The Conservative Cave
Current Events => Economics => Topic started by: Dori on June 24, 2013, 01:26:56 PM
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76% of Americans are living paycheck-to-paycheck (http://money.cnn.com/2013/06/24/pf/emergency-savings/index.html)
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.
Last week, online lender CashNetUSA said 22% of the 1,000 people it recently surveyed had less than $100 in savings to cover an emergency, while 46% had less than $800. After paying debts and taking care of housing, car and child care-related expenses, the respondents said there just isn't enough money left over for saving more.
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Dave Ramsey isn't doing his job very well.
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Those that borrow from loan sharks like Cashnet will never get out of the poor house.
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What is this "savings account" they speak of?
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Hate to say it but, I bet these numbers haven't changed significantly in the last 20-30 years. We don't teach people personal responsibility any more. Also I don't think they took into account how much debt they were carrying.
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Hate to say it but, I bet these numbers haven't changed significantly in the last 20-30 years. We don't teach people personal responsibility any more. Also I don't think they took into account how much debt they were carrying.
My parents grew up during the depression. My dad was so poor that he could not go to high school cause students had to buy their own books. My mom hated paying interest and the only thing they ever bought was a house on credit. They saved up to buy a car, appliances, etc . Very few people are as frugal as this.. Most today spend like there is no tomorrow and then bitch when they have no savings or live pay day to pay day.
Dumb ass politicians like George Bush encouraged every one to buy a house. No, every one should not buy a house if it puts too big a dent in their take home pay. Politicians in both parties are responsible for encouraging this kind of stupidity.
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Dave Ramsey isn't doing his job very well.
I can think of some other people that fall under that category as well.
(http://i237.photobucket.com/albums/ff68/kayaktn/barackobama.jpg) (http://s237.photobucket.com/user/kayaktn/media/barackobama.jpg.html)
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I can think of some other people that fall under that category as well.
(http://i237.photobucket.com/albums/ff68/kayaktn/barackobama.jpg) (http://s237.photobucket.com/user/kayaktn/media/barackobama.jpg.html)
If you knew that his job was to be the Magic Negro Inaction Figure, you might see how well he was doing his job. Don't forget he has the kung fu grip on your wallet left hand, and his sleight of hand right hand. By Mattel. He comes complete with the Magical Misery WonderDunder BlunderBus tour bus. Also by Mattel.
(http://t0.gstatic.com/images?q=tbn:ANd9GcRG2ym8LG94r4JaEbI0QpLmXuTa0ZHgqmy5qL0nODI7cNt8nsQp4Q)
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But to be honest, I wonder how many of these people have 401(k) and other retirement plans that they in theory could draw upon in the event of an emergency?
I have very little cash on hand in savings, but plenty in other assets.
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But to be honest, I wonder how many of these people have 401(k) and other retirement plans that they in theory could draw upon in the event of an emergency?
I have very little cash on hand in savings, but plenty in other assets.
Rich Dad Poor Dad author Robert Kiyosaki defined an asset as something that will immediately feed you.
He defined a liability as something that is eating you. Money tied up in house equity is not an asset.
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Rich Dad Poor Dad author Robert Kiyosaki defined an asset as something that will immediately feed you.
He defined a liability as something that is eating you. Money tied up in house equity is not an asset.
I never said home equity. I'm talking retirement funds, 401(k), stocks, and bonds, for starters. All meant for my retirement, but all can be used in an emergency.
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I never said home equity. I'm talking retirement funds, 401(k), stocks, and bonds, for starters. All meant for my retirement, but all can be used in an emergency.
But what happens when the banks fail, you loose all your 401K, no one wants to buy your house, your boat, second car, your stocks and bonds become useless and no one is going to accept gold for a sandwich. ???
Trade goods that people will swap food for are, most important, Toilet Paper--
Feminine Hygiene products, soap of all kinds.
Cigarettes, booze.
One can keep their money under the mattrice but when the dollar is devalued to .10 cents ---money of any kind will be used for toilet paper and tampons.
There will be a run on the library's not for reading material but for paper to wipe a butt -----city sewers will not be able to handle all the paper and disease will spread like wild fire.
Things could reverse them selves when the Ammo drys up and the Irish start running guns to us.
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My parents grew up during the depression. My dad was so poor that he could not go to high school cause students had to buy their own books. My mom hated paying interest and the only thing they ever bought was a house on credit. They saved up to buy a car, appliances, etc . Very few people are as frugal as this.. Most today spend like there is no tomorrow and then bitch when they have no savings or live pay day to pay day.
Neither of my parents nor any of my relatives ever even mentioned life during the depression.
I wish they had.
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I never said home equity. I'm talking retirement funds, 401(k), stocks, and bonds, for starters. All meant for my retirement, but all can be used in an emergency.
I've had to hit up the 401 for a car loan (her old one died) for my wife. We just don't make enough to afford all the "other" expenses with buying a new car.
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Neither of my parents nor any of my relatives ever even mentioned life during the depression.
I wish they had.
Both my parents grew up dirt poor. After they married, they accounted for every penny, every day. Dad kept a little book where everything spent had to be written down, no matter had small. He also kept every receipt. Except for their home, they never bought anything on credit and everything else they bought was planned for and saved for. Mom had a grocery budget and dad did all his own home and car maintenance. They were big savers too. Dad worked his regular job, and he also had a part time weekend job. Mom went to work when I was old enough to be left alone for a couple of hours. I had a lot of chores and had to earn the money to buy non necessary things I wanted.
Growing up with parents like that, rubbed off on me. I used to budget for everything, including savings. One rule I was taught too, was that rent (house pmt) should never be more than one fourth of monthly income.
For me, it was having a budget, living by it and living within your means. Of course unexpected things and emergencies have a way of raising their ugly head, but that's what the savings was for.
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Hate to say it but, I bet these numbers haven't changed significantly in the last 20-30 years. We don't teach people personal responsibility any more. Also I don't think they took into account how much debt they were carrying.
I agree with your conclusions.
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Both my parents grew up dirt poor. After they married, they accounted for every penny, every day. Dad kept a little book where everything spent had to be written down, no matter had small. He also kept every receipt. Except for their home, they never bought anything on credit and everything else they bought was planned for and saved for. Mom had a grocery budget and dad did all his own home and car maintenance. They were big savers too. Dad worked his regular job, and he also had a part time weekend job. Mom went to work when I was old enough to be left alone for a couple of hours. I had a lot of chores and had to earn the money to buy non necessary things I wanted.
Growing up with parents like that, rubbed off on me. I used to budget for everything, including savings. One rule I was taught too, was that rent (house pmt) should never be more than one fourth of monthly income.
For me, it was having a budget, living by it and living within your means. Of course unexpected things and emergencies have a way of raising their ugly head, but that's what the savings was for.
I remember both sides of my grandparents home-canning many things. That was probably from the days of the depression.
My wife and I saved what and when we could, had and still have a strict budget, and were and still are guided by the 1/4 rule for our housing.
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I remember both sides of my grandparents home-canning many things. That was probably from the days of the depression.
Both my grandmothers did home canning. Mom didn't, she bought it already canned, frozen or fresh. But we never had a garden, except for a few tomato plants. I still can a few things, but only acid based foods.
We have a nice garden right now that so far is producing a little more than we can eat, so the surplus is going to friends and neighbors. It doesn't seem to matter when I put in tomatoes, they always ripen at the same time. That's what I mostly can, tomatoes and pickles.
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What kills me is, I get on a firm footing and all of a sudden something with the house shits the bed. In comes the plumbers, roofers, what have you. I absolutely believe the 76%. Everything costs an arm and a leg now.
Ramsey can say "beans and rice, rice and beans" till he's blue in the face, but try feeding that to a man day after day.
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Ramsey can say "beans and rice, rice and beans" till he's blue in the face, but try feeding that to a man day after day.
We really need to post that "cheap" menu/recipe thread. :-)
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What kills me is, I get on a firm footing and all of a sudden something with the house shits the bed. In comes the plumbers, roofers, what have you. I absolutely believe the 76%. Everything costs an arm and a leg now.
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Reminds me of the air lifts to Ethiopia a while back. Karin these people were so hungry they would kill each other for a bag of rice and beans.
Got so dangerous for the chopper personal delivering food they had to stay way up over the heads of the people to keep from being swamped and brought down.
Hunger makes Humans into animals or worse. Beans and rice runs a good part of the world, a small bowl of rice and beans will stop the dread full cramps and side effects of starvation.
Ramsey can say "beans and rice, rice and beans" till he's blue in the face, but try feeding that to a man day after day.---- from Karen
Karen do you have any idea the amount of men in the world survive and feed their family's on beans and rice for all their lives????
South America survives on corn and beans with a few other things thrown in.
We spend good money to eat some variety of this diet, and please don't get me going on Asian foods or the foods of the Middle East.
You Karen have obviously never gone 4 -5 days with no solid food, you may sell your soul for a few cups of rice and beans for you and your children.
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Shut the hell up Vesta.
You totally missed Karen's post.
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But what happens when the banks fail, you loose all your 401K, no one wants to buy your house, your boat, second car, your stocks and bonds become useless and no one is going to accept gold for a sandwich. ???
Trade goods that people will swap food for are, most important, Toilet Paper--
Feminine Hygiene products, soap of all kinds.
Cigarettes, booze.
One can keep their money under the mattrice but when the dollar is devalued to .10 cents ---money of any kind will be used for toilet paper and tampons.
There will be a run on the library's not for reading material but for paper to wipe a butt -----city sewers will not be able to handle all the paper and disease will spread like wild fire.
Things could reverse them selves when the Ammo drys up and the Irish start running guns to us.
Vesta, what you're proposing has NEVER. EVER. Happened. SOME banks have failed. Some retirements decline in value.
But the day we get to the "canned food and shotguns" stage is the day we get to start over again, and get rid of the "gimme" moocher class.
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We really need to post that "cheap" menu/recipe thread. :-)
Here's a start - Cooking with Clara. :-)
http://greatdepressionrecipes.blogspot.com/
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Dave Ramsey isn't doing his job very well.
He's doing his job just fine, people just don't want to listen, or take accountability for their own financial decisions.
Edited to respond to Karin's post.
I am referring to people that credit themselves out of oblivion, and end up paying minimum payment forever, till the credit card companies raise the limit, and charge up to that level, so they can pay more minimum payments. I am not referring to "life stuff" that simply happens and hoses up everything. That takes a whole mess of recovery.
But, I'd rather eat beans than peas. :whatever:
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Here's a start - Cooking with Clara. :-)
http://greatdepressionrecipes.blogspot.com/
Thanks. Mom used to make the rice pudding recipe. I've never made it.