Paycheck-to-paycheck nation: 59% of Americans wouldn’t cover a $1,000 expense with savings

7 comments

1. This percentage is about to go up and the number they can afford is about to go down. We’re in for a bumpy ride.

2. This is crazy. In the wealthiest serious country in the world (per capita GDP and population over 10m). As an Australian, HOW CAN US citizens accept this? On my definition of serious, the Netherlands and Australia come next in per capita GDP but oh what a difference in quality of life! Compared to us, health outcomes (falling life expectancy), guns (are you guys CRAZY?? – we have plenty of guns just not available and capable of mass murder), safety net (what safety net expires after 6 months??) and general lack of trust (ok, I can see your government is bought and paid for – idiot supreme court on Citizens United and Nancy Pelosi’s share portfolio) – nevertheless, there are many dedicated civil servants and scientists. Man the fuck up (yes I know it’s sexist but most of our women would say it this way even if talking to a female)! The rest of us democracies need the 300m+ of you to get serious in building a robust inclusive democracy. BE NICE TO EACH OTHER. AOC for President!!

3. because 90% of Americans drive a car they can’t afford, have a Luis Vuitton bag, and a new iPhone every year.

4. Urban sprawl has made the typical American lifestyle more expensive. Suburbs primary zone for single family homes which are larger than necessary, in subdivisions that lack public transportation, and are miles away from conveniences (shopping, work, school, etc).

   Every adult in a suburb basically must own their own car and use it daily. Even a free car given by a family member still comes with the expense of car insurance and gas. Simply getting to and from work costs a few hundred dollars a month.

   Cities have multi use housing rather than systematic single family homes. Apartments, condos, lofts, townhomes, duplexes, etc increases the likelihood of finding a dwelling that fits one’s needs. Cities generally have public transportation which means a person can live car free for extended periods as needed to save money.

   Obviously increasing wages would be useful but the additional pay wouldn’t go far unless folks adjust their lifestyles. Unless one is married with 3 or more kids they shouldn’t be living in a suburb.

5. I was reading this week about 6 Americans current trial in the UK for cocaine trafficking. 2 were homeless. 1 had cancer. They were all incredibly young and their “fee” for travelling from the US to the UK and back to move Columbian bags was about $5k each. It was all really sad.

6. Financial literacy seriously needs to be taught in high school. I’m sure the DOE never mandated it because our economy is so dependent upon US citizens spending money

7. I don’t really have a savings account, I put most of my spare money in investments, retirement or otherwise.

   I feel like if a $1,000 expense occurs I would just shuffle around expenses? Like buy less stocks and *maybe* carry a balance for a month on a credit card.

   Like the interest on a single month is way less than I make by aggressively investing.

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