Average American Household Has $90,000 In Debt

Discussion in 'Finance' started by Destroyer of illusions, Jun 26, 2016.

  1. GeorgiaAmy

    GeorgiaAmy Well-Known Member

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    I'm not on the bottom nor am I complaining about my financial situation.
    I'm just pointing out that scenario doesn't happen.
    You are right about opportunity...it abounds!
     
  2. cjm2003ca

    cjm2003ca Active Member

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    ever hear of something called FDIC..?the account is covered for up to 250,000 dollars..so when you get to that limit you open another account at a different bank
     
  3. GeorgiaAmy

    GeorgiaAmy Well-Known Member

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    No. They don't.
    Nobody retires on a fat savings account.
    Savings accounts are almost obsolete.
     
  4. cjm2003ca

    cjm2003ca Active Member

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    ever hear of rental property?...thats how i make some of my money..but the business i own pays much better..all i wanted to do was answer you first question on how someone gets a better price buying a new car..which i answered for you..then you accused me of lying and making it up..sorry for trying to be helpful and not succeeding...some people just can't be helped..it's part of our new world i guess
     
  5. GeorgiaAmy

    GeorgiaAmy Well-Known Member

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    The interest earned saving doesn't even cover monetary depreciation over time.
    People invest in various ways with various level of risk.
    You match your employers 401k contribution first...that is free money...you can liquidate your 401k assets any time.
    People don't save like that anymore.
    Cash customers also don't get crazy deals. Creditors finance cars and pay the dealership. Their profit isn't affected by cars bought with cash or credit.
    What's unleaded around you presently?

    - - - Updated - - -

    What type of rentals?
    What type of business do you own?
     
  6. cjm2003ca

    cjm2003ca Active Member

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    2.37 a gallon...and a savings accounts are used by many people..easy access for money..if i used fidelity it takes them up to 3 days to transfer then money sometimes...an 401k plans are taxed when you retire..and usually your rate will be higher than it is now...and i am a business owner so i can't have a 401k plan..no free money for me
     
  7. GeorgiaAmy

    GeorgiaAmy Well-Known Member

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    My household of five has an annual income of about 80-85k.
    All my husband's income. I'm a nursing student who is thankful for Hope, Pell, and Stafford. I couldn't do clinicals and work so my refunds offset my lack of income while in school.
    We have bought homes and cars, declared bankruptcy, and have been married 20 years.
    We are currently 4.5 years in on a 30 year fixed at about 4.5%.
    I have a lot of experience in the American economy.
    Happy to answer anything I am able to.
     
  8. GeorgiaAmy

    GeorgiaAmy Well-Known Member

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    Buying gold is considerably more financially prudent.
    Do you think gas prices will rise the next few months?
    What's your favorite place to get gas? Why?
     
  9. cjm2003ca

    cjm2003ca Active Member

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    buy gold?..you buy when it is low not this high...
     
  10. GeorgiaAmy

    GeorgiaAmy Well-Known Member

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    Gold is a reliable investment. It seldom depreciates and is an international means of exchange.
    Gold can be quickly liquidated.
    Again, people don't use savings accounts to build their financial portfolio.
    What type of rentals do you deal with?
    What type of business do you own?
     
  11. cjm2003ca

    cjm2003ca Active Member

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    gas prices going up in November when the new tax of $10 a barrel takes effect..they say it will raise the gas taxes by 166%...
     
  12. maat

    maat Well-Known Member Past Donor

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    My spending amount is determined by our family auto budget. We pay ourselves 400.00 per month. Every 3 1/2-4 years we replace one of our cars. So, we have that cash and the value of the existing car as our shopping budget. Using this system, we can also barter a good deal with cash. If for some reason we needed additional emergency funds(we maintain 6months living expenses in savings) the car fund could be a backup.
     
  13. GeorgiaAmy

    GeorgiaAmy Well-Known Member

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    Your 400/month, is that designated for anything other than auto expenses?
    What do you presently drive?
    What kind of coverage do you have?
     
  14. maat

    maat Well-Known Member Past Donor

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    Just for the car fund. A truck. Full coverage. My SS# is .........
     
  15. GeorgiaAmy

    GeorgiaAmy Well-Known Member

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    Why full coverage?
     
  16. maat

    maat Well-Known Member Past Donor

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    The truck has value to protect.
     
  17. crank

    crank Well-Known Member

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    a family can live well on welfare, in a socialist democracy with free healthcare and education. if they choose to spend their welfare dollars on cigarettes, soda, alcohol, tvs, cars, junk food, etc, they can't really blame the economy.
     
  18. crank

    crank Well-Known Member

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    Yes, this. Kids should, at the right age, be taught about finances. They should also be given every support available to excel at school, so that they can obtain degrees which will win them high paying jobs .. thus breaking out of the poverty cycle.

    Any parent who allows their kids to wallow in the poverty they themselves have had to endure is an idiot. If you hate it so much, why on earth would you inflict it on your kids? Get off your arse and get them educated - it costs nothing but your time and effort. Education is free in America. Welfare allows you the time to dedicate to it.
     
  19. GeorgiaAmy

    GeorgiaAmy Well-Known Member

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    From all the crazy drivers, no doubt, huh??
     
  20. GeorgiaAmy

    GeorgiaAmy Well-Known Member

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    College isn't free in the US.
    Public schools (K-12) in poor areas are usually crappy with low test scores and high drop out rates.
    All high school grads in the US can get Stafford Loans though. They have to pay those back, though.
     
  21. maat

    maat Well-Known Member Past Donor

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    Theft,collision, vandalism.
     
  22. notme

    notme Well-Known Member

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    What a total joke of an opinion.
     
  23. jdog

    jdog Banned

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    Debt is the mechanism by which the banks enslave the working class. Most of what most people will earn in their entire lives will go to government in the form of taxes, banks in the form of interest, and corporations who produce material goods that people believe will make them happy. Together, they have instituted a religion of materialism which in turn enslaves the people for their benefit.

    It does not matter that most people will never pay off their debts, it only matters that they spend their entire lives in debt and paying everything they earn to the government, banks, and corporations. It is the 21st century incarnation of slavery.
     
  24. NCspotter

    NCspotter Active Member

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    It seems like people are trying too hard to keep up with the Kardashians. Each year, everyone's gotta have the latest car, phone, TV, apparel, and etc, plus go on a couple vacations and get a few new tattoos.

    An iPhone 6 is going to work almost as well as an iPhone 7, but in a couple weeks I'll be able to pick up a 6 for almost a third of what I'd pay for a 7.

    I could snag a 2010 Honda Accord with a stick shift for ~$10,000, or I could plop down about three times as much for a 2017 model.

    I could rent a beachfront house for $5,000, or a house a block away from the beach for $2,000.

    Seriously people, live below your means, and ask yourself "do I really need this?" before you make a major purchase. I bought a new DSLR camera about a year and a half ago for $600, and I'll never make that mistake again because now it's barely worth half of what I paid for it. I realize this thinking might not work for student loans, but it will for sure regarding the car payments and credit card debt.
     

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