Most Black American Households Only Have $855 In Checking Accounts, Nobody Uses Savings Accounts

[Booker T Garvey]

This doesn't apply to the coli, dudes are on here pulling 60-70k with no college degrees

Oh, and they are masters of bootlegging cable too

 

[R=G]

Lol

 

[Fade Runner 2049]

There's literally no difference between a savings and checking account except that they have different names

 

[Heafcliffe]

I called Bank of America CS last month to get a credit balance refund to my checking and this guy was trying to sell me a savings account hard, almost had to hang up on him. Like a 0.01% return is going to do me any good even if I had 100k to put in there

He was pressing ya in an attempt to "top" the sale (helps with his incentive) and get more wallet share. The thinking is you have multiple accounts with a bank, you're less likely to end all business with them.

Ally Bank has a decent savings rate of 1.15% (quite high, comparatively speaking)

While I think it's great to put cash into long-term investments (IRA, index funds, etc). I also think it's quite important to have access to more liquid assets (i.e., cash in a "high-yield" savings account through Ally or similar)

Yeah, i fukks with Ally. I like saving with a non-"brick and mortar" so I'm not inclined to tap it.

Majority of Americans don't have $500 in savings

breh, this graph is downright. 34%!

 

[AyBrehHam Linkin]

Let other people hold your money brehs

 

[chowism]

I don't have any money to invest at the moment. Not ashamed to say a breh is poor. I want to save more and invest but can't at the moment. Unless I start a go fund me and you Coli baller brehs want to help a brova out.

 

[Easy-E]

I guess that's funny....

Not really though...

I'm with @Barnett114

because always talmbout "Start a business" "be your own boss"

But banks don't want to give us capital and ain't no hedge funds fukking with Negros

 

[CinnaSlim]

I don't have any money to invest at the moment. Not ashamed to say a breh is poor. I want to save more and invest but can't at the moment. Unless I start a go fund me and you Coli baller brehs want to help a brova out.

Start with 10% of any income. Churches ask for 10% because it's a small doable amount, and easy to calculate. Just move the decibel. A dime off of every dollar and a dollar off of every benjamin. Put it away as soon as you get it. Pay yourself first.

Put it somewhere that you won't touch or see so you won't be easily tempted to dip in.

That's also where the benefit of a buffer account comes in. It's there if you end up going over your budget, still leaving your savings protected.

I do 10% in my savings. 5% in my Reserve/buffer account. 5% in my Acorns plus Round-Ups.

I live below my means and diversify the lil extra I do have.

 

[Obreh Winfrey]

Start with 10% of any income. Churches ask for 10% because it's a small doable amount, and easy to calculate. Just move the decibel. A dime off of every dollar and a dollar off of every benjamin. Put it away as soon as you get it. Pay yourself first.

Put it somewhere that you won't touch or see so you won't be easily tempted to dip in.

That's also where the benefit of a buffer account comes in. It's there if you end up going over your budget, still leaving your savings protected.

I do 10% in my savings. 5% in my Reserve/buffer account. 5% in my Acorns plus Round-Ups.

I live below my means and diversify the lil extra I do have.

I think you mean decimal.

 

[Easy-E]

Most Americans are 1 paycheck away from being homeless.

This is not just a black issue.

No

This is a black issue

We don't have anything to sell if we lose our job and run through our savings

A large percentage of white people do

Virtually all black people live like the lower bit of white folk

It's a hard reality, but, I'm coming across too much data that says so

 

[Crude Abolitionist]

I'm with @Barnett114

because always talmbout "Start a business" "be your own boss"

But banks don't want to give us capital and ain't no hedge funds fukking with Negros

I joined a Black bank so hopefully when I'm ready I wont go though that.

I'm going to have a solid business plan with alot of skin in the game so they know I'm serious.

 

[mannyrs13]

I don't know how more people aren't financially smart. That's one of the most important skills that someone should know. Especially minorities since the average is lower than whites when it comes to these money topics. With so little money, I make sure I'm aware of everything going on with my funds. Got an ally savings account, a Roth ira, a 401k, and an excellent credit score, and I ain't making no six figures either. Plus I keep track of all my money so not a single dollar can be moved without me knowing about it. If you don't educate yourself financially then it'll be like the old adage, "a fool and his money are soon parted."

 

[Crude Abolitionist]

I don't know how more people aren't financially smart. That's one of the most important skills that someone should know. Especially minorities since the average is lower than whites when it comes to these money topics. With so little money, I make sure I'm aware of everything going on with my funds. Got an ally savings account, a Roth ira, a 401k, and an excellent credit score, and I ain't making no six figures either. Plus I keep track of all my money so not a single dollar can be moved without me knowing about it. If you don't educate yourself financially then it'll be like the old adage, "a fool and his money are soon parted."

Parents (MY PARENTS) and public school system.

I had to learn the hard way. Finally getting my shyt together.

 

[mannyrs13]

Parents (MY PARENTS) and public school system.

I had to learn the hard way. Finally getting my shyt together.

Same here. I had too much credit card debt plus a low credit score. Had to get my mind right. That's why I love helping educate others cuz they need it. Once one person gets educated they can teach others. Glad you getting your shyt together. Everything of mine is together except for my income but that's my next project.

 

[Crude Abolitionist]

Same here. I had too much credit card debt plus a low credit score. Had to get my mind right. That's why I love helping educate others cuz they need it. Once one person gets educated they can teach others. Glad you getting your shyt together. Everything of mine is together except for my income but that's my next project.

Yep next thing for me is my own business then a home.