Guess How Many Americans Have No Emergency Savings at All

[Centerleftfl]

Yes, we are a people who do not like to save. Don’t know how to fix it.

Since most people use CREDIT to live, how does one save?

[Irish Exit]

. But those "neccessities" or expectations are something like a barometer of how successful the empire is.

So our healthcare prices should double or even triple to prove how successful we are as a nation, huh? Good luck selling that to the heathen masses. They are unenlightened.

In the mean time raising wages just raises the cost of living. That is how inflation works.

[cawacko]

Reminds me of the great Patrick Ewing quote regarding NBA players and why they would have financial trouble during a lockout: "We make a lot but we spend a lot".

From just a political perspective how often do we hear tax cuts should go to people who spend, not save, because spending is what drives the economy. We don't want people to save.

The great book "The Millionaire Next Door" was about just regular working people who didn't make huge salaries but planned and saved well during their lifetimes and became millionaires.

[cawacko]

maybe we should reduce competition for available jobs so that they will be forced to compete for available labor?

I am for severly limiting illegal immigration, the point system legal immigration system which ensures that immigrants compete for high level jobs, and making it a requirement for h1b visa holders to be paid 25-50% more than their counterparts.

Americans don't save because of illegal immigrants? Can't say I've heard that one before. So if people automatically got three dollar/hr raises starting today they would all start saving that money and not spend it?

[tsuke]

So our healthcare prices should double or even triple to prove how successful we are as a nation, huh? Good luck selling that to the heathen masses. They are unenlightened.

In the mean time raising wages just raises the cost of living. That is how inflation works.

Like I said could individual prices be lower? Sure they could. In general though my point stands.

[tsuke]

Since most people use CREDIT to live, how does one save?

Credit is a very difficult subject. On one hand it surpresses wages. Companies no longer need to take into account wages when selling products as a person can just mortgage his future. If there were no credit companies would have to raise wages or there would be no demand for their product. Most people would save for years for a new phone. On the other hand without credit the economy would crash.

Its like a drug you should never have been addicted to but you cant help it. Without that drug other people (i.e. countries) would be stronger and faster (more attractive to do business in) than you. but now your hooked and cant stop using it.

[Irish Exit]

Like I said could individual prices be lower? Sure they could. In general though my point stands.

You had a point? I thought you were being sarcastic.

http://www.thepeoplehistory.com/70ye...icechange.html

A loaf of bread is a loaf of bread regardless of what one pays for it.

[cawacko]

Yes, we are a people who do not like to save. Don’t know how to fix it.

Savings isn't taught as a virtue. It's the YOLO attitude, (you only live once) and that mindset isn't conducive to being a saver

[Jack]

Poor people have always been hopeless about saving, and keep claiming they prefer to eat!

Good Point!

[Jack]

Reminds me of the great Patrick Ewing quote regarding NBA players and why they would have financial trouble during a lockout: "We make a lot but we spend a lot".

From just a political perspective how often do we hear tax cuts should go to people who spend, not save, because spending is what drives the economy. We don't want people to save.

The great book "The Millionaire Next Door" was about just regular working people who didn't make huge salaries but planned and saved well during their lifetimes and became millionaires.

"The great book "The Millionaire Next Door" was about just regular working people who didn't make huge salaries but planned and saved well during their lifetimes and became millionaires."
That book was about 'entrepreneurs' that had small businesses. They lived a modest life and retired as millionaires. Many 'hand-to-mouth' wage-earners don't have any extra money, most being spent on necessities and raising a family.

[TTQ64]

You all keep inventing excuses to not pay a living wage.

People can't save what they don't have.

[TTQ64]

So our healthcare prices should double or even triple to prove how successful we are as a nation, huh? Good luck selling that to the heathen masses. They are unenlightened.

In the mean time raising wages just raises the cost of living. That is how inflation works.

Example of and excuse.

[Jack]

You all keep inventing excuses to not pay a living wage.

People can't save what they don't have.

Another good observation.

[cawacko]

"The great book "The Millionaire Next Door" was about just regular working people who didn't make huge salaries but planned and saved well during their lifetimes and became millionaires."
That book was about 'entrepreneurs' that had small businesses. They lived a modest life and retired as millionaires. Many 'hand-to-mouth' wage-earners don't have any extra money, most being spent on necessities and raising a family.

There are many people who legitimately struggle to get by day to day with what they have. But there are also a number of people who don't earn large incomes but could put a little money away each month if they so desired or had the discipline. It's much easier and much more fun to spend than it is to limit yourself and save and I can speak to that from personal experience.

[TTQ64]

Savings isn't taught as a virtue. It's the YOLO attitude, (you only live once) and that mindset isn't conducive to being a saver

Speak for yourself. Perhaps YOURE mother didn't teach you how to save, but don't lump others in with you.

Bottom line, people can't save what they don't have. Most people live pay check to paycheck because WAGES ARE TOO LOW.