Half of Americans are poor, have no savings

[basketcase]

An expression I heard on the radio was "living BELOW your means". People who have trouble saving money need to start with automatic transfers into a savings/investment account.


And the interest rates on credit cards make them barely better than payday loan companies in my books; quite simply profiting from people too poor or two unaware to know better. If we have all sorts of regulation to protect people from other ills of society then why don't they do the same for credit and loans?

 

[stinkynuts]

If you have no income, then you cut back immediately on all of your expenses. And I was referring more to his "travel expenses." Why is he travelling when he has no income? Car repairs can be delayed depending on how serious. Cosmetic dental work can definitely wait. His story should hammer home how important it is to have an emergency fund that us only for emergencies like losing your job.

You are right. I did not need to spend money on many things, especially with no income. I feel I relied on my savings to cushion the blow, but my mentality was wrong. Instead, I should have strived to stay afloat by cutting expenses and generating income so that I would not dip into savings.

 

[explorerzip]

You are right. I did not need to spend money on many things, especially with no income. I feel I relied on my savings to cushion the blow, but my mentality was wrong. Instead, I should have strived to stay afloat by cutting expenses and generating income so that I would not dip into savings.

You need to find yourself some alternate sources of income fast.

 

[stinkynuts]

You need to find yourself some alternate sources of income fast.

Yes, it's ridiculous how fast your savings plunge....

 

[Smallcock]

stinkynuts what about trying the sharing economy like driving for Uber to tide you over while you send out boatloads of resumes?

 

[explorerzip]

There really is no excuse not to bulk up your skills these days since it's so easy with site like Lynda, Khan Academy, Coursera, Udacity, etc. many of them free or relatively cheap.

 

[stinkynuts]

stinkynuts what about trying the sharing economy like driving for Uber to tide you over while you send out boatloads of resumes?

Been there done that. Uber has been shut down where I live. Also, I had too many issues. For one, my car is now too old to qualify.

 

[SkyRider]

This will solve your money problems.
https://www.thestar.com/business/pe...0/baby_boomers_set_to_inherit_1_trillion.html

Until then, collect empty beer cans and redeem them for 10cents each.

 

[xmontrealer]

Unfortunately in the current Canadian economic climate most people's money will die before they do....

 

[SkyRider]

Unfortunately in the current Canadian economic climate most people's money will die before they do....

Not my Portuguese and Italian neighbours. They all own mortgage-free 2,3,4, etc. houses. They are all in the trades so they do each others' houses.

 

[FAST]

An expression I heard on the radio was "living BELOW your means". People who have trouble saving money need to start with automatic transfers into a savings/investment account.


And the interest rates on credit cards make them barely better than payday loan companies in my books; quite simply profiting from people too poor or two unaware to know better. If we have all sorts of regulation to protect people from other ills of society then why don't they do the same for credit and loans?

If "People who have trouble saving money need to start with automatic transfers",...what would they need an investment account for,...???

What don't you understand about people paying credit card interest.

It means they can't afford their purchase, and paying 20% interest every month, is NOT going to make it better, but in fact make their financial position worst.

Blaming banks is NOT going to fix ANY financial issues people have.

FAST

 

[Jubee]

BLACK FRIDAY THIS ERRRR FRIDAY more people into bigger debt because they need the latest greatest most up to date tech they CAN'T afford.


:encouragement:

 

[nottyboi]

I would be pretty shocked if its true 70% of Americans have less then $1000. That would be bizzare. WOW!!!

The way I maintain my finances is, when I want something I will not buy it unless I get a good deal on it. In most cases I do. Once in a while you pay full pop. Also when invest in hope improvements I do a rough ROI to understand how I get my money back. I do most of my own car repairs cos I kinda enjoy it and it saves me HUGE!! For example I needed a new rear wheel bearing this year. Indy mechanic wanted $400 for part (hub assembly) and $90 in labour+tax, so about 600. $200 part online and a leisurely 2 hr job and I am up $400 TAX FREE!!!! So more then an escort makes!!!! New tie rod 22 vs 58 + 180 in labour.... etc etc etc.

 

[stinkynuts]

I would be pretty shocked if its true 70% of Americans have less then $1000. That would be bizzare. WOW!!!

The way I maintain my finances is, when I want something I will not buy it unless I get a good deal on it. In most cases I do. Once in a while you pay full pop. Also when invest in hope improvements I do a rough ROI to understand how I get my money back. I do most of my own car repairs cos I kinda enjoy it and it saves me HUGE!! For example I needed a new rear wheel bearing this year. Indy mechanic wanted $400 for part (hub assembly) and $90 in labour+tax, so about 600. $200 part online and a leisurely 2 hr job and I am up $400 TAX FREE!!!! So more then an escort makes!!!! New tie rod 22 vs 58 + 180 in labour.... etc etc etc.

I wish I could do my own car repairs too, but unless someone teaches me personally, there's zero chance of me getting it done. It's just too complicated and physically difficult.

 

[wazup]

I wish I could do my own car repairs too, but unless someone teaches me personally, there's zero chance of me getting it done. It's just too complicated and physically difficult.

You can youtube a lot of it, still need the space and tools though.

 

[wangbang]

Finance is too complicated in a world of Art / History majors. They'd just go running to their "safe spaces".

 

[Insidious Von]

Not my Portuguese and Italian neighbours. They all own mortgage-free 2,3,4, etc. houses. They are all in the trades so they do each others' houses.

This is accurate, there was a large Portuguese migration to Canada starting in the late 80's. A large number of them went into shipbuilding, they benefited from Harper's $25 Billion contract with Halifax.

And let's not be too smug about American poverty/debt. Canadians have caught to them in amassing personal debt, when interest rates rise we're in for hard times. But let's not fret, as Dr. Zachary Smith would say, never fear Trump is here.

 

[derrick76]

Been there done that. Uber has been shut down where I live. Also, I had too many issues. For one, my car is now too old to qualify.

If you don't mind me asking, what is/was your profession?

 

[derrick76]

BLACK FRIDAY THIS ERRRR FRIDAY more people into bigger debt because they need the latest greatest most up to date tech they CAN'T afford.


:encouragement:

That's why I don't care if my 14 year old calls me cheap (all in good fun though). I'm sticking with my iPhone 4s, for example, for a few more years or until dies. Whichever comes first.

Food and Shelter. Can't beat that.

 

[Yoga Face]

when I want something I will not buy it unless I get a good deal on it. ?.

what are some ways to get past the salesman making it seem like you are gettng a deal?

. I do most of my own car repairs cos I kinda enjoy it and it saves me HUGE!! For example I needed a new rear wheel bearing this year. Indy mechanic wanted $400 for part (hub assembly) and $90 in labour+tax, so about 600. $200 part online and a leisurely 2 hr job and I am up $400 TAX FREE!!!! So more then an escort makes!!!! New tie rod 22 vs 58 + 180 in labour.... etc etc etc?.

but you need tools and a place to jack your car etc

Myself, I buy a solid used car that has a excellent rating in low maintenance