When close to 50% of the population pay no taxes while collecting government benefits (much of that is welfare funded completely by the other 50% and some of it is Social Security benefits those people earned by working and paying into SS), it's not hard at all to believe that two-thirds don't save money. More could if they tried. I know a lot of people who are a paycheck away from real trouble, have no savings, but they have things I don't have (I cannot justify the cost when what I do have adequately serves my needs). I see people letting money flow through their fingers like water. And they blame the fact they never seem to have any money on those who were smart with their money and saved it.
According to this source https://www.gobankingrates.com/saving-money/saving... the percentage of Adult Americans with less than $1000 in their savings account was 57% for 2017, but 69% for 2016. It appears that the number is highly volatile, and one small windfall or expense can push a person either way.
I note that their methodology was to ask, "How much money do you have saved in your savings account?" This could be misleading, as a rich person might not even have a formal savings account at a bank. They might have a checking account, and the bulk of their money at a brokerage. I think it should have been phrased, "How much money do you have in savings?"
I am not sure of the statistic of 63%, however, there are many individuals that does not have a sufficient amount in to cover any potential emergency, such as attend an out of state memorial service for a family member, without going into debt,or borrowing the amount from a close friend or getting an advance on their earnings.
The same would apply if they were laid off from their jobs, they would not have a sufficient amount to cover, household expenses for one month.
In my upbringing I was taught that you should have a sufficient amount in an account to cover the minimum of 3 months of not being paid. I have arrived at the conclusion that in today's present economic situation you need more than 3 months of savings to cover your daily expenses. You should have a minimum of 9 months and perhaps a full year.of savings for emergencies that might arise.
Apparently this is no longer taught, Individuals have no savings to cover any type of emergency.
You should always be financially prepared for any emergency or have a rainy day fund on hand. Having funds on hand prevents any situation from being an emergency.
I hope this has been of some benefit to you, good luck.
Laws in place require you to pay for things or go to jail so you comply. Then you have unexpected things occur and doctors and hospitals are expensive. Maybe you have dental or vision problems, and those are unexpected costs. Maybe your pet gets sick, or you have required shots and tags to get for them. Your tires are 6 years old and need replaced, you must spend $1,000 on your car's maintenance per year. You have high cost of health insurance. Cost of rentals and mortgages have gone up. Cost of food has increased. You need to get car tag stickers every year, you need to update your drivers license, you have kids or elder parents you're taking care of. Then there's the cost of education, and you need to have a car these days. If you drink and drive and end up getting caught for speeding or otherwise then your car insurance goes up. On top of that you have to buy clothes. They say on our radio station that most people don't have $500 to pay for an emergency. In addition, if you live in a work at will state then they can let you go without notice, so you're stuck and might not even have enough money to search for a job, plus you'd need money to get you thru your first two weeks till you get a paycheck. If you are shown the door quickly they sometimes get away without paying you your vacation days so you don't even have gas to go sign up for food stamps.
yes ,, but they would not listen to a word of advice to cut spending
look at it this way 37% do and this is not a income thing
I make lots less than everyone I know yet I spend less on stupid things and save and invest
example I install TV antennas a $100.00 hardware investment (doing this free labor for friends and family it is not a income job FOR ME) and this brings in 60 channels free,, yet almost everyone I know pay over $120.00 a month for some kinds of pay for TV
in 10 months just on saved TV cost they would have the $1000.00 you ask of
I can save them another $300.00 at least a month if they listen
that is (over $10,000.00 saved over 10 years) just in TV in 40 years with earning it could be $100.000.00
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When close to 50% of the population pay no taxes while collecting government benefits (much of that is welfare funded completely by the other 50% and some of it is Social Security benefits those people earned by working and paying into SS), it's not hard at all to believe that two-thirds don't save money. More could if they tried. I know a lot of people who are a paycheck away from real trouble, have no savings, but they have things I don't have (I cannot justify the cost when what I do have adequately serves my needs). I see people letting money flow through their fingers like water. And they blame the fact they never seem to have any money on those who were smart with their money and saved it.
This is absurd to you? Where in the world do you live?
According to this source https://www.gobankingrates.com/saving-money/saving... the percentage of Adult Americans with less than $1000 in their savings account was 57% for 2017, but 69% for 2016. It appears that the number is highly volatile, and one small windfall or expense can push a person either way.
I note that their methodology was to ask, "How much money do you have saved in your savings account?" This could be misleading, as a rich person might not even have a formal savings account at a bank. They might have a checking account, and the bulk of their money at a brokerage. I think it should have been phrased, "How much money do you have in savings?"
I am not sure of the statistic of 63%, however, there are many individuals that does not have a sufficient amount in to cover any potential emergency, such as attend an out of state memorial service for a family member, without going into debt,or borrowing the amount from a close friend or getting an advance on their earnings.
The same would apply if they were laid off from their jobs, they would not have a sufficient amount to cover, household expenses for one month.
In my upbringing I was taught that you should have a sufficient amount in an account to cover the minimum of 3 months of not being paid. I have arrived at the conclusion that in today's present economic situation you need more than 3 months of savings to cover your daily expenses. You should have a minimum of 9 months and perhaps a full year.of savings for emergencies that might arise.
Apparently this is no longer taught, Individuals have no savings to cover any type of emergency.
You should always be financially prepared for any emergency or have a rainy day fund on hand. Having funds on hand prevents any situation from being an emergency.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
Laws in place require you to pay for things or go to jail so you comply. Then you have unexpected things occur and doctors and hospitals are expensive. Maybe you have dental or vision problems, and those are unexpected costs. Maybe your pet gets sick, or you have required shots and tags to get for them. Your tires are 6 years old and need replaced, you must spend $1,000 on your car's maintenance per year. You have high cost of health insurance. Cost of rentals and mortgages have gone up. Cost of food has increased. You need to get car tag stickers every year, you need to update your drivers license, you have kids or elder parents you're taking care of. Then there's the cost of education, and you need to have a car these days. If you drink and drive and end up getting caught for speeding or otherwise then your car insurance goes up. On top of that you have to buy clothes. They say on our radio station that most people don't have $500 to pay for an emergency. In addition, if you live in a work at will state then they can let you go without notice, so you're stuck and might not even have enough money to search for a job, plus you'd need money to get you thru your first two weeks till you get a paycheck. If you are shown the door quickly they sometimes get away without paying you your vacation days so you don't even have gas to go sign up for food stamps.
Half of my family doesn't have that much...but they're just kids.
Of course it is NOT true. Nobody polled me. That cannot possibly be a statistic.
I hope not, but it very possibly is true.
yes ,, but they would not listen to a word of advice to cut spending
look at it this way 37% do and this is not a income thing
I make lots less than everyone I know yet I spend less on stupid things and save and invest
example I install TV antennas a $100.00 hardware investment (doing this free labor for friends and family it is not a income job FOR ME) and this brings in 60 channels free,, yet almost everyone I know pay over $120.00 a month for some kinds of pay for TV
in 10 months just on saved TV cost they would have the $1000.00 you ask of
I can save them another $300.00 at least a month if they listen
that is (over $10,000.00 saved over 10 years) just in TV in 40 years with earning it could be $100.000.00
they do not listen but gripe about be being broke
Well I certainly don't...at least not for more than 24 hours at a time every other week on payday, but that comma disappears real fast.