Do you have adblock enabled?
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(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
    More: Fail, Americans, Greg McBride, CFA, expenses, continental United States, saves, emergency savings, representative samples  
•       •       •

1957 clicks; posted to Business » on 26 Jun 2012 at 8:30 AM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



95 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

Archived thread

First | « | 1 | 2 | » | Last | Show all
 
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?
 
Displayed 45 of 95 comments

First | « | 1 | 2 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »
On Twitter






In Other Media


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report