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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 1552127911 05-23-2018, 06:19 AM
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#151
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http://money.cnn.com/2018/05/22/pf/e...ces/index.html
The study was drawn from the Board's fifth annual Survey of Household Economics and Decisionmaking, which looks at the economic health of Americans. The survey of 12,000 people examined their income, employment, unexpected expenses, banking and credit, housing, education, and retirement planning in November and December 2017.

"The finding that four-in-ten adults couldn't cover an unexpected $400 expense without selling something or borrowing money is troubling," said Greg McBride, chief financial analyst at Bankrate.com. "Nothing is more fundamental to achieving financial stability than having savings that can be drawn upon when the unexpected occurs."
40% in a country like America. That's how you know poverty is a choice.
post 1552128101 05-23-2018, 06:23 AM
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#152
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what de fuk. And I'm here on my way to be worth 50k before im 21
post 1552128181 05-23-2018, 06:24 AM
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#153
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TFW just hit 100k net worth yesterday

This is what happens when you spend money on uselss chit
post 1552128281 05-23-2018, 06:25 AM
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#154
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Originally Posted By tunafish01⏩
TFW just hit 100k net worth yesterday

This is what happens when you spend money on uselss chit
This, buy starbucks and energy drinks multiple times a day while making $12 an hour

#SMART
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post 1552128431 05-23-2018, 06:28 AM
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#155
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Originally Posted By JoshSP1985⏩
This, buy starbucks and energy drinks multiple times a day while making $12 and hour

#SMART
Dont forget about taco tuesdays and thirsty thursdays. Too good of a deal to pass up.
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post 1552128441 05-23-2018, 06:28 AM
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#156
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Originally Posted By Rajc⏩
latest iphone release is expected so it works out



that's cool but not worthy of bragging yet brah, keep hustlin & repped
you're 100% right but I don't talk about money to anyone irl so taking my dink out online feels gud mane
post 1552128461 05-23-2018, 06:29 AM
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#157
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Thats what credit cards are for, duhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

pssshhhhh

yolo

treatyoself
post 1552128511 05-23-2018, 06:30 AM
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#158
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I'd be so stressed out if I didn't have at least $8k cash in my checking account.
post 1552128561 05-23-2018, 06:30 AM
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#159
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Saving 75%+ of income crew...

Spending is the exception of the rule for me these days.

I accumulate several thousands into investments every month as the majority use of my money.

Kind of surreal watching the portfolio balances swinging around the way they do.
post 1552128581 05-23-2018, 06:31 AM
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#160
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Originally Posted By FL_Z32⏩
I'd be so stressed out if I didn't have at least $8k cash in my checking account.
same here, if not more
I was stressing about $10-15k
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post 1552128611 05-23-2018, 06:31 AM
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#161
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my networth is 150k and still feel poverty AF. Won't consider myself having made it until can live a 6 figure income 100% off my investment portfolio, true financial independence. (Which will require networth in 1-3 million range)
post 1552128641 05-23-2018, 06:32 AM
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#162
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Doesn't suprise me. I compare myself to some of my friends. I am frugal and I know of a specific couple that isn't. They have basically the same household income than my wife and I. We have a house and basically have half out household income in savings. They fukkin waste money on everything and eat out for almost every meal. They live in an apt with roomates and live paycheck to paychek.
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post 1552129161 05-23-2018, 06:42 AM
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#163
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Just dropped 86k on a house deposit, got a Greek holiday in 10 weeks which I’ve alrsy got 8-10k set aside for, and I’ve got my “random $50 a week” account which is sitting at $2500 but that’s for paying my inevitable tax bill. Then another 200k or so in my portfolio.

But then again health care is free in aus
Fck u james
post 1552130081 05-23-2018, 07:00 AM
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#164
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Originally Posted By Gringo12⏩
Just dropped 86k on a house deposit, got a Greek holiday in 10 weeks which I’ve alrsy got 8-10k set aside for, and I’ve got my “random $50 a week” account which is sitting at $2500 but that’s for paying my inevitable tax bill. Then another 200k or so in my portfolio.

But then again health care is free in aus
I could survive for two years if unemployment came.
including my Audi payment
post 1552130361 05-23-2018, 07:06 AM
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#165
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The miscers who can’t afford to cover a $400 emergency expense would never enter this thread.

And stating your net worth when the idea of this thread is having a liquid emergency expense fund is moronic.
post 1552130761 05-23-2018, 07:14 AM
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#166
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Originally Posted By HMFIC_BROWSIN⏩
Saving 75%+ of income crew...

Spending is the exception of the rule for me these days.

I accumulate several thousands into investments every month as the majority use of my money.

Kind of surreal watching the portfolio balances swinging around the way they do.
Do you ever get tired of posting this chit
post 1552130821 05-23-2018, 07:15 AM
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#167
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Originally Posted By tunafish01⏩
TFW just hit 100k net worth yesterday

This is what happens when you spend money on uselss chit
Age:48, little behind the 8 ball there ain’t ya?
post 1552130901 05-23-2018, 07:17 AM
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#168
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Originally Posted By allianc3⏩
The miscers who can’t afford to cover a $400 emergency expense would never enter this thread.

And stating your net worth when the idea of this thread is having a liquid emergency expense fund is moronic.
Lol so much this.
post 1552131041 05-23-2018, 07:19 AM
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#169
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didn't realise this was a not so humble brag thread
post 1552131251 05-23-2018, 07:22 AM
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#170
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Originally Posted By PineappleMuffin⏩
40% in a country like America. That's how you know poverty is a choice.
Yes and no. If born in poverty, to have you and your children rise up out of it, all you need is a solid plan, and for nothing to go wrong for about 20 years. You plan for your child to go to university. If they work hard in school, they can do this.

But in that time you must not have your car smashed and need to be replaced. No-one in the family should get sick enough to need to go to the hospital for more than a day or two. Nobody should be arrested for something minor, requiring bail and legal fees. If fired or made redundant, you must not take longer than a month or so to find an equivalent job, and these periods of unemployment can't come more often than every five years or so. Don't work in a job that gets outsourced to China and leaves your city forever. Don't move cities, either. Your house should never be burglarised. You should never be mugged. Neither parent should leave the household. Any one of those things sets the family back a year or more.

In the USA: have a plan, work hard, be lucky for 20 years, and your family can move out of poverty.
post 1552131401 05-23-2018, 07:24 AM
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#171
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Originally Posted By JoshSP1985⏩
This, buy starbucks and energy drinks multiple times a day while making $12 and hour

#SMART
Hit the nail on the head
post 1552131621 05-23-2018, 07:26 AM
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#172
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Wife had to go to the emergency room last week and I am stressed about what that is going to cost us even with over $40k in my savings account...cannot imagine if I knew I didn't have enough to cover it. There are some poor people with some terrible luck, but there are an awful lot of people who save nothing and make crap decisions.
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post 1552131631 05-23-2018, 07:26 AM
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#173
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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.
Training log: http://forum.obnoxiousbrutes.com/showthread.php?t=165829701
post 1552131991 05-23-2018, 07:33 AM
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#174
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Originally Posted By KyleAaron⏩
Yes and no. If born in poverty, to have you and your children rise up out of it, all you need is a solid plan, and for nothing to go wrong for about 20 years. You plan for your child to go to university. If they work hard in school, they can do this.

But in that time you must not have your car smashed and need to be replaced. No-one in the family should get sick enough to need to go to the hospital for more than a day or two. Nobody should be arrested for something minor, requiring bail and legal fees. If fired or made redundant, you must not take longer than a month or so to find an equivalent job, and these periods of unemployment can't come more often than every five years or so. Don't work in a job that gets outsourced to China and leaves your city forever. Don't move cities, either. Your house should never be burglarised. You should never be mugged. Neither parent should leave the household. Any one of those things sets the family back a year or more.

In the USA: have a plan, work hard, be lucky for 20 years, and your family can move out of poverty.
Not really. A lot of the poverty I deal with at my job comes from families with poor decision making because they have an I'm helpless attitude. I am too broke to eat healthy and too broke to go to school etc.

A very few students take advantage of public education and work hard towards scholarships because their parents see zero value in education (yes some do and are too busy working their tail off to adult properly). Many have WAY too many children from multiple fathers, none of which they can afford with a 2nd parent, let alone a father who disappears and pays zero child support. If the kids worked hard at public school most could easily get all or most of their community college paid for and could land a decent job after 2 years of school and then work up from there.
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post 1552132131 05-23-2018, 07:35 AM
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#175
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Originally Posted By KyleAaron⏩
Yes and no. If born in poverty, to have you and your children rise up out of it, all you need is a solid plan, and for nothing to go wrong for about 20 years. You plan for your child to go to university. If they work hard in school, they can do this.

But in that time you must not have your car smashed and need to be replaced. No-one in the family should get sick enough to need to go to the hospital for more than a day or two. Nobody should be arrested for something minor, requiring bail and legal fees. If fired or made redundant, you must not take longer than a month or so to find an equivalent job, and these periods of unemployment can't come more often than every five years or so. Don't work in a job that gets outsourced to China and leaves your city forever. Don't move cities, either. Your house should never be burglarised. You should never be mugged. Neither parent should leave the household. Any one of those things sets the family back a year or more.

In the USA: have a plan, work hard, be lucky for 20 years, and your family can move out of poverty.
Location: Melbourne, Victoria, Australia

Tell us more about what its like to grow up poor in the US
Training log: http://forum.obnoxiousbrutes.com/showthread.php?t=165829701
post 1552132311 05-23-2018, 07:38 AM
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#176
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Originally Posted By KyleAaron⏩
Yes and no. If born in poverty, to have you and your children rise up out of it, all you need is a solid plan, and for nothing to go wrong for about 20 years.

In the USA: have a plan, work hard, be lucky for 20 years, and your family can move out of poverty.
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.
☠ By reading this post, you have agreed to my negative reputation terms of service.
post 1552132411 05-23-2018, 07:40 AM
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#177
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Originally Posted By HMFIC_BROWSIN⏩
Saving 75%+ of income crew...

Spending is the exception of the rule for me these days.

I accumulate several thousands into investments every month as the majority use of my money.

Kind of surreal watching the portfolio balances swinging around the way they do.
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.
post 1552132661 05-23-2018, 07:44 AM
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#178
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That's sad when most miscers including myself make over $150k/year
post 1552132881 05-23-2018, 07:48 AM
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#179
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This is why I have a real problem with 'livable wage' bullchit.
40% of people aren't stuck at minimum wage.
post 1552133041 05-23-2018, 07:50 AM
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#180
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Pathetic
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