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(Chicago Trib)   Are you one of the 49% who don't have enough emergency savings to cover three months of expenses?   (chicagotribune.com) divider line 95
    More: Fail, Americans, Greg McBride, CFA, expenses, continental United States, saves, emergency savings, representative samples  
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1888 clicks; posted to Business » on 26 Jun 2012 at 8:30 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



95 Comments   (+0 »)
   
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2012-06-26 08:34:17 AM
I don't think I have three days' worth.
 
2012-06-26 08:35:37 AM
Nope, I've got enough to cover a year's expenses. Being single and not having to take care of a family has its advantages.
 
2012-06-26 08:40:19 AM
How many people have used theirs up already? Or work such shiatty jobs that saving anything is a pipedream?
 
2012-06-26 08:42:28 AM
Living paycheck to paycheck pretty much ensures you rarely, if ever, have anything akin to savings.

It's how the bottom 50% lives.
 
2012-06-26 08:44:03 AM
i have enough for 10 years.
 
2012-06-26 08:44:29 AM
Nope.
 
2012-06-26 08:45:55 AM
I save a six month emergency fund every paycheck like every American should.
 
2012-06-26 08:45:57 AM
Nope. Easily accessible? No, that's only about a month's worth. Do I have that much? Sure. it'd take a couple of days to get out of the various financial institutions.
 
2012-06-26 08:49:20 AM

trotsky: How many people have used theirs up already? Or work such shiatty jobs that saving anything is a pipedream?


Lots of them. I know my savings is nowhere near what it should be. I'd move for better work, but I can't sell my house and realize any actual cash to finance a move, not that anyone could buy it even if it still had equity. I mean I knew housing prices were overinflated, but really, I didn't think values would plummet 50%
 
2012-06-26 08:50:00 AM
Depends....do I have it in a savings account I can tap? No, but I can always go into my retirement and pull out a decent amount if my world collapsed on me.
 
2012-06-26 08:51:14 AM
No. Next question.
 
2012-06-26 08:53:56 AM
I can cover more than that, but the answer is yes.

Hint for those of you who don't:
Cellphones, pay television, and gas-guzzling trucks (unless you haul things in it for your job) are luxuries. I could live solely on the money most people spend on those three things alone without going on welfare.
 
2012-06-26 08:55:19 AM
For the first time in my life I hit that...well today actually (Tuesday paydays WTF)

Bought a house and thought that I should save up more than a month in advance. It was a long tough struggle to build that up and i'll probably dip into it next month, but its also personal battle to get it up that high.
 
2012-06-26 08:55:29 AM

Balchinian: I can cover more than that, but the answer is yes.

Hint for those of you who don't:
Cellphones, pay television, and gas-guzzling trucks (unless you haul things in it for your job) are luxuries. I could live solely on the money most people spend on those three things alone without going on welfare.


Psh, if you want to call that living.
 
2012-06-26 09:00:12 AM
I'd probably juuuuust make it. I could tap things that I don't consider "savings" though.
 
2012-06-26 09:00:45 AM
Many of you seem not to ha,ve that thing called "wife."

.
 
2012-06-26 09:03:30 AM
Three months? I don't have enough for two weeks.
 
2012-06-26 09:12:34 AM

DistendedPendulusFrenulum: Many of you seem not to ha,ve that thing called "wife."


hah, she's the one pulling me back at the grocery store and saying "if it's not food for breakfast lunch or dinner (ie. on her list), we are not buying it."

I hear what you're saying though because I'll get the occasional, "you would not believe how much I saved at the clothing store."

We are in the midst of buying a house so our emergency fund is going from six-eight months to two-three months with a much larger mortgage. I've budgeted and I think it will take another year or more to get back up to six month fund - I anticipate our first baby costing us a fortune.

After saving up all that coin, I couldn't imagine being cash poor again. Buying all of our appliances on a 0% credit card and paying it off within the introductory APR.
 
2012-06-26 09:13:40 AM
Lol, I just switched jobs and was already living paycheck to paycheck. So now I'm living on credit for a few weeks.

Getting paid very little more than I was in a similar job 12 years ago. Oh well, its my like 3 industry change in 5 years.
 
2012-06-26 09:16:59 AM
I'm always 2 weeks from homelessness. I've never lived any other way as an adult and I'm in my 40s. On a couple of rare occasions in my life I managed to get a little ahead and just found that I didn't really feel like working anymore at that point.

I don't own a car or any of that other fancy stuff other people take for granted. I find the fear of sleeping on a park bench to be the best motivator to show up for work I know about. I can't imagine having a three-month supply of money lying around, hell if I make it to payday without a visit to Amscot, that's a damn victory in my world.

You successful people are strange. Why bother?
 
2012-06-26 09:23:21 AM
Does 401K count? I've borrowed from it in the past. With the interest on the "loan" going to myself, some quarters I was my own best investment...

/could live a year on it
 
2012-06-26 09:23:45 AM

Balchinian: I can cover more than that, but the answer is yes.

Hint for those of you who don't:
Cellphones, pay television, and gas-guzzling trucks (unless you haul things in it for your job) are luxuries. I could live solely on the money most people spend on those three things alone without going on welfare.


Could probably live without a device capable of posting to Fark too.
 
2012-06-26 09:25:38 AM

Starfly: DistendedPendulusFrenulum: Many of you seem not to ha,ve that thing called "wife."

hah, she's the one pulling me back at the grocery store and saying "if it's not food for breakfast lunch or dinner (ie. on her list), we are not buying it."

I hear what you're saying though because I'll get the occasional, "you would not believe how much I saved at the clothing store."

We are in the midst of buying a house so our emergency fund is going from six-eight months to two-three months with a much larger mortgage. I've budgeted and I think it will take another year or more to get back up to six month fund - I anticipate our first baby costing us a fortune.

After saving up all that coin, I couldn't imagine being cash poor again. Buying all of our appliances on a 0% credit card and paying it off within the introductory APR.


I'm in a similar situation, just with a fiance.
Just bought a house so my savings went into that. It took me a year to build up my savings. House repairs got a little more than I expected.

The 0% cards were a lifesaver. Got a Citi card right after we bought the house that was 0% for 22 months on purchases for 3 months. So we threw all our purchases on that and any income went into savings. After the three months we paid it off with any spare cash. Just paid it off last month.
I have a HD, Lowes, Firestone and a few other 0% for 6months cards. It helps a ton to spread out the cost over a few months rather than a hit of a few hundred.

Check out scratch and dent places for appliances. I got our fridge, stove, microwave all for less than a grand total. Bosch brand and 0% for 12 too.
 
2012-06-26 09:26:21 AM

DistendedPendulusFrenulum: Many of you seem not to ha,ve that thing called "wife."

.


Or "kids."

If I didn't have them, I'd sell what I have and be on my way to France to join the French Foreign Legion. New name, 3 years to French citizenship, 2 more years after that and you're out with 100000 euro in your pocket.
 
2012-06-26 09:27:06 AM

Balchinian: I can cover more than that, but the answer is yes.

Hint for those of you who don't:
Cellphones, pay television, and gas-guzzling trucks (unless you haul things in it for your job) are luxuries. I could live solely on the money most people spend on those three things alone without going on welfare.


I really wouldn't say a cellphone is a luxury considering most people use them instead of house phones. It just depends on what kind and what type of plan you have. An Iphone or most other smart phones with a data plan, yeah that is a luxury that you could do without unless it is also your only internet device.
 
2012-06-26 09:30:02 AM

Confabulat: I'm always 2 weeks from homelessness. I've never lived any other way as an adult and I'm in my 40s. On a couple of rare occasions in my life I managed to get a little ahead and just found that I didn't really feel like working anymore at that point.

I don't own a car or any of that other fancy stuff other people take for granted. I find the fear of sleeping on a park bench to be the best motivator to show up for work I know about. I can't imagine having a three-month supply of money lying around, hell if I make it to payday without a visit to Amscot, that's a damn victory in my world.

You successful people are strange. Why bother?


I'm far for what society deems successful, but I couldn't live like you. I'd be a nervous wreck with bleeding ulcers.

I need at least some illusion of a cushion for when shiat inevitably falls apart.
 
2012-06-26 09:36:09 AM
Listen to Dave Ramsey minus the Jesus stuff, follow his plan and you'll be fine. Creating a budget to get rid of debt can suck but it works.
 
2012-06-26 09:37:53 AM
How can I maintain an emergency cash reserve when I've been stockpiling ammunition, dried food, and pre-1964 quarters for the upcoming polar-shift/economic-collapse/sudden-climate-change/race-war/supervolc ano-eruption/solar flare that's just around the corner?

/because if there's one thing people will need in a starvation ridden, post apocalyptic wasteland, it's small change.
 
2012-06-26 09:39:12 AM

Confabulat: You successful people are strange. Why bother?


You shiftless bums are strange. Why not put a little effort forward?

The answer to both questions is: because that's the life we choose.

By the way, you're welcome. Us successful people are also the ones holding out that teat you're inevitably going to need for suckling when something happens that pushes you off that razor's edge.
 
2012-06-26 09:39:54 AM

Nezorf: Check out scratch and dent places for appliances. I got our fridge, stove, microwave all for less than a grand total. Bosch brand and 0% for 12 too.


Good call, we have a SEARS outlet that usually has discounts (returns, exchanges go there) on dented appliances, got my dishwasher there when we bought our first home three years ago. Also looking at buying coupons on Ebay for 10% off purchases at your LOWES etc.
 
2012-06-26 09:44:50 AM
If the wife and I both lost our jobs tomorrow... I would estimate 11 months. If you factor in unemployment benefits... we could probably go unemployed for 18 months before tapping into retirement accounts.

I couldn't sleep at night living on the razor's edge the way some people do.
 
2012-06-26 09:52:30 AM
If my wife and I both lost our jobs, our biggest issue would be emergency healthcare for our daughter. Barring that, we could easily modify our lifestyle so that our biggest annual expense would be municipal taxes at around $10k / year. Figure another $10k for the rest (utilities, food, maintenance)...I think we could get by for a couple years without too much of an issue. Babby's college fund would cease growing but the world needs ditch diggers too.
 
2012-06-26 10:10:34 AM
The stock market probably cost me that much the last three days.
 
2012-06-26 10:16:21 AM

Balchinian: I can cover more than that, but the answer is yes.

Hint for those of you who don't:
Cellphones, pay television, and gas-guzzling trucks (unless you haul things in it for your job) are luxuries. I could live solely on the money most people spend on those three things alone without going on welfare.


Guess how I can tell how old you are? I would agree with you on the other items, but a good chunk of people these days have foregone a land line for a cell.
 
2012-06-26 10:16:47 AM

Starfly: Nezorf: Check out scratch and dent places for appliances. I got our fridge, stove, microwave all for less than a grand total. Bosch brand and 0% for 12 too.

Good call, we have a SEARS outlet that usually has discounts (returns, exchanges go there) on dented appliances, got my dishwasher there when we bought our first home three years ago. Also looking at buying coupons on Ebay for 10% off purchases at your LOWES etc.


Watch out for those coupons. Some are bunk, or already used. The best bet for me was look on Craigslist for people selling gift cards for reduced prices. I've bought a $500 card for $400 off some guy (or 150 for 80). But be sure to meet at a store to verify the amount and then immediately buy another gift card with the gift card.

Some jackasses around here have been selling Best Buy gift cards and then draining the funds. They meet you in the parking lot, go inside/online and verify the info, but then have their buddy buy something online immediately after you hand over the cash. That's why i suggest buying another gift card immediately to change the codes.
 
2012-06-26 10:21:06 AM

Confabulat: I'm always 2 weeks from homelessness. I've never lived any other way as an adult and I'm in my 40s. On a couple of rare occasions in my life I managed to get a little ahead and just found that I didn't really feel like working anymore at that point.

I don't own a car or any of that other fancy stuff other people take for granted. I find the fear of sleeping on a park bench to be the best motivator to show up for work I know about. I can't imagine having a three-month supply of money lying around, hell if I make it to payday without a visit to Amscot, that's a damn victory in my world.

You successful people are strange. Why bother?


I'm curious as to where in the pay scale you are? I'm about to be 36 and I make pretty good money but I have the same story. everytime I start to get ahead I lose it! It's really quite ridiculous.
 
2012-06-26 10:34:58 AM
I have enough cash to cover 20 years of expenses, but the problem is that my pay rate has dropped dramatically. I'm at the point where I'm pulling over $2K per month from savings just to maintain.

At times I simply surrender and accept that I will never find a remotely worthwhile job.
 
2012-06-26 10:36:01 AM

Zeno-25: Guess how I can tell how old you are? I would agree with you on the other items, but a good chunk of people these days have foregone a land line for a cell.


I'm guessing he's saying most people don't really need a smart phone. Calls, texts and you're good. But NEEDING a smart phone to take stupid pictures of you and your drunk friends and posting them to facebook or to constantly twittering about what you're having for lunch isn't necessary. Say your phone plus data package is $100...you could save so much more just by sticking with the basics and paying $40 a month or less for service. That's $60 a month you'll save, $720 a year...$1440 over the life of a typical 2 year contract. Imagine that amount saved or put towards your lowest debt total...pay that off then take the sum of what you were paying and add it to your next lowest debt. BAM! Before you know it you'll have breathing room.
 
2012-06-26 10:56:16 AM

DirkValentine: Confabulat: I'm always 2 weeks from homelessness. I've never lived any other way as an adult and I'm in my 40s. On a couple of rare occasions in my life I managed to get a little ahead and just found that I didn't really feel like working anymore at that point.

I don't own a car or any of that other fancy stuff other people take for granted. I find the fear of sleeping on a park bench to be the best motivator to show up for work I know about. I can't imagine having a three-month supply of money lying around, hell if I make it to payday without a visit to Amscot, that's a damn victory in my world.

You successful people are strange. Why bother?

I'm curious as to where in the pay scale you are? I'm about to be 36 and I make pretty good money but I have the same story. everytime I start to get ahead I lose it! It's really quite ridiculous.


I'm in the same boat, being 35. I make good money, just shy of 6 figures, but still pretty much live paycheck to paycheck. Most of this is due to the fact that I spend like a drunken sailor on shore leave. I do have retirement savings but I really don't count that. I tend to at the most have 1 months worth of cash saved, with about lot 3 months worth of credit that I leave available.

/Yes, I am terrible with money
 
2012-06-26 11:14:46 AM
I think all of you complaining that you can't make ends meet while making good money should let me manage your finances for you. My wife and I just got out of graduate school. I make hardly anything at my job but get good benefits. She is working on mental health licensure which is really expensive and we still have 1 month's worth of money put back. We both own our cars (purchased for fuel efficiency vs. low cost), have cellphones (not smartphones, data plans are stupid), and have pay television. We rent a house and have no kids which helps tremendously. Our biggest expense is our expensive dog which we got as a graduation present to ourselves. If you're making over $40k a year and living paycheck to paycheck, you're doing it wrong. Let me take over and for a mere 5% fee get you back on the right track.
 
2012-06-26 11:15:30 AM
I've got about half a year's worth.
 
2012-06-26 11:24:14 AM
Easily accessible? I have about 2 years worth. Got more in another account that'd take a few days to get to. Of course, if we move next yer like we're planning, there'll be some significant account drainage.

/learned his lesson a while ago
//much better prepared now
 
2012-06-26 11:24:51 AM

Balchinian: Cellphones, pay television, and gas-guzzling trucks (unless you haul things in it for your job) are luxuries. I could live solely on the money most people spend on those three things alone without going on welfare.


It's not gas-guzzling trucks that make no financial sense, it's car payments of any sort. If you can get a 1985 Ford F150 beater truck that runs for 2 grand and drive it for two years without major repairs (granted, you'd have to be lucky) - you'll come out so far ahead you could keep doing it the rest of your life and still save money. Gas consumption is not the major cost component of a vehicle for the vast majority of Americans. The car payment is.

Leasing wrecks more finances than gas-guzzling does.
 
2012-06-26 11:25:08 AM
I've got an old refrigerator box and a pallet of Ramen noodles.

polytical.org
 
2012-06-26 11:33:04 AM

WhiskeySticks: Zeno-25: Guess how I can tell how old you are? I would agree with you on the other items, but a good chunk of people these days have foregone a land line for a cell.

I'm guessing he's saying most people don't really need a smart phone. Calls, texts and you're good. But NEEDING a smart phone to take stupid pictures of you and your drunk friends and posting them to facebook or to constantly twittering about what you're having for lunch isn't necessary. Say your phone plus data package is $100...you could save so much more just by sticking with the basics and paying $40 a month or less for service. That's $60 a month you'll save, $720 a year...$1440 over the life of a typical 2 year contract. Imagine that amount saved or put towards your lowest debt total...pay that off then take the sum of what you were paying and add it to your next lowest debt. BAM! Before you know it you'll have breathing room.


Currently have full data, text, internet and plenty of minutes for $50 a month. But my work pays for my phone now a-days anyway so meh.

Cutting back on internet/data I would only save maybe $20 a month. There are plenty of other places to cut back on. Fancy food, coffee, booze, driving, purchases, clothing, booze, hobbies, etc
 
2012-06-26 11:43:35 AM

ModernPrimitive01: I think all of you complaining that you can't make ends meet while making good money should let me manage your finances for you. My wife and I just got out of graduate school. I make hardly anything at my job but get good benefits. She is working on mental health licensure which is really expensive and we still have 1 month's worth of money put back. We both own our cars (purchased for fuel efficiency vs. low cost), have cellphones (not smartphones, data plans are stupid), and have pay television. We rent a house and have no kids which helps tremendously. Our biggest expense is our expensive dog which we got as a graduation present to ourselves. If you're making over $40k a year and living paycheck to paycheck, you're doing it wrong. Let me take over and for a mere 5% fee get you back on the right track.


Yeah, I want to take advice from a guy whose dog costs more than his rent.
 
2012-06-26 11:58:45 AM
I did but got hit with a emergency that took away half of it. Im slowly building it back up, however the roomate is hampering my efforts with her stupidity.
 
2012-06-26 12:02:31 PM
WhiskeySticks

"Listen to Dave Ramsey minus the Jesus stuff, follow his plan and you'll be fine. Creating a budget to get rid of debt can suck but it works."


THIS
 
2012-06-26 12:09:31 PM
I'm bound by law to have no more than $2000 in assets.
 
2012-06-26 12:15:07 PM
clearly the answer is tax cuts for the rich and less regulation.
 
2012-06-26 12:17:56 PM

WhiskeySticks: Zeno-25: Guess how I can tell how old you are? I would agree with you on the other items, but a good chunk of people these days have foregone a land line for a cell.

I'm guessing he's saying most people don't really need a smart phone. Calls, texts and you're good. But NEEDING a smart phone to take stupid pictures of you and your drunk friends and posting them to facebook or to constantly twittering about what you're having for lunch isn't necessary. Say your phone plus data package is $100...you could save so much more just by sticking with the basics and paying $40 a month or less for service. That's $60 a month you'll save, $720 a year...$1440 over the life of a typical 2 year contract. Imagine that amount saved or put towards your lowest debt total...pay that off then take the sum of what you were paying and add it to your next lowest debt. BAM! Before you know it you'll have breathing room.


Virgin Mobile. Phones start at $20. Plans are $7 a month ($20 a quarter) or were about a year ago.
 
2012-06-26 12:18:55 PM
Once this penny stock takes off I'll be a billionaire!
 
2012-06-26 12:43:30 PM
Financial planners hate me because of this one weird trick I know...
 
2012-06-26 12:47:50 PM
Woe unto ye Farkers who think that because you paid into unemployment that it will be there for you. They're job is to deny you.
You had better be willing to learn every loophole to manipulate your way on to it, and if you do qualify,
unemployment is now your job. It's worse than finding something that's part time and less pay to get by.
 
2012-06-26 01:03:22 PM

FlashHarry: clearly the answer is tax cuts for the rich and less regulation.


That loser talk sells well in some places. IMO, people have the right to what they earned. It doesn't matter how much money they have. If I saved and watched my spending as well as some people I know who make half my salary, I'd be sitting pretty well. I get the gut feel behind "tax the rich", but I wasn't planing on holding my hand out for the government's money anyway, were you? I've faced that in the past and I choose to work a part time job on top of my full time gig. Unsurprisingly, I improved my job skills in the process and am no longer living on the brink. But more regulation will definitely lead to an economic climate where we all make more money...
 
2012-06-26 01:10:47 PM
I need someone to hire me first before I can save anything.

/been looking for a year
 
2012-06-26 01:32:11 PM
Tyrone Slothrop: Nope, I've got enough to cover a year's expenses. Being single and not having to take care of a family has its advantages.

some_beer_drinker: i have enough for 10 years.

That and that.

// "Raising a child will cost the average middle class family $14,000 per year"

// Or you can take that $14,000 per year and stick it in the bank.

// OR take a few vacations for yourself (and your other).

// going to buy a house in another 2-3 years, so I'll be relatively poor again. For me right now, more money in the bank == less I have to borrow.
 
2012-06-26 01:43:05 PM

Starfly: I anticipate our first baby costing us a fortune.


It doesn't have to. When kids are very little, they don't need much stuff. A nice safe car seat, a nice safe crib. Fewer clothes than you realize...if you're willing to do laundry often. A toy or two. A swing is a luxury, but it will be worth it.

It gets expensive when moms-to-be decide that they have to have a nursery with brand new furniture, piles of toys, and so on.
And smart dads just smile and nod when their pregnant wife heads to Babys-R-Us.
 
2012-06-26 01:45:42 PM

Corporate Self: I've got an old refrigerator box and a pallet of Ramen noodles.

[polytical.org image 356x267]


A pallet? Bite me, One Percenter.
 
2012-06-26 02:05:38 PM

DistendedPendulusFrenulum: Many of you seem not to ha,ve that thing called "wife."

.


I uninstalled wife and am now using ex-wife 2.0. Not nearly as resource intensive but the interface is a biatch.
 
2012-06-26 02:05:48 PM

Krieghund: It doesn't have to. When kids are very little, they don't need much stuff. A nice safe car seat, a nice safe crib. Fewer clothes than you realize...if you're willing to do laundry often. A toy or two. A swing is a luxury, but it will be worth it.

It gets expensive when moms-to-be decide that they have to have a nursery with brand new furniture, piles of toys, and so on.
And smart dads just smile and nod when their pregnant wife heads to Babys-R-Us.



While I agree, she really wants new baby furniture (we've seen a deal for ~$800 but didn't bite, that included a rocker). Our second baby will then use this stuff (minus the beding which turnsd into a full/twin).

Honestly though, we will be pretty okay, our parents are first time grand parents to this little one due in a few months. So we pay for diapers and formula but i think the books/toys will be gifted pretty regularly, which is cool and I am grateful for that fact.
 
2012-06-26 02:24:38 PM
Responsibility is over rated. The government will bail me out.
 
2012-06-26 02:50:10 PM
Actually....TECHnically?...LITERALLY?

I think that we might be in that 49% 'on paper'. Wait, no, I'm sure of it now, as we just got a new truck for me and paid off the last few G's of the wife's new mouth dental bills.

But, we'd be OK for a couple months, if the shiat hit the fan.
 
2012-06-26 02:50:50 PM

Zeno-25: Balchinian: I can cover more than that, but the answer is yes.

Hint for those of you who don't:
Cellphones, pay television, and gas-guzzling trucks (unless you haul things in it for your job) are luxuries. I could live solely on the money most people spend on those three things alone without going on welfare.

Guess how I can tell how old you are? I would agree with you on the other items, but a good chunk of people these days have foregone a land line for a cell.


Yeah, that should should change to Smartphones.
 
2012-06-26 03:14:26 PM
Street math or cop math?
 
2012-06-26 03:17:26 PM
$20 pay-as-you-go cell phone I only use for job interviews/emergencies
No car/no car insurance/no gas
Ride a bicycle everywhere (taken the bus once in the last year)
No cable TV (but I do have the internet)
Can't remember the last time I went to a restaurant or bar
Live in a really, really, really crappy 'garden level' apartment with drunk-ass college students above me; mold growing in the hallway and giant holes in the drywall that have been 'fixed' by someone screwing a plastic vent cover over the hole.

If I weren't married, I'd get roommates and save some cash - but I guess I'm sexist and don't think a woman should have to deal with that stuff.

I personally know people on welfare who live better than me. Sucks to be me.
 
2012-06-26 03:47:50 PM
I'm not doing badly right now -- divorced recently, finally able to save properly. With my car loan I'm still in the net red, but I've got a few months worth of expenses socked away. No cable, no phone, prepaid insurance. No carried balance on CC.

Have seen worse. Have /been/ worse.
 
2012-06-26 04:14:54 PM

Starfly: Krieghund: It doesn't have to. When kids are very little, they don't need much stuff. A nice safe car seat, a nice safe crib. Fewer clothes than you realize...if you're willing to do laundry often. A toy or two. A swing is a luxury, but it will be worth it.

It gets expensive when moms-to-be decide that they have to have a nursery with brand new furniture, piles of toys, and so on.
And smart dads just smile and nod when their pregnant wife heads to Babys-R-Us.


While I agree, she really wants new baby furniture (we've seen a deal for ~$800 but didn't bite, that included a rocker). Our second baby will then use this stuff (minus the beding which turnsd into a full/twin).

Honestly though, we will be pretty okay, our parents are first time grand parents to this little one due in a few months. So we pay for diapers and formula but i think the books/toys will be gifted pretty regularly, which is cool and I am grateful for that fact.


If you have the facilities for it - cloth diapers. We've been using them since birth for our 8.5 month old, and have definitely saved hundreds of dollars. Plus no 3 AM runs to the drug store. We've been happy with our cotton pre-folds which are a bit more work to put on, but the all-in-ones are pretty much like regular diapers.
 
2012-06-26 04:15:26 PM
I used to, but then someone sponsored me for Total Fark for a month...
 
2012-06-26 05:09:33 PM
Cellphones, pay television, and gas-guzzling trucks (unless you haul things in it for your job) are luxuries. I could live solely on the money most people spend on those three things alone without going on welfare.

WOW! You can live on $110/month? I'm impressed.

FlashHarry: clearly the answer is tax cuts for the rich and less regulation.
That loser talk sells well in some places. IMO, people have the right to what they earned. It doesn't matter how much money they have.


You are making the mistaken assumption that the rich get that way by working. They don't. They get that way by investing. Money earned by working is taxed at a much higher rate than money earned by investing, which is why Warren Buffet pays less in taxes than his secretary. We need to encourage working by taxing money from investments at an equal or higher level.
 
2012-06-26 05:36:09 PM
Heh. I could retire tomorrow.

/for about a year
 
2012-06-26 05:43:34 PM

NotARocketScientist: Cellphones, pay television, and gas-guzzling trucks (unless you haul things in it for your job) are luxuries. I could live solely on the money most people spend on those three things alone without going on welfare.

WOW! You can live on $110/month? I'm impressed.

FlashHarry: clearly the answer is tax cuts for the rich and less regulation.
That loser talk sells well in some places. IMO, people have the right to what they earned. It doesn't matter how much money they have.

You are making the mistaken assumption that the rich get that way by working. They don't. They get that way by investing. Money earned by working is taxed at a much higher rate than money earned by investing, which is why Warren Buffet pays less in taxes than his secretary. We need to encourage working by taxing money from investments at an equal or higher level.


You're right. CEOs, presidents, VP's, and successfull entrepreneurs don't do jack shiat. Their success is all given to them. In fact running a huge company is probably super easy and everybody can do it.

Listen, I get where you're going with what you're saying...but the statement is full of shiate. Hi price lawyers, doctors, CEOs, etc.. Put a metric shiat-ton of work in. To totally marginalize everybody who has money is rediculous.
 
2012-06-26 06:19:24 PM
Probably not, but I don't really know what's in the bank.

/cheap and no kids means tons of accidental savings for someone to spend in the future
//Ladies?
 
2012-06-26 06:26:03 PM

Big_Fat_Liar: But more regulation will definitely lead to an economic climate where we all make more money...


Thanks to my government provided education which provided me some marketable skills, I'm financially self sufficient in a career I enjoy. I can depend on myself finanically for a lot of things. I've never been drawn to the human hamster wheel known as crass materialism, so I naturally and easily save a lot of money without feeling as though I'm making any real sacrifices.

However, I'm not deluded enough to believe I'm anywhere close to self reliant. For example, I need the government to ensure that the food/air/water I consume won't kill me, because the money I have doesn't match the obscene amounts of money many corporations (and people who suck corporate cawk) spend relaxing restrictions on clean water/food/air because it stands in the way of them making even more obscene amounts of money. To anyone who wants to endanger myself and my family by removing those restrictions so they can put some extra money in their pocket to buy worthless crap to fill the void inside themselves, please, please, please go kill yourself and do humanity a favor.
 
2012-06-26 06:33:08 PM
Three months?!? How about 3 weeks! Or better yet, 3 days! I went thought every bit of my savings, 401k AND pension when I last lost my job. I'm making much less now and haven't been able to build it back up.
 
2012-06-26 06:36:13 PM

ScouserDuck: Listen, I get where you're going with what you're saying...but the statement is full of shiate. Hi price lawyers, doctors, CEOs, etc.. Put a metric shiat-ton of work in. To totally marginalize everybody who has money is rediculous.


Your average doctor or lawyer works for a living like the rest of us. I don't think he's talking about those guys. He's talking about guys who have the majority of their income taxed at 15% - , income that by its very nature is not drawn from 'working'. You may have worked to get some of that kind of money by working but many certainly did not. And that doesn't cancel the fact that it's a patently unfair system - and I actually have a small amount of that kind of money. It's a farked up backwards system system no matter how you look at it. Capital gains should be taxed higher than w-2 income and it's flat out perverse that it's not.
 
2012-06-26 06:37:58 PM
I currently have -1 year's savings. College loans do that to you.

/CANNOT afford to go to college without them.
 
2012-06-26 06:55:22 PM

JohnBigBootay: Heh. I could retire tomorrow.

/for about a year


I could retire until the end of the month.

\checks calendar. Yep, it's the 26th, I could go alllll the way to the end.
 
2012-06-26 08:17:24 PM

ghare: trotsky: How many people have used theirs up already? Or work such shiatty jobs that saving anything is a pipedream?

Lots of them. I know my savings is nowhere near what it should be. I'd move for better work, but I can't sell my house and realize any actual cash to finance a move, not that anyone could buy it even if it still had equity. I mean I knew housing prices were overinflated, but really, I didn't think values would plummet 50%


Can you rent it out instead of selling?
 
2012-06-26 10:04:34 PM

Balchinian: Cellphones, pay television, and gas-guzzling trucks (unless you haul things in it for your job) are luxuries.


Contract employers are already greedy enough to charge $35/hr and pay you minimum, and you think they are going to GIVE their employees a cell phone that they can use to call them and tell them to come to work?

/You sound privileged
 
2012-06-26 11:51:29 PM
Only tax cuts for the rich can fix this!
 
2012-06-27 12:11:01 AM
Reminds me of another study that said approximately 50% of U.S. adults do not have 25k saved (including retirement). I was one of the super poor in grad school....did the food stamps and everything. Years of living well within my means and developing skill in investing/trading has put me in a fairly enviable position financially, at least for now.
 
2012-06-27 01:19:37 AM

Pumpernickel bread: developing skill in investing/trading has put me in a fairly enviable position financially, at least for now.


Sucker.

Cash out when you can, but you still might be screwed. After all, what's more secure than a house? What's more secure than a bond? What's more secure than a stock?

Whatever you think you have money in can disappear in two years, even if you own it outright. Bonus points to you if you have to pay taxes on your gains after what you hold is worthless. Then you're worth less than zero.
 
2012-06-27 01:36:03 AM

Big_Fat_Liar: Does 401K count? I've borrowed from it in the past. With the interest on the "loan" going to myself, some quarters I was my own best investment...

/could live a year on it


If 401K doesent count, this story is sensationalistic and full of crap.

Sure, you never want to take money from your retirement, but you WILL if shorting your retirement a few grand means you dont live in the streets.
 
2012-06-27 04:36:11 AM
i did until i ended up in the hospital last year, was fired from my job two months later and was out of work for 8 months -- what do i win?

/a big MFing nothing
 
2012-06-27 05:53:13 AM

Fark_Guy_Rob: $20 pay-as-you-go cell phone I only use for job interviews/emergencies
No car/no car insurance/no gas
Ride a bicycle everywhere (taken the bus once in the last year)
No cable TV (but I do have the internet)
Can't remember the last time I went to a restaurant or bar
Live in a really, really, really crappy 'garden level' apartment with drunk-ass college students above me; mold growing in the hallway and giant holes in the drywall that have been 'fixed' by someone screwing a plastic vent cover over the hole.

If I weren't married, I'd get roommates and save some cash - but I guess I'm sexist and don't think a woman should have to deal with that stuff.

I personally know people on welfare who live better than me. Sucks to be me.


How'd you get married...LOL
 
2012-06-27 06:46:07 AM
I had enough for 6 months. Then lost my job. So it all worked out really well.
 
2012-06-27 08:06:46 AM
Fortunately I'm fine with a year+ of savings. It certainly helps not having kids in college, or kids not choosing to go to college.
 
2012-06-27 10:54:31 AM
Once again the conservative sandwich-heavy portfolio pays of for the hungry
investor!" *slurp* "Oh.. I'm ruined! Wuahahahaaha why ... why...."
--Dr. Zoidberg

I saw similar statistics in an article on the Forbes website before Obama destroyed the world in 2007. ; )

I wish I could find them again. They gave the numbers not only the working poor ("hand to mouth") and middle classes ("getting by" and "well-to-do") as well as the rich (can live off of their interest and dividends indefinitely if not as well as they'd like).

The mass affluent are often living from hand to mouth ("the faux rich") but some of them can survive for a number of years on cash and liquid investments alone. The really quite sincerely rich, as I call them, have capital and regard things like houses as money pits, so their many homes are not counted as wealth. These people could survive for decades, even centuries, on capital alone, paying taxes and selling art and real estate without any income at all.

Imagine trying to spend a billion dollars in well-invested securities, bonds, and t-bills, with 3% annual inflation, a 19% tax on income and only a few million a year in expenses. It would take some time.

If anybody knows of the article I mentioned above, please post the link. I'd really love to re-read it and bookmark it properly so I can find it when I want it.
 
2012-06-27 02:52:28 PM

I sound fat: If 401K doesent count, this story is sensationalistic and full of crap.


3 months of expenses are what's called your emergency fund, it's not stuck in an investment. It's a gob of cash that's stashed away, sealed in an envelope, stuck in a drawer, under your mattress, etc...where it's not tied into anything else. It is possible to set aside this much and easier than you think.
 
2012-06-27 11:10:29 PM
Had nothing in the bank and lived beyond my mean 2 years ago. Listened to Dave Ramsey in the car for a couple of weeks, made the budget, lived by it.

Now have no credit card debt and 10k in savings.

As others have said, substitute "contribute to your church" with "contribute to your Credit Union"
 
2012-06-28 04:00:37 AM
I eat dirt and leaves and live on a park bench. I save every penny from my job plus whatever I beg off strangers in the park. I put all of this in low-risk investments. I have enough to last me 784 years, but I still don't feel secure. I figure another 20 years of hard work and living frugally and I'll finally be able to enjoy life to the fullest!
 
2012-06-28 05:00:49 AM
The upper class keeps all of the money, pays none of the taxes. The middle class pays all of the taxes, does all of the work. The poor are there just to scare the shiat out of the middle class. Keep 'em showing up at those jobs.

This thread is a horror show.
 
2012-06-28 05:21:30 AM
Right now, I'm at about one month's expenses in savings. Unfortunately it can cost money to save money. To save $180/month in rent, I'll be moving next month. To do so will cost about $200 plus whatever I pay for the moving truck plus whatever "damage" fees my current landlord hits me with.

Hopefully those two broken teeth won't hurt too much over the next year.
 
2012-06-28 08:52:06 AM

JohnBigBootay: . Capital gains should be taxed higher than w-2 income and it's flat out perverse that it's not.


I can see the argument for taxing it at the same rate...why higher?
 
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