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

[OneManGang]

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.

You basically said what i was trying to say much more eloquently

 

[the cac mamba]

One East Texan tells KETK "I used to have more than a thousand dollars in the bank but now that the economy is getting worse so I have less than a thousand dollars."

 

[BlvdBrawler]

Like all stats, it's misleading.

What percentage of this number are college students, or people under the age of 18?

 

[upthere]

delete

 

[upthere]

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.

a lot of asian (east indian, chinese, korean) familys in my area are prime examples of the bolded. i tried to influence my peoples to follow that model but all i got was the


...


looks at my ppls: :

while asians+jews

takes a look back at my ppls: :D

 

[john goodman]

Not surprising... This country is full of materialistic idiots

 

[Family Man]

fukk them crackkkas. They should all starve.

 

[pete clemenza]

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

I'm feelin' this statement right here and I save my ass off. A $1000 bucks shouldn't be a benchmark. you need to have 2-3 months backup of all your expenses truthfully

 

[Mr swag]

i got around 5 to 6

LOL guessing im the top 15%

 

[Real Talk of NY]

Credit Cards are the devil. I've never owned one and my credit score is near 800. It comes down to fiscal responsibility.

 

[Real Talk of NY]

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

with that extra $1000 you could go take a certification course to help find a better paying job. But no, you'd rather spend it on rims and ice.

 

[Meta Reign]

Both Acri1 and KingPinOG bring good points, BUT the fact is most poor people are poor because this country has a very perverse way of throwing a very disproportionate amount of debt on the backs of lower income folks.

Car = debt
Credit cards = debt
Student loans = debt
Homes = debt

Most of these people with no money in their accounts are paying off these things monthly, AND racking up even more debt. The prices of all of these things make going into debt almost unavoidable. It also creates an environment where saving for these people is damn near impossible, and makes them just one accident (car wreck, hurt on the job etc.) away from total Loserville.

Debt is the poor man's most vicious enemy. Try to stay away from it at all costs. Avoiding debt isn't just good for you as individual, but it also sticks right to the lending institutions that sell it. THIS is ofcourse a good thing, and even necessary if the poor as a class wants a fair chance at life.

 

[Fillerguy]

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 thought consumer spending drives the economy. U no republikon nei moar

 

[Kings County]

you see broke nikkas with iphones and iPads

pay check to paycheck nikkas aint saving out heaa

 

[pete clemenza]

Credit Cards are the devil. I've never owned one and my credit score is near 800. It comes down to fiscal responsibility.

Good luck renting a car or reserving a hotel room and building up credit in case you need to get a car loan or a mortgage.


I feel everyone should have at least one credit card.. just have self control and use it properly. Its like a gun, its not gonna shoot all by itself.