doesn't tell us the true picture.

    On top of that, if they were doing cold calling on the phone. Most people would think it's a scam and not answer. I got called once on a "survey" about home alarms, and if I had one and needed one. Thinking it was a scam (probably was), I said I had a home alarm, two very big dogs, and a gun on me at all times. Didn't need their help...zip, the guy hung up.

    I have NO bank account except for the business which is not in my name. There is no savings but just enough to pay current upcoming bills. It's crazy thinking back to the mid '80s when I always had 20k plus building up from that. 130k equity gone too. Also had 3 or 4 mutual funds doing just fine plus my kids college fund taken. 1st americunt ex took it all, I beenliving in a van by the river since and have not been able to recover due to the economy. I do however own my home (not a trailer) and kept all my machinery and this is the only reason I stay afloat. If the economy picks up I can and will work 24/7 including holidays and weekends to build back to where I was 30 years ago. If someone told me this 30 years ago I would have probably punched them in the teeth. Reality sucks in my perspective but I keep trying.

    I have less than 200 in savings or checking and I am doing good compared to the recent past.
    Jackie did it and you know it!

  9. #17
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    Re: Nearly 7 in 10 Americans have less than $1,000 in savings

    I do agree most Americans don't have a 1000 in the bank. My parents never did, dad worked mom stayed home raising 3 kids. I see it all the time. I have also been lucky though or should I say my husband and I were lucky and landed big sums of money through the business, but I was the one who held onto those funds, saved that money, and bought small houses. I always spent time studying and figuring out how much we had, how much we could spend, what would be coming in. I have spent alot of time on the books !
    So now I am in good financial shape, although I spent 3 hours yesterday studying the books!
    The harder I work, the Luckier I get!

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    Re: Nearly 7 in 10 Americans have less than $1,000 in savings

    Quote Originally Posted by zap View Post
    I do agree most Americans don't have a 1000 in the bank. My parents never did, dad worked mom stayed home raising 3 kids. I see it all the time. I have also been lucky though or should I say my husband and I were lucky and landed big sums of money through the business, but I was the one who held onto those funds, saved that money, and bought small houses. I always spent time studying and figuring out how much we had, how much we could spend, what would be coming in. I have spent alot of time on the books !
    So now I am in good financial shape, although I spent 3 hours yesterday studying the books!
    Good job Zap, takes money to make money so you keep going! Proud to know people that are making it through.
    Jackie did it and you know it!

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    Re: Nearly 7 in 10 Americans have less than $1,000 in savings

    Quote Originally Posted by Hitch View Post
    my bank requires one to have overdraft protection.
    Time to find a Credit Union and decline the "overdraft protection."
    The night has come upon us, and we have but two choices: to fear it, or to face it bravely while looking to the Light that cannot be overcome. John 8:12

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    Re: Nearly 7 in 10 Americans have less than $1,000 in savings

    would like to know about the % of maxed out CCs those people have on top of that

    ---------------------------
    60% Of New Yorkers Are One Paycheck Away From Homelessness
    Nov 26, 2016 3:00 pm

    More than half of all New Yorkers don't have enough money saved to cover them in the event of a lost job, medical emergency, or other disaster, according to a new report by the Association for Neighborhood & Housing Development.

    Nearly 60 percent of New Yorkers lack the emergency savings necessary to cover at least three months' worth of household expenses including food, housing, and rent, but that statistic isn't spread evenly across the five boroughs.

    The Bronx has the highest rate of families without adequate emergency savings: in Mott Haven, Melrose, Hunts Point, Longwood, Highbridge, South Concourse, University Heights, Fordham, Belmont, and East Tremont, 75 percent of families have inadequate emergency savings. The Staten Island neighborhoods of Tottenville and Great Kills have the lowest rate, with just 41 percent of families lacking the funds necessary to cover three months' worth of expenses.

    Without these savings, families who face emergencies could be at risk of eviction, foreclosure, damaged credit, and even homelessness


    http://gothamist.com/2016/11/26/more...alf_of_all.php
    All the money that exists cannot buy Earth, and the evidence is that we destroy our habitat as a result, thinking that we can just seize and pillage as we see fit. If crowds endorse the pursuit of wealth at their own level, they cannot prevent multinationals from doing exactly the same. The “dystopian endless growth paradigm” is going to end with a bang but will open the door to a premise endorsing that Earth is the only wealth we truly have while journeying through life.

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