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Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names

 
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Old 05-29-2018, 04:49 AM   #1
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Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


Looks like 40 percent of America is living paycheck to paycheck and unfortunately that includes myself as well.

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The U.S. economy is not doing nearly as well as the mainstream media would have you believe. A few days ago I wrote about a new study that discovered that nearly 51 million U.S. households*ďcanít afford basics like rent and foodĒ, and just yesterday I discussed the fact that we are on pace for the worst year for retail store closings*ever. Now we have just gotten new numbers from the Federal Reserve which are absolutely staggering. According to the Fedís latest study, more than 4 out of every 10 Americans do not even have enough money to cover an unexpected $400 expense without borrowing the funds or selling something. In essence, nearly half the country has no significant financial cushion whatsoever. So what are all of those people going to do when the next economic crisis hits.
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Old 05-29-2018, 04:57 AM   #2
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


Been that way forever I think. My guys were always broke by Monday.


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Old 05-29-2018, 05:09 AM   #3
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


....but can afford cable tv and a $750 phone.

I'm sure not all. But I see many.

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Old 05-29-2018, 06:00 AM   #4
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


Some will be broke if the make a million a year.

Some will be able to save at the lower end of the pay scale.

Some spend their time complaining about it.
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Old 05-29-2018, 07:31 AM   #5
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


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....but can afford cable tv and a $750 phone.

I'm sure not all. But I see many.

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Old 05-29-2018, 07:45 AM   #6
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


Or they just don't have great jobs and trying to raise a few kids best they can in a very expensive area.


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Old 05-29-2018, 07:47 AM   #7
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


Do you make your lunch every day or buy it? What about dinner or breakfast? You have some sort of entertainment expense, cable, internet, pay tv? What about your vehicle, did you buy used or new? I assume you have a cell phone. Top of the line at the time, monthly cost is.....?

When I was little and living with the parents we had pretty much none of those expenses. Over the air TV means you bought the TV (and antenna system) and that was the only expense minus the electricity to run it. Ma Bell was your phone, if you were lucky you'd have two receivers in the house. Everyone bought used cars. No cell phone, no cable, no internet, no dish tv, no sports package, no luxuries.

If you are living paycheck to paycheck you need to recognize those expenses.
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Old 05-29-2018, 07:48 AM   #8
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


I'm not certain my parents would have had that $400 equivalent in the 1960's.

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Old 05-29-2018, 07:50 AM   #9
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


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Or they just don't have great jobs and trying to raise a few kids best they can in a very expensive area.


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Absolutely.

But most that complain about being broke that I know personally are the causation of their lack of funds. It also is constantly the same people throughout the last 20 years then I am friends with it either are good with their money or not, nothing to do with how much they make it has to do with how much they spend.

My nephew's mom is primarily been a single mom her whole adult life, now that her youngest is going to college next year I am sure she will have a large amount of cash stashed away soon because while she has been broke for the last 25 years she has not gone into debt and paid all of her bills on one income with no help other than family. Her savings will probably shoot through the roof because she does not have bad habits and has very good Financial discipline out of necessity

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Old 05-29-2018, 07:51 AM   #10
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


I also know a number of people who are good with not having 500 bucks in cash, they are happy and live good lives. They live for today and that is cool if that is cool with them.

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Old 05-29-2018, 08:08 AM   #11
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


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Some will be broke if the make a million a year.

Some will be able to save at the lower end of the pay scale.

Some spend their time complaining about it.
One of the best and most simple financial books I've ever read was in my early 20's.

"The richest man in Babylon"

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Old 05-29-2018, 11:09 AM   #12
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


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One of the best and most simple financial books I've ever read was in my early 20's.

"The richest man in Babylon"

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George Clason

Excellent book. Puts Rich Dad Poor Dad and Think and Grow Rich to shame in my opinion.

I actually just told my nephew the story from that book about the brickmaker going to buy the jewels when we were discussing business around Christmas. Wisdom

Another favorite line out of there is when the rich buddy is talking to his friends and they said how fortunate he was and he said how fortunate is the fisherman who spends Years Learning the practices and habits of fish that he catches a boat full? Preparation

Another from that same book is the same rich guy saying that willpower is just the fortitude to finish task that you set out to finish, and since he likes his leisure time he is careful not to set tasks that he cannot complete. Task management

Book has it all for a short simple book

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Old 05-29-2018, 11:21 AM   #13
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


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I also know a number of people who are good with not having 500 bucks in cash, they are happy and live good lives. They live for today and that is cool if that is cool with them.

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Isn't that what life insurance is for, to cover all your debt from living?

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Old 05-29-2018, 11:45 AM   #14
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


Well my area is the highest taxed in the nation and cost of living is very high.
We've had such a dismal economy for so long that many people have burned up their reserves. Any kind of Hiccup has put them in a desperate situation. So I could definitely see that as a possibility.

Many people got way over their head with homes and mortgages they never should have got.
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Old 05-29-2018, 02:26 PM   #15
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


I held off getting the internet in my household for just about as long as I could. When schools started giving homework assignments that were online or needed online references is when I finally had to give in.

You literally can't live without an email account in the modern world. And in the business world it's even more imperative.
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Old 05-29-2018, 04:07 PM   #16
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


CS Lewis is my favorite writer of all time. Although he was talking about charitable giving it translates to this conversation. If you have everything someone of the same means has... You probably aren't spending wisely.

Always been simple for us. If there is a month where we don't make as much as we spend (no matter the amount of money we have) then we adjust budget until the difference is made up. Vacation we spend more than we make, so we adjust the next few months to make up a difference. Usually you can live well below your income to expense ratio and put it in reserves.

That said, if we didn't have the money we'd try like hell not to borrow it (barring catastrophe like a death in family or something).

Just because you have the money doesn't mean it should be spent. While the opposite is true for us as well... If you don't have the money means it should NOT be spent.
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Old 05-29-2018, 04:24 PM   #17
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


I know many people that are happy living in debt just to drive a new car or eat out.

Some people just don't care. I always say if your bad with money more money doesn't make you better with money your just as bad with more money.

My sister in law is always proud to snap pics of herself spending 500 dollars on name brand food at the store while I'll spend 150 on half off meat and no name items and get twice as much. I don't see myself going hungry.

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Old 05-29-2018, 07:21 PM   #18
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


As long as you don't try to keep up with what others are spending their money on, it's pretty easy. No cable, pack a lunch, don't buy expensive name brand stuff that's no better than a cheaper counterpart (I'm all about quality items, just not stupid expensive items for no reason other than a name), buy a used car not a new car, this list can go on...

Some people are prone to spend money on a lot of wants, I'd rather spend it on the needs and be comfortable and not worry about how I'll make it another day.
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Old 05-29-2018, 07:41 PM   #19
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Re: Forty Percent Of Americans Donít Even Have Four Hundred Bucks To Their Names


It's all relative. As long as you have a good system for saving/investing and stick to it there is nothing wrong with spending some money on wants.

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Old 05-29-2018, 08:17 PM   #20
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It's all relative. As long as you have a good system for saving/investing and stick to it there is nothing wrong with spending some money on wants.

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I agree completely. I think a lot of people are spending money on wants when they shouldn't be because they aren't in a good financial place regarding saving/investing.

My wife and I are much more prone to saving/investing money as well as renovating our home to flip it. We've had a goal for the past 6 years of flipping houses and then buying land and building.

You don't get there on my income by eating out several times a week and going to the movies on the regular, etc...

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