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Forum » 40% of Americans can't cover a $400 emergency expense
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Thread: 40% of Americans can't cover a $400 emergency expense

post 1552133111 05-23-2018, 07:51 AM
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#31
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Nah, fukk that. I’m not doing that.
post 1552133131 05-23-2018, 07:52 AM
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#32
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So flipside, 60% of the country can afford a $400 emergency.

Wonder what that stat is for the rest of the world? Are we top 10%? 50%? 1%?

Man i love statistics.
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post 1552133141 05-23-2018, 07:52 AM
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im doin bretty good then!
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post 1552133151 05-23-2018, 07:52 AM
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#34
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Originally Posted By VoxExMachina⏩
You don't have to "be lucky for 20 years".

My parents didn't have much money. I've had a job since I was 14, put myself through college and within a couple years of graduating I was financially secure enough that I could go for at least 6 months without employment. I bought my first house at age 25 and fully paid off my current house last year.

If you're not pretty financially secure by 30, you're doing it wrong.
I'm going to have to agree. It all comes down to how early you started on your grind and how you handle your money. You don't have to make a ton of money, you can be just a normal working stiff and be financially secure by 30.

On a different note but still similar, my parents were just two average worker bee's but eventually were able to afford to live in a wealthy neighborhood with people that are doctors and chit. Heck, my parents literally bought a house from one of the doctors my mom worked for. Not because they made a lot of money, but because they didn't waste money thru the years and stayed on their grind.

Me on the other hand...I am VERY wasteful! LOL
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post 1552133231 05-23-2018, 07:53 AM
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#35
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Originally Posted By HMFIC_BROWSIN⏩
Saving 75%+ of income crew...
for what?
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post 1552133391 05-23-2018, 07:55 AM
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#36
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Originally Posted By AltarOfPlagues⏩
for what?
Not sure if srs.
post 1552133771 05-23-2018, 08:01 AM
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#37
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Originally Posted By arn710⏩
These stats are kind of misleading and not really relatable to most here.

I'd be more interested to see the leveraging of the average middle class family. My guess is that's a more shocking number.
Probably not as bad as it once was. Even with 5-10x leverage on assets it can probably be sustained in this economy, but who knows what might go bust next and how much of an unwind that may cause.
post 1552134101 05-23-2018, 08:06 AM
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#38
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Originally Posted By IH8RICE⏩
Not sure if srs.
im ded srs, why would someone save 75% of their income? lets dissect why someone would be miserly as all phuck.

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post 1552134441 05-23-2018, 08:11 AM
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#39
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Originally Posted By FFailed⏩
75%+ dam that's impressive. Do you just make a lot of money or your spending is super low? I feel like I end up spending a ton of money somehow despite my mortgage being barely anything and not having car payments on either of our cars.
My spending is very very low. No debt, old car with liability insurance, tiny tiny work commute so no real gas spending, cheap rent, cheap hobbies etc.

I make good money, but not ballin (sub 6 figs if you don't include investment gains). The key is spending. I will be able to retire at 39 at my current pace. I won't actually retire, but probably work like 3 days per week or something lulzy like that, break even on my cost of living with 3 days per week of labor, and let my investments compound without having to withdraw any of the gains.

It always blows my mind that people earn $150k/year and somehow are still working @ 42 without financial independence even on the horizon.
Originally Posted By AltarOfPlagues⏩
for what?
financial independence before 40
post 1552134491 05-23-2018, 08:12 AM
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#40
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Originally Posted By allianc3⏩
Probably not as bad as it once was. Even with 5-10x leverage on assets it can probably be sustained in this economy, but who knows what might go bust next and how much of an unwind that may cause.
You're right. 2006-2007 was probably worse. A whole new generation of people have matured into adulthood since then. Anecdotally, few of them have learned the lessons of their parents. Car notes, house notes, student loans, credit cards

Personally, I'm hoarding cash to pick up the pieces
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post 1552134561 05-23-2018, 08:13 AM
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#41
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i spent $400 on dinner last night without even realizing
post 1552134681 05-23-2018, 08:14 AM
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#42
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This was me for a while, after bills and child support I didnt even save enough to put away. Just making it.
Not embarrassed a bit.
post 1552134821 05-23-2018, 08:18 AM
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#43
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Originally Posted By HMFIC_BROWSIN⏩
financial independence before 40
that's kind of nebulous though, you can do that right now. moreover you can maintain a low investment workaday (we are all yelling at eachother on the misc, presumably from our paying JOBS), whilst maintaining a pretty high-standard lifestyle.

if you wanna misc all day, you're already doing it. if you wanna bass fish all day, minimize your "at work" time and intellectual investment at work (bring cabelas to work w you) and so on.

otherwise the 75% is utterly arbitrary. you can retire at 22 years old and live like an absolute tramp, or at 40 and live modestly or at 60 at live well, all while pursuing your hopes and dreams. chits arbitrary so why do we champion it?
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post 1552134991 05-23-2018, 08:21 AM
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#44
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Originally Posted By AltarOfPlagues⏩
that's kind of nebulous though, you can do that right now. moreover you can maintain a low investment workaday (we are all yelling at eachother on the misc, presumably from our paying JOBS), whilst maintaining a pretty high-standard lifestyle.

if you wanna misc all day, you're already doing it. if you wanna bass fish all day, minimize your "at work" time and intellectual investment at work (bring cabelas to work w you) and so on.

otherwise the 75% is utterly arbitrary. you can retire at 22 years old and live like an absolute tramp, or at 40 and live modestly or at 60 at live well, all while pursuing your hopes and dreams. chits arbitrary so why do we champion it?
you forget that the people who misc while working still have a boss and a work schedule to live for.
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post 1552135001 05-23-2018, 08:21 AM
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#45
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Originally Posted By AltarOfPlagues⏩
that's kind of nebulous though, you can do that right now. moreover you can maintain a low investment workaday (we are all yelling at eachother on the misc, presumably from our paying JOBS), whilst maintaining a pretty high-standard lifestyle.

if you wanna misc all day, you're already doing it. if you wanna bass fish all day, minimize your "at work" time and intellectual investment at work (bring cabelas to work w you) and so on.

otherwise the 75% is utterly arbitrary. you can retire at 22 years old and live like an absolute tramp, or at 40 and live modestly or at 60 at live well, all while pursuing your hopes and dreams. chits arbitrary so why do we champion it?
I guess I'm not really sacrificing anything by doing this because I love investing my money lol. Stock market is fuking awesome. I get a way bigger thrill funneling $5k into another stock than I would from buying a depreciating motorcycle or something.

EDIT: just my gene editing stocks alone are up 7%, 5%, and 4.5% since the market opened an hour ago. to me, that is fuking fun.
post 1552135151 05-23-2018, 08:22 AM
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#46
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Originally Posted By HMFIC_BROWSIN⏩
I guess I'm not really sacrificing anything by doing this because I love investing my money lol. Stock market is fuking awesome. I get a way bigger thrill funneling $5k into another stock than I would from buying a depreciating motorcycle or something.
it's good that it is fun and that you are not risk averse. i just think our culture of slappin eachother's backs for penny pinching is strange.
Originally Posted By ashin1⏩
you forget that the people who misc while working still have a boss and a work schedule to live for.
I and they choose and re-choose this life because we dont want to live in a trailer like you dawg, no hate.

no hate for living in a trailer i mean, i do hate you personally though lol.
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post 1552135261 05-23-2018, 08:24 AM
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#47
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Originally Posted By arn710⏩
You're right. 2006-2007 was probably worse. A whole new generation of people have matured into adulthood since then. Anecdotally, few of them have learned the lessons of their parents. Car notes, house notes, student loans, credit cards

Personally, I'm hoarding cash to pick up the pieces
Could have sworn I read margin debt has recently climbed to record highs. The recent ~10% correction in equities was weathered pretty easily but I have less faith in a 20-30% downturn (though I don’t think that’s happening anytime soon) and at that point the banks and the hedge funds may be forced to de-lever and fuk the rest of us. IMO, I think real estate and middle class Americans are on decent footing.
post 1552135361 05-23-2018, 08:26 AM
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#48
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Originally Posted By VoxExMachina⏩
You don't have to "be lucky for 20 years".

My parents didn't have much money. I've had a job since I was 14, put myself through college and within a couple years of graduating I was financially secure enough that I could go for at least 6 months without employment. I bought my first house at age 25 and fully paid off my current house last year.

If you're not pretty financially secure by 30, you're doing it wrong.
Kyle is most well known for being insanely jealous of America. You’ll have to excuse him
post 1552135481 05-23-2018, 08:28 AM
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#49
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Originally Posted By allianc3⏩
IMO, I think real estate and middle class Americans are on decent footing.
pretty this.
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post 1552135581 05-23-2018, 08:28 AM
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#50
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Not even surprised. I knew so much broke american women with the latest MK purse or the latest IPhone, all bought on credit card.

There is a real m'as-tu-vu culture where people want to appear richer than they actually are and drown in debt because of it.
post 1552135621 05-23-2018, 08:29 AM
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#51
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Originally Posted By AltarOfPlagues⏩
it's good that it is fun and that you are not risk averse. i just think our culture of slappin eachother's backs for penny pinching is strange.
Barely anyone in this country retires before 60.... Like I said, I love my job and don't plan on actually stopping. Investing is fun, you can leverage your money and make it literally work for you. My investment gains today are going to outpace my income by a huge margin and I have done literally nothing except save money and invest it. No work. Way better than driving an infiniti.
post 1552135831 05-23-2018, 08:32 AM
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#52
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Originally Posted By HMFIC_BROWSIN⏩
Barely anyone in this country retires before 60.... Like I said, I love my job and don't plan on actually stopping. Investing is fun, you can leverage your money and make it literally work for you. My investment gains today are going to outpace my income by a huge margin and I have done literally nothing except save money and invest it. No work. Way better than driving an infiniti.
you can take an L too (on your investment gains, you should not ignore risk even low risk).

both my parents are well off (million in retirement?) and still work at 64 years old so they can get medicare. they still have a year or so to pay off their THIRD house (boomer profligacy).

they like their houses more than they hate work. not my style, but i don't think one way is better than another.
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post 1552136401 05-23-2018, 08:40 AM
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#53
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This article is advocating having a chunk of money just sitting in your bank account. If you’d need to pull money out of investments at that moment to cover an unexpected expense, you’d fall into the 40% here

I wouldn’t have money just sitting around, it’s either in my account for bills or is working in some other way. If a $400 expense came up I’d throw it on the credit line, pay it off next cheque, and eat the 10 cents of interest charges. Big fukn deal

Edit: In a more realistic scenario, it would probably go on the credit card. And the credit card bill wouldn’t come out until whenever, by which time the $400 would already be absorbed by my regular cash flow and would accrue no interest. But it would still qualify as “borrowing” under the article’s criteria
post 1552136451 05-23-2018, 08:41 AM
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#54
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They should have that 40% join the misc and start making 200k/year minimum.
post 1552136781 05-23-2018, 08:44 AM
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#55
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Originally Posted By AltarOfPlagues⏩
you can take an L too (on your investment gains, you should not ignore risk even low risk).

both my parents are well off (million in retirement?) and still work at 64 years old so they can get medicare. they still have a year or so to pay off their THIRD house (boomer profligacy).

they like their houses more than they hate work. not my style, but i don't think one way is better than another.
My parents have a similar perspective, they're both hovering around their 60s and could have easily retired already but they continue to work, mostly because they are both business owners who want to continue to grow their businesses and because their business has become part of their identity it's hard to walk away from.

And to HMFIC_BROWSIN, speculating is fine, I do it too, but try to stick to maybe 10% max of my total portfolio in the riskier plays. I've taken some bruises and learned from my mistakes (mostly with options).
post 1552136901 05-23-2018, 08:46 AM
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#56
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It's worse than it looks

College graduates today make less than high school grads in 1989
In that time, the median salary has not increased, but houses have gone up 100% and cost of college over 1000% not to mention inflation at about 2-3% a year
The average family has 15k in credit card debt (interest rates of 20+%)
Most people don't have anywhere near enough for retirement and are counting on social security to stay alive (a system that we can't keep in place for long)
something around 75% of people live paycheck to paycheck
Now you have the next two largest "generations:" millennials and gen z who will enter that same world but also be burdened by exorbitant student loans that they can't declare bankruptcy out of (except under very rare cases).
Did I mention we're due for another economic downturn?
Some of the most common jobs in America are on the way out because of online shopping, AI, autonomous vehicles, etc.

Should I keep going?


The payoff of being financially literate has never been higher.

EDIT: Oh and based on my experience working as a valet for a steakhouse a few summers ago, most people are driving cars they can't afford either. But this should be obvious.
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post 1552137061 05-23-2018, 08:49 AM
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#57
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Originally Posted By allianc3⏩
And to HMFIC_BROWSIN, speculating is fine, I do it too, but try to stick to maybe 10% max of my total portfolio in the riskier plays. I've taken some bruises and learned from my mistakes (mostly with options).
Lmao options can take your portfolio to pound town SO QUICK
¯\_(ツ)_/¯
post 1552137261 05-23-2018, 08:51 AM
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#58
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Originally Posted By PineappleMuffin⏩
40% in a country like America. That's how you know poverty is a choice.
Too busy buying uggs and Ipads to worry about that.
post 1552137401 05-23-2018, 08:52 AM
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#59
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Originally Posted By ChaseW⏩
Lmao options can take your portfolio to pound town SO QUICK
They certainly can. Mostly just hold onto LEAPS now, nothing crazy.
post 1552137471 05-23-2018, 08:54 AM
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#60
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Originally Posted By ChaseW⏩
Lmao options can take your portfolio to pound town SO QUICK
yeah I don't trade options lol.

cash only. not even 2:1 margin for stocks. Just cash.

smallest company in my portfolio is $1billion market cap. I'm not a gun slinger by any measure.
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