Reports CNN Money:
A majority, or 64%, of Americans don’t have enough cash on hand to handle a $1,000 emergency expense, according to a survey by the National Foundation for Credit Counseling, or NFCC, released on Wednesday. Only 36% said they would tap their rainy day funds for an emergency. The rest of the 2,700 people polled said that they would have to go to other extremes to cover an unexpected expense, such as borrowing money or taking out a cash advance on a credit card.
Tell the truth LIFERS if you needed $1,000 in five minutes – would you have it??? We need our own survey to check these results.
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It’s a known fact that most Americans live paycheck to paycheck & that by only missing a single paycheck, they would face the possibility of becoming homeless (not to mention that they’re without healthcare).
Should it really come as a surprise that they also don’t have an extra $1,000 on hand, as their emergency expense fund?
Which makes you wonder why Republican candidates still receive votes in this country, when they only represent the wealthiest 1% of the population?
Simply put; Democrats are for the working man, while Republicans are for the businessman… oops, I mean the “Job Creators”. *sarcasm*
Of course this has something to do with Repubs… because eveil people want to bring down the USA, right?
The biggest reason most Americans do not have the 1000 dollars is
because most people don’t even try to save any money. Living from paycheck to paycheck wasn’t an excuse for my father and it can’t be an excuse for someone else. You can make it happen and legal too.
The second biggest reason? Inflation. Inflation has made the dollar worth far less then it was worth years ago.
I like how people argue against job creators but never say how they are not job creators when they own businesses who have jobs… own businesses that have jobs… I wonder what Jay-Z would say? Job creator or just a money hoarder?
Single, 31 got $250k in cash saved.. plus my $350k condo ($110k in equity) plus my motorcycle and car paid for while taking excellent care on my 4 kids. Holla!!!
If the 2012 elections don’t yield a favorable outcome for the American public, we may all need to consider relocating to Toronto and seeking work with/for you.
Canada here I come. Aye yo Toronto dude, can I crush at your place for a week?
Canaduhhh homey you need to write a book. You could teach a few broke ass negroes like myself a little sumthin.
i made a good chunk of my money from real estate. Canada wasn’t really hit from the recession. Our real estate value has been appreciating more and more over the past decade or two. I think home ownership is a major step in achieving personal wealth.
Ummm Toronto Dude…great that you have all that money saved and a condo and what not….but ummm you are “single” at 31 with 4 kids???? Ummm really, where they do that at…oh yeah Canada! Something does not sound right…but I won’t knock your hustle
Word WTF, single with 4 kids. I got one kid in brooklyn and the state has me shedding 17% of my gross monthly plus freakin’ child care…
…and what’s ironic is I was born in Toronto! I’m sure i could still get a passport if I needed one. I need to look in to that!
I’m good for it…but then again, outside of clothes, I’m pretty modest and live well within my limits. And I don’t drink either, saves a ton.
I don’t have it, flat out. no frontin’ here.
brother got laid off n foreclosed on.
I think the 64% is generous.
Be interesting to see what percent of the 64% are paying $500+ car notes each month. American’s, just like the feds have a spending problem, not a revenue problem.
As true as it may be, that most Americans are “living on day dreams”; meaning that they buy things that they really can’t afford. And by doing so, it helps the economy by supporting corporations from whom they purchase goods.
Therefore, the means justify the end, because, we have a Capitalist economy. If we didn’t have consumers in this country who spend the way that they do, it would eventually result in an economic market crash.
It really is a double edged sword, because, corporations thrive on revenue and promote excess & luxury (just as this site does), yet we discourage the consumer for doing exactly what we’ve been programmed to do: spend like crazy & blow money fast.
Which is why I believe that economics & wealth management courses should be mandatory in every school in this country, starting in middle school, with refresher & advanced courses given every year thereafter.
QUOTE
As true as it may be, that most Americans are “living on day dreams”; meaning that they buy things that they really can’t afford. And by doing so, it helps the economy by supporting corporations from whom they purchase goods.
END QUOTE
It is obviously NOT helping the economy because most Americans have personal debt larger than any time in history. That help this was to the economy you were told about is an illusion.
BTW whenever someone says the ends justify the means, watch out because the means “means” killing you and your family then its ok to save the collective. Its NOT ok.
Corps thrive on revenue aka profit aka savings (to pay its executives, investors and workers… but I am sure you don’t think about that, just about the money you want to take from them… you dream about it don’t you)… don’t YOU thrive on profits/revenue/savings just like they do?
Promote excess. and luxury?
*sigh* I am sure promoting success, luxury and excess has its negatives, it also has its positives. Either way, you get what you put in. If its bad to promote excess (like having savings… you know, profit) then let the people who are doing it FAIL.
We are not mindless drones. There are consequences to our actions. Having a car is not a necessary nor is having a cell phone. I bet right there you can get your 1000 dollars.. I don’t do it, so why DO YOU do it?
ONE THING we can agree on is that economic, FINANCE, wealth management, LAW, business (because why do I HAVE to work for you? I can work on my own business). Learn the basics (the rest is up to you) about starting YOUR OWN BUSINESS and turning an idea into reality. No one should come out of 12th grade with out knowing what a P/E ratio is, a statement of cashflows and the difference between an LLC and a LLP.
I understand having a heart and that Americans are hurting… but I want a way up and out that I can provide for myself, not something given to me because you took it from someone else who has more.
You seem to imply that most people would prefer that a hand out be given to them, as opposed to working/earning what they have. Though the reality of it is that most people do work, if they are even lucky enough to have a job, at this time. But, it’s gotten to a point were earning a living wage is very difficult to acheive, thanks to inflation (as you mentioned), rising or stablized unemployment rates (in some areas)& jobs being outsourced to other countries just so that major corporations can rake in record profits, while paying their employees very low wages and even some companies who purchase machines to replace skilled workers. Look at Detroit for an example.
Make no mistake about it: US companies are making record profits. Hooray! That must mean that new hiring of workers is just around the corner, right? Not so fast, my friend. Workers are expensive, especially in a county without universal healthcare that helps limit rising health care costs. So what’s a company to do? That’s easy: invest in machines, not people. And the machines they are buying are in large part from foreign manufacturers.
Many of the companies that are considering hiring say they are scared off by the uncertain future costs of health care and other benefits. But with the blessings of their accountants, these same companies are snatching up cheap, tax-subsidized tractors, computers and other goods.
Meanwhile, the “Job Creators”/Major Corporations (whom we’ve already established aren’t hiring american workers) are paying record low amounts of taxes… the lowest they’ve ever been in over 50 years. How is that fair?
I’ve had about $3000 sitting on my dresser in an envelope for about 4 months now. Keep thinking I should put it in the bank. I have it but i’m managing my money poorly now. I can tell you who does have it…’my babymother’!
I earned 14K one year as a security guard… sadly AFTER I graduated college (never thought that would happen). I saved 1600.
How? No cell phone, no car, moved back with family (no rent), no clothing allowance, no eating out, no air conditioner, no big computer…
I needed to save more than that but I ended up losing the job.
That is when I decided that I had enough of waiting for someone to hire me… I decided to hire myself.
Been on a mission ever since.
thankfully yes!
yep. i got this one.