Majority of Americans have less than $1000 in savings

http://www.google.com/url?sa=t&rct=...-10-06&usg=AFQjCNF7wL845YV-300Auii0HcmZLQ8bdQ

America is ill prepared for a financial downturn, despite the signs that one is on the way. The majority of Americans have little more that pocket change for savings, and would not be able to tolerate the loss of a job or a serious downturn in the economy without the government stepping in to support them.
This shows the entitlement mindset of the majority of people and the naïve belief that the government is able or willing to be their parents and guardians.

With the foundations of the world economy crumbling, factory orders falling, commodities falling, currency wars, recessions in Korea, Russia, Brazil, Japan, Greece, already in recession, and the rest of the Eurozone, Australia, Canada, and most of South and Central America on the verge, we may soon find our own economy along with China spiraling into recession.

We are already beginning to see mass lay offs reminiscent of the 2008 recession with HP laying off 30K, Schlumberger 20K, Microsoft 7.5K, Proctor & Gamble 6K, Caterpillar 5K, JP Morgan Chase 5K, and the list goes on.

With the Fed still stuck a .25% interest rates, they have little in the way of stimulus left short of the infamous helicopter money...... It is going to be interesting.

 

I would agree that a considerable amount of Americans have less than a $1,000 dollars in savings but I disagree about the majority.

 

You do not believe the article?

 

Saving accounts are for suckers in any case.

 

So what's your answer to how people survive when they fall on difficult times and need liquid cash to pay for food, rent, fuel, utilities, etc? It's been publicized that people should have an emergency fund to carry them through 8-12 months of no income...at least. Where do they keep that kind of money? Their mattress?

 

It should be obvious.. Let them suffer, it's they're fault after all!

 

How does your response fit into the discussion of why savings accounts are for suckers?

 

An average american has a 1 million networth.
And 100, 000 in bank.

 

Why save? So the Liberals can confiscate it?

At the very least, do NOT leave it in a bank account, were the F*ing Liberals can see you've got money to take!

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If those millions of American workers making minimum wage or one and one half minimum wage don't have tens-of-thousands of dollars squirreled away, it is because they are squandering their share of trickle down on luxuries like food, a home, traveling to and from their job (or jobs), and clothing for their children. The job creators have given them great prosperity through benevolent generosity and receive absolutely no appreciation for their altruism.

 

There are many and varied reasons why Americans do not have money saved up and it goes beyond "minimum wage jobs".......
Today, people in modern society have very little problem paying monthly bills that (pretty much) did NOT exist 15-20 years ago. Those monthly bills now eat up all their possible savings and they just don't care.
Here is a list of bills that were considered crazy just a short time ago:
1) $200-400 a month phone bills. The need to be online (mostly for social networks) with that $500 smart phone drives people to have outrageously high phone bills PLUS the need to have the latest/greatest phones every year (at $400-500 each time). <My dumb phone costs me $30 a month saving me, on average, approx. $250+ a month>
2) TV/Internet connections at $150-250 a month. 20 years or so ago, TV was free and there was no such thing as internet. The need to have 300 channels on the TV (gotta have those 25 sports channels and 30 shopping channels) plus a 50 gig internet connection (mostly gamers) is outrageous. BUT, they still pay it. <My TV/internet connection runs me approx. $75 a month for Netflix/50 channels and a 12gig connection>
3) Car payments of $400-600 a month along with the higher insurance premiums for that "fancier" car. Gotta have that "bling" of 22" wheels, DVD player, built in GPS, bluetooth.....etc. Car prices are outrageous today. <I own my truck and am buying a 03 jeep wrangler this weekend (play toy) with C A S H. I got the cash from not spending all that money on phones/fancy cars/TV and internet>
4) Food prices have gone thru the roof. You have to actually shop for a good meal. Beef is pretty much out of range for the most part. Eating out every day can cost for lunch only can cost $25-35 a week and let's not talk about the cost for eating out at dinner ($12-20 each for a decent meal). <I make/take my lunch every day. It does require work (about 10 minutes a day), but, I save about $15-20 a week>
5) Utility costs have/are going thru the roof. Having all these play things running all the time and the need to have a controlled environment (A/C and/or heat running 365 a year) costs $$$. Having a $300-500 utility bill is common. <My all electric house costs, on average, approx $140 a month total. Water is less than $20>
6) The absolute need to have that $4000 vacation for a week or so. <I try to cut that in half or less>
My savings, each month, over what has become the norm is approx $900-1500 each and every month. What do I all that "extra" money. Don't look under my mattress because I believe in the 2nd amendment! AND, I also have a safe in my closet that's bolted to the floor and fire rated at 3000+ degrees for 4 hours!!! I'm also able to go out, when I want, and buy things (like that 03 jeep) with cash. Cash still talks very loudly when buying things like this, but, make sure you hide it well on your trip to make that purchase! Otherwise, the LEO's will think you're a drug dealer when/if they pull you over and confiscate that cash.........
Now go out there and find ways to save money......

 

Elisabeth Warren has actually demonstrated that the notion that the majority of Americans is only weeks away from financial ruin because of buying lattes, and other luxuries, is a myth. Sure, everyone can probably save a few bucks more here and there. However, the whoppers are medical costs, housing, transportation and other necessities, coupled with job loss. Getting sick is the number one reason for bankruptcy, not small luxuries like a $200 LCD TV.

 

Anyone can save if they change their priorities. I actually divorced my wife because of her spending. Health insurance is cheap enough so getting sick is no excuse. Get a roommate, don't take vacations, don't eat out, don't buy a new car..........lots of ways to cut back expenses if you want.

 

Where do you dream up these posts you make since you never provide factual data to support what you say? If the average American had a $1M net worth, we wouldn't even have this thread that is more indicative of the real state of American situations. You must read too much propaganda.

 

No, I just like to overrate others' net worth.
anyway, There are many people have a $1,000,000 net worth in USA.

 

How many?

 

This idea is ridiculous, that is what credit cards are for.

 

BS.....and so in Master Warren!

 

It would be more beneficial if the article included retirement acounts as well because I am assuming the article is only counting traditional savings accounts.

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Ron Paul agrees with Elizabeth Warren.

 

Ditto on the ex. Best thing I ever did.

 

Easy to call BS if you don't provide any facts to the contrary.

Let's look at the annual minimum wage salary of $15,080. Let's assume a 10% savings rate, which is pretty generous, even for higher wage earners. That would allow you to save $1,508 per year. Let's assume that, through investment, you get an annual return of 7%, year in year out. After 30 years, you would have saved $300,000, after subtracting some taxes. How is that going to be enough for retirement? Yet, many Americans have saved even less. You know why? Because life gets in the way, old cars break, houses need repair, people get sick etc.

However, I am pretty sure you will assume that Americans don't save because they are lazy and want to rely on hard-worker's tax money to bail them out.

 

explain the entitlement mindset... so you think people could save more but spend too much? are you sure? Or is it that the top 1% keeps making all the money, stealing from the bottom, leaving them in peril. The top 1% is doing very well, most Americans aren't.

 

"I am pretty sure you will assume that Americans don't save because they are lazy and want to rely on hard-worker's tax money to bail them out."
ASS-U-and U.
Assumption wrong!
You mean to tell me you don't pay several $100 dollars (or so) a month for that glorious smart phone bill? And, of course, it freezes up, breaks down in a year or so every year or so. There goes $500 bucks. OVER what I pay a year, that's approx. $1700 every year!
You mean you don't have TV/internet bills of $200 or so a month? Need that latest/greatest curved TV, 60 inch TV and/or 6 billion gig tablet? OVER what I pay a year that's approx. $4000 every year!
There......I just added $5700 a year to your $1508 a year!
Now how much ya got?

 

If taxes were lower, we could save.

 

The entitlement mindset is something you cannot understand unless you are old enough to have lived when people did not have it.
There was actually a time in this country when people lived below their means, and saved a decent portion of what they earned.
Today everyone believes they are "entitled" to live at 125% of their earnings and to have what they cannot afford.
I used to have pity for the underclass, but now I realize they are simply going to reap what they have sown.