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What % of AMerican households could survive losing a paycheck?
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Date: February 16th, 2018 3:10 PM Author: house-broken razzle generalized bond nowag Earlier this month I closed a checking account and opened a new one. I changed the direct deposit info my employer has on file after the cutoff for the pay period, so now I won't see my Feb 15th check until the 28th. I'm fine, but it got me thinking: how many families could legitimately do without a paycheck for a couple weeks without feeling it financially? (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35418848) |
Date: February 16th, 2018 3:11 PM Author: Olive Kitchen Probably less than 15% (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35418856) |
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Date: February 16th, 2018 3:11 PM Author: Adventurous Cerise Regret Most would die (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35418867) |
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Date: February 16th, 2018 3:13 PM Author: Citrine well-lubricated sneaky criminal Nay, most would pay $$$ on credit card interest or pay day loans. (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35418871) |
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Date: February 16th, 2018 3:21 PM Author: Histrionic people who are hurt Seventy-eight percent of full-time workers said they live paycheck to paycheck, up from 75 percent last year, according to a recent report from CareerBuilder.
https://www.cnbc.com/2017/08/24/most-americans-live-paycheck-to-paycheck.html |
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Date: February 16th, 2018 3:21 PM Author: Histrionic people who are hurt That's according to a new survey conducted for GOBankingRates. Forty-one percent of men and 56 percent of women say that they are in that kind of precarious financial position. Meanwhile, a total of 61 percent — 52 percent of men and 69 percent of women — report that they don't have enough in an emergency fund to cover six months' worth of expenses.
https://www.cnbc.com/2017/06/29/heres-how-many-americans-are-living-paycheck-to-paycheck.html |
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Date: February 19th, 2018 1:23 PM Author: titillating patrolman I am completely shocked that 60% of people have enough in an 'emergency' fund for 6 months of expenses. Even for working class, that's going to be close to $10K. More than half the country is disciplined enough to save that and keep it on ice in the even of emergency? I doubt it. (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35437334) |
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Date: February 19th, 2018 1:27 PM Author: house-broken razzle generalized bond nowag I'm thinking these respondents are referring to savings they intend to use for buying a house or something similar. (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35437365) |
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Date: February 19th, 2018 1:31 PM Author: violent know-it-all hunting ground mother Date: February 19th, 2018 1:23 PM Author: Fat Plodding Law Beaver (Veteran of the Psychic Wars)
I am completely shocked that 60% of people have enough in an 'emergency' fund for 6 months of expenses. Even for working class, that's going to be close to $10K. More than half the country is disciplined enough to save that and keep it on ice in the even of emergency? I doubt it.
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Date: February 19th, 2018 1:33 PM Author: Galvanic selfie I can't read (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35437420) |
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Date: February 19th, 2018 2:07 PM Author: titillating patrolman I'm retarded. I am still equally shocked that anywhere near 40% would be able to claim this but I agree with the poster above that they're answering somewhat disingenuously. They might be able to scrape that cash together but very few are hoarding survival money. (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35437665) |
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Date: February 20th, 2018 4:22 PM Author: house-broken razzle generalized bond nowag I'd wager a significant percentage of people actually lose money every month. (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35446642) |
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Date: February 19th, 2018 2:01 PM Author: Violent property newt "Meanwhile, a total of 61 percent — 52 percent of men and 69 percent of women — report that they don't have enough in an emergency fund to cover six months' worth of expenses."
This is not right. 39% of the public does not have 6 months in an emergency fund. |
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Date: February 19th, 2018 2:07 PM Author: titillating patrolman (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35437666) |
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Date: February 16th, 2018 3:22 PM Author: excitant fear-inspiring deer antler Like literally survive? 100 percent. But be stressed? Close to 85 percent. (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35418977) |
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Date: February 19th, 2018 1:19 PM Author: house-broken razzle generalized bond nowag (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35437314) |
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Date: February 19th, 2018 1:58 PM Author: idiotic cobalt antidepressant drug stag film I remember I had a check that was lost by a company and I switched payment methods due to the inconvenience - I had previously only used paper checks as payment methods until that event. I got paid like 100 days later when they recognized the error - I didn't even complain.
Got me thinking similarly as well.
This country needs to incentivize saving money.
I remember a great aunt who lived through the depression - she had a regular job (like a sales clerk kind of thing for clothes) - but she had a million dollars in her bank account when she died and never put a dime into the stock market. Between that, social security and owning her 2 unit home, she had a real good standard of living when she retired and until her last day.
I don't know if she went past high school for education but it didn't matter. Through thrift and moderation she was able to afford a lifestyle. That was the American dream as I understood it - a society where if you wanted it, and were willing to make sacrifices, regardless of your station in life, you could have a secure future.
Back in the day, if you saved up $100,000 or so, that could really work for you for the rest of your life because of higher interest rates at the time. If you saved money early and just put it in a bank account back then, compounding would do WAY WAY WAY more for you because of the time advantage and higher compounding rate.
But now? It's LJL when you have 1~2% interest rates. |
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Date: February 19th, 2018 2:03 PM Author: Violent property newt I mean, those higher interest rates came with high inflation too, didn't they? Maybe less impact if you're frugal. (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35437648) |
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Date: February 19th, 2018 3:12 PM Author: violent know-it-all hunting ground mother Cr. (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35438115) |
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Date: February 19th, 2018 3:14 PM Author: idiotic cobalt antidepressant drug stag film They did, they did.
I think that the "inflation" argument is a catch-all that is convenient.
Buying a long bond when it was paying 15% or so is basically getting a WAY WAY WAY higher return than normal for equities. |
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Date: February 19th, 2018 3:20 PM Author: violent know-it-all hunting ground mother Nah. (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35438176) |
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Date: February 19th, 2018 2:04 PM Author: Carnelian death wish I'd guess close to 100%. The average american is like 60 pounds overweight, so it would take several months of nofood and nopaycheck for a family of them to starve out. (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35437657) |
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Date: February 19th, 2018 2:10 PM Author: bateful coffee pot home (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35437679) |
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Date: February 24th, 2018 11:30 AM Author: house-broken razzle generalized bond nowag I may end up missing ANOTHER paycheck. Lol. (http://www.autoadmit.com/thread.php?thread_id=3895074&forum_id=2#35476835) |