If the cost of living were not so obtuse maybe they could. Maybe growth for growth’s sake was a bad way to gauge the health of the economy? Why would it matter that corps produced more g&s if the products need subscriptions, break easily, or become obsolete in a year?
Bidenomics at work. Stop complaining.
>A majority of Americans say they can’t afford a $1,000 emergency expense, a recent report from Bankrate finds.
>Only 44% of Americans surveyed said they **could** use their savings to pay for an unexpected expense
So lets read the underlying report.
>Many would borrow in an emergency. Only 44% of U.S. adults **would** pay an emergency expense of $1,000 or more from their savings, as of December 2023 polling. 35% would borrow money, including 21% who would finance with a credit card
There is a big difference between “could” and “would”. Now seeing that I am getting “Low Current Balance Alert” from my credit union, I’m not particularly liquid at this time, but I would be by the time my credit card that I would use for the $1000 expense is due.
The credit card is my emergency funding source.
(The reason for that low balance message is because the credit union insults my intelligence with their low interest rates.)
This is just transitory.
This has been true for years but the number probably goes up.
I have a good job. It pays way higher than the average salary in the U.S., but the cost of living in the major city where I finally found employment is absolutely insane.
Just got hit with a surprise $1,500 expense and I’m pulling it from a retirement account.
This, despite living with no car, no house, no social life, no travel, no medical issues, 10 year old clothes that don’t fit anymore, a 7 year old computer, zero entertainment spending, and $60k deep in student loans.
But I did get an Air Fryer for $200 off on Black Friday.
Greatest country in the world.
Because people will not sacrifice a single thing now to save money for an emergency in the future. LIke fucking toddlers gobbling snacks.
People with 5-6 subscriptions, bullshit soda addictions and hitting fast food for 2-3 meals per day can’t understand how people build a 1,000 emergency fund. Its not rocket science. You forgoe shit you want now and build up the fund.
So you’ll have to live with an 5 year old iphone and not buy a big gulp at every gas station you see or mabye leave those cases of soda back on the shelf. Do that for a year and you’ll have your $1,000
I’m curious. Are those of you saying people prefer to pay with a credit card rather than tap savings saying they’ll carry a balance on a card rather than tap savings or charge the emergency on the card but pay the full statement balance?
In my head, charging the emergency and paying the statement balance is equivalent to paying for the emergency out of my checking account.
One of the biggest issues in the US is credit cards. That’s how a majority of Americans live above there means. Without credit cards, people would realize prices are not affordable and then companies/landlords would follow suit and drop prices to make it affordable to average Americans.
That’s the ultimate Psyop the wealthy/elites have come up with. A credit card to the average/poor American to let them appear as if they have money and can afford the goods while also collecting interest from them. It’s no wonder most Americans don’t have any savings.
I feel like I have to pay for a $1000 emergency every month. Problems constantly come up between home ownership, vehicles, or medical health.
At the end of 2022 (most recent data available), 73 percent of adults were doing at least okay financially, meaning they reported either “doing okay” financially (39 percent) or “living comfortably” (34 percent). The rest reported either “just getting by” (19 percent) or “finding it difficult to get by” (8 percent). 54% of families have enough cash to cover three months of expenses. 46% of adults could cover a sudden expense of $2k using only savings.
That is to say, I call bullshit. Who wrote this report? Ah. Bankrate. Yeah, I’m gonna trust FRED.
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If the cost of living were not so obtuse maybe they could. Maybe growth for growth’s sake was a bad way to gauge the health of the economy? Why would it matter that corps produced more g&s if the products need subscriptions, break easily, or become obsolete in a year?
Bidenomics at work. Stop complaining.
>A majority of Americans say they can’t afford a $1,000 emergency expense, a recent report from Bankrate finds.
>Only 44% of Americans surveyed said they **could** use their savings to pay for an unexpected expense
So lets read the underlying report.
>Many would borrow in an emergency. Only 44% of U.S. adults **would** pay an emergency expense of $1,000 or more from their savings, as of December 2023 polling. 35% would borrow money, including 21% who would finance with a credit card
There is a big difference between “could” and “would”. Now seeing that I am getting “Low Current Balance Alert” from my credit union, I’m not particularly liquid at this time, but I would be by the time my credit card that I would use for the $1000 expense is due.
The credit card is my emergency funding source.
(The reason for that low balance message is because the credit union insults my intelligence with their low interest rates.)
This is just transitory.
This has been true for years but the number probably goes up.
I have a good job. It pays way higher than the average salary in the U.S., but the cost of living in the major city where I finally found employment is absolutely insane.
Just got hit with a surprise $1,500 expense and I’m pulling it from a retirement account.
This, despite living with no car, no house, no social life, no travel, no medical issues, 10 year old clothes that don’t fit anymore, a 7 year old computer, zero entertainment spending, and $60k deep in student loans.
But I did get an Air Fryer for $200 off on Black Friday.
Greatest country in the world.
Because people will not sacrifice a single thing now to save money for an emergency in the future. LIke fucking toddlers gobbling snacks.
People with 5-6 subscriptions, bullshit soda addictions and hitting fast food for 2-3 meals per day can’t understand how people build a 1,000 emergency fund. Its not rocket science. You forgoe shit you want now and build up the fund.
So you’ll have to live with an 5 year old iphone and not buy a big gulp at every gas station you see or mabye leave those cases of soda back on the shelf. Do that for a year and you’ll have your $1,000
I’m curious. Are those of you saying people prefer to pay with a credit card rather than tap savings saying they’ll carry a balance on a card rather than tap savings or charge the emergency on the card but pay the full statement balance?
In my head, charging the emergency and paying the statement balance is equivalent to paying for the emergency out of my checking account.
One of the biggest issues in the US is credit cards. That’s how a majority of Americans live above there means. Without credit cards, people would realize prices are not affordable and then companies/landlords would follow suit and drop prices to make it affordable to average Americans.
That’s the ultimate Psyop the wealthy/elites have come up with. A credit card to the average/poor American to let them appear as if they have money and can afford the goods while also collecting interest from them. It’s no wonder most Americans don’t have any savings.
I feel like I have to pay for a $1000 emergency every month. Problems constantly come up between home ownership, vehicles, or medical health.
At the end of 2022 (most recent data available), 73 percent of adults were doing at least okay financially, meaning they reported either “doing okay” financially (39 percent) or “living comfortably” (34 percent). The rest reported either “just getting by” (19 percent) or “finding it difficult to get by” (8 percent). 54% of families have enough cash to cover three months of expenses. 46% of adults could cover a sudden expense of $2k using only savings.
That is to say, I call bullshit. Who wrote this report? Ah. Bankrate. Yeah, I’m gonna trust FRED.
I feel like this percentage changes every week