New study says 64% of Americans have less than $1,000 in the bank

[OneManGang]

Saving doesn't create wealth. Especially not with the salaries you gonna find in the communities you are referring to. An iPhone or a pair of Jordans isnt gonna hurt whats already been damaged from the get go.

 

[Liquid]

Saving doesn't create wealth. Especially not with the salaries you gonna find in the communities you are referring to. An iPhone or a pair of Jordans isnt gonna hurt whats already been damaged from the get go.

So an extra $400-$500 extra every year is not going to help? This is not even taking into the account of all the other bs people spend money on.


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[Da King]

you see broke nikkas with iphones and iPads

 

[Egomaniacal1]

People with a certain income don't save because there's no reason too. Think about it, you talmbout saving $50 to $100 a month just to have $1000 in the bank and then what? That's not life changing money and whatever you gonna do with $1000 you probably coulda done with the smaller amounts anyway, ie spend it on goods and services. So you might as well get ya shop on

 

[Liquid]

People with a certain income don't save because there's no reason too. Think about it, you talmbout saving $50 to $100 a month just to have $1000 in the bank and then what? That's not life changing money and whatever you gonna do with $1000 you probably coulda done with the smaller amounts anyway, ie spend it on goods and services. So you might as well get ya shop on

You cannot be serious


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[Da King]

People with a certain income don't save because there's no reason too. Think about it, you talmbout saving $50 to $100 a month just to have $1000 in the bank and then what? That's not life changing money and whatever you gonna do with $1000 you probably coulda done with the smaller amounts anyway, ie spend it on goods and services. So you might as well get ya shop on

 

[Serious]

you see broke nikkas with iphones

yeah

 

[OneManGang]

So an extra $400-$500 extra every year is not going to help? This is not even taking into the account of all the other bs people spend money on.


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Im just saying, its always nice to have a savings account dont get me wrong....but this notion of people shouldnt be spending their money on consumer items because its stopping them from creating wealth...well i just dont buy that. Homie said people shouldnt do ANYTHING with their money but save it basically. Go read Kingpins post.

 

[Yuzo Lightheart]

the trick is to save money collectively as a family and then use it to buy property/start small business (liquor store, laundromat, apartment renting) and ultimately send your children through college to become doctors, lawyers. if everyone saves collectively then within a few years of this model they will all be brought out of poverty rather quickly.

this is hard to do for people since it requires self sacrifice, humility and foresight. these values are simply not respected. it is very sad and yet very clear what fate has in store for them.

 

[iceberg_is_on_fire]

No. But if they don't have a $1,000 in their savings account, I would expect them to not waste their money on friviolous things like fancy phones and shoes when they should be trying to save for their future.

Most people that I know that are poor are poor because of their own choices.

I.............Agree with you...........

 

[Suge Knight]

It's not that hard to save, people just lack self control.

If I don't have the cash for something, I just don't buy it.

 

[ogc163]

People with a certain income don't save because there's no reason too. Think about it, you talmbout saving $50 to $100 a month just to have $1000 in the bank and then what? That's not life changing money and whatever you gonna do with $1000 you probably coulda done with the smaller amounts anyway, ie spend it on goods and services. So you might as well get ya shop on

 

[O.iatlhawksfan]

Glad to know I'm part f the minority

 

[iceberg_is_on_fire]

Not everyone is afforded that luxury but I do so I would be negligent as fukk to be in the majority. That said people try to stunt too much to keep up with the Jones'.

 

[sm0ke]

People don't have money because they don't save. They would rather waste their money on the latest I phone, eating out every night of the week, expensive clothes, vacations, etc.

But you can't even blame it on that. Not all spend their money on materialistic items. And for those that do, the money would disappear just as quickly if they hadn't, with high costs of living and not enough jobs/wages to keep up. A moderate-to-severe car problem will break the bank for most people, and put some in the red. There's almost no way to cover your bases and be in good shape if you're the economically average Joe.

It's bad out here for a lot of folks.