Guess How Many Americans Have No Emergency Savings at All

Centerleftfl said:
Since most people use CREDIT to live, how does one save?
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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.
 
cawacko said:
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.
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"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.
 
Kacper said:
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.
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Example of and excuse.
 
Jack said:
"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.
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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.
 
cawacko said:
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
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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.
 
Jack said:
Another good observation.
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That's not it. How many people do we hear say "if I made a little more then I can start saving"? Then they make a little more and what happens? They want a new car. Maybe a better car. They want a bigger house. They make more then they spend more and are in the same financial straights.

Hell there are people in big homes and drive fancy cars that live paycheck to paycheck because they leverage themselves to the hilt. It's not sexy putting money away in a mutual fund each month but it sure is fun driving your friends around in a new car. It's a mindset.
 
TTQ64 said:
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.
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Actually my mother did teach me how to save. And it's funny, she doesn't like fancy clothes, jewelry or cars. She likes real estate and knows how to create value with it. She's a well educated and brilliant woman.

And you want to act like the YOLO mindset doesn't exist? I mean hey, many simple facts don't exist to you anyone so just add another to the list.
 
The OP advocates personal responsibility and we all know that's code words for racism.
Anyway since I'm an avowed racist I have no problem with saving and before that, paying off my debts as soon as I could.
Hardly gets any more racist than that (other than advocating a healthy diet).
 
cawacko said:
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.
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I agree with you. Everybody wants to 'Keep up with the Jones'. The Marketers (Advertisers) do a great job of telling people what they need. Your YOLO comment is true.
People that have a $100,000 Portfolio of Stocks and Bonds and see their monthly and quarterly dividends roll in with no effort on their part, are quick to point and say "Why can't people save?".
Landlords that collect monthly rents (and do little for their Properties) can easily say "I save money, why can't others?". When you are one of the 'Haves' it's easy to look at the 'Have-Nots' and say "You should save some of your money for the Future".
 
cawacko said:
That's not it. How many people do we hear say "if I made a little more then I can start saving"? Then they make a little more and what happens? They want a new car. Maybe a better car. They want a bigger house. They make more then they spend more and are in the same financial straights.

Hell there are people in big homes and drive fancy cars that live paycheck to paycheck because they leverage themselves to the hilt. It's not sexy putting money away in a mutual fund each month but it sure is fun driving your friends around in a new car. It's a mindset.
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TTQ64: "Bottom line, people can't save what they don't have."
I agree with this.

cawacko: "They make more then they spend more and are in the same financial straights. "
I agree with that.

Each person is a little different. I have sympathy for the lowly wage-earner that is running in a squirrel cage just to stay in the same spot. I don't have much sympathy for the Rock Star or Athlete that had millions, then blew it.
 
cawacko said:
Actually my mother did teach me how to save. And it's funny, she doesn't like fancy clothes, jewelry or cars. She likes real estate and knows how to create value with it. She's a well educated and brilliant woman.

And you want to act like the YOLO mindset doesn't exist? I mean hey, many simple facts don't exist to you anyone so just add another to the list.
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My mom taught me to save as well. My first gig mowing yards when I was 10. Get $5 for a yard and mom would say, “Pay yourself” which meant to put $.50 or a dollar in savings. Started early it becomes a habit.
 
Jack said:
"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.
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"Hand to mouth" wage earners should probably not be bringing children into the world. Some people can't afford to raise children, but choose to have them anyway. We all make choices, some people make poor ones. Actually, lots of people make choices they can't afford. It shouldn't be everyone else's responsibility to bail them out.
 
Hello cawacko,

cawacko said:
Actually my mother did teach me how to save. And it's funny, she doesn't like fancy clothes, jewelry or cars. She likes real estate and knows how to create value with it. She's a well educated and brilliant woman.

And you want to act like the YOLO mindset doesn't exist? I mean hey, many simple facts don't exist to you anyone so just add another to the list.
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YOLO is a good reason TO save.
 
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