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.

(ABC)   Americans are in such lousy financial shape that 4 in 10 say they could not come up with $2,000 if their lives depended on it   (abcnews.go.com) divider line 424
    More: Sad, Americans, Financial Industry Regulatory Authority, Pew Charitable Trusts, Sufis, confidence interval  
•       •       •

6725 clicks; posted to Main » on 08 Apr 2014 at 10:16 AM (23 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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

First | « | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | » | Last | Show all
 
2014-04-08 08:54:18 AM
Serves those stupid poors right. They should take better care of their trust funds.
 
2014-04-08 08:56:37 AM
Thank god ABC took a story that should have all Americans concerned and put it in slideshow format.
 
2014-04-08 09:02:48 AM
Those four in ten are simply too greedy to sell off a few stocks.
 
2014-04-08 09:06:36 AM
Of my ten closest friends, I believe at least seven of them would be unable to come up with $2,000 right now. One of the other three would probably have to tap their entire liquid savings to do it.
 
2014-04-08 09:11:48 AM
*raises hand*

/yeah... I'm screwed
 
2014-04-08 09:24:19 AM

MaudlinMutantMollusk: *raises hand*

/yeah... I'm screwed


I was like this a few years ago. I had an old etrade account with an old rollover IRA (all of $1000) and discovered I could automatically transfer money in, so I did like $30 once a week.  You won't notice it's gone (hopefully) and next thing you know you have a bit of money in there.  There were a few times where it saved my bacon, but it takes a few days to transfer back so it's great to protect against impulse buys.
 
ZAZ [TotalFark]
2014-04-08 09:45:20 AM
Thank god ABC took a story that should have all Americans concerned and put it in slideshow format.

Thank god ABC took a two year old story that should have all Americans concerned and put it in slideshow format.
 
2014-04-08 09:47:13 AM
I have been like this for all the thirty years of my adult life... until this year. Now I have no debt other than a mortgage and that should be gone this year as well and I should have about a years pay left over

yay me
 
2014-04-08 09:52:54 AM
I doubt that.  4 in 10 americans don't have $2000 worth of stuff they can sell if their lives depended on it?  If you own a flat screen tv, a couch and a bike or a car, you are getting pretty close to that number.  throw in a gun, computer and cell phone or other random appliances and you can get there.

but yeah, after you sell all that stuff, you don't have much left.
 
2014-04-08 09:56:38 AM
images2.dailykos.com

"I don't understand. They can just borrow a small amount from their parents!?"
 
2014-04-08 09:57:03 AM

SlothB77: I doubt that.  4 in 10 americans don't have $2000 worth of stuff they can sell if their lives depended on it?  If you own a flat screen tv, a couch and a bike or a car, you are getting pretty close to that number.  throw in a gun, computer and cell phone or other random appliances and you can get there.

but yeah, after you sell all that stuff, you don't have much left.


So people should sell their primary source of transportation when they have an emergency? Wouldn't that impede them from making more money in the future and, thus, prolong the emergency?
 
2014-04-08 09:58:54 AM
vitaminw.co
"Woah let me stop you there. Have you maxed out your credit cards yet?"
 
2014-04-08 09:59:41 AM
I have no credit card debt, pay for everything using cash (mainly ass pennies), my mortgage rate is -3.75%, and my portfolio is so diversified it makes your piddling 401k look like a Klan rally.
 
2014-04-08 10:02:47 AM
Poor people shouldn't be allowed to own "flat screen" TVs. They should be forced to buy those tube televisions they don't even sell anymore.
 
2014-04-08 10:08:35 AM

Serious Black: So people should sell their primary source of transportation when they have an emergency? Wouldn't that impede them from making more money in the future and, thus, prolong the emergency?


well, if the option is sell your car or bike or die right now, does the future really matter?
 
2014-04-08 10:09:10 AM
also, I dnrtfa.
 
2014-04-08 10:11:32 AM

SlothB77: I doubt that.  4 in 10 americans don't have $2000 worth of stuff they can sell if their lives depended on it?  If you own a flat screen tv, a couch and a bike or a car, you are getting pretty close to that number.  throw in a gun, computer and cell phone or other random appliances and you can get there.

but yeah, after you sell all that stuff, you don't have much left.


In fact, the firearm may be the most effective tool for obtaining $2000 in a short time period.
 
2014-04-08 10:17:15 AM

SlothB77: Serious Black: So people should sell their primary source of transportation when they have an emergency? Wouldn't that impede them from making more money in the future and, thus, prolong the emergency?

well, if the option is sell your car or bike or die right now, does the future really matter?


No it doesn't. Which is why:

Dimensio: In fact, the firearm may be the most effective tool for obtaining $2000 in a short time period.

 
2014-04-08 10:17:21 AM

Dimensio: SlothB77: I doubt that.  4 in 10 americans don't have $2000 worth of stuff they can sell if their lives depended on it?  If you own a flat screen tv, a couch and a bike or a car, you are getting pretty close to that number.  throw in a gun, computer and cell phone or other random appliances and you can get there.

but yeah, after you sell all that stuff, you don't have much left.

In fact, the firearm may be the most effective tool for obtaining $2000 in a short time period.


That's stupid. You can probably get credit cards on the internet for like 10 cents a pop. Cybertheft is the new rage and doesn't carry as hefty a prison term as armed robbery.
 
hej
2014-04-08 10:19:29 AM
What, are they too lazy to rob a bank, too?
 
2014-04-08 10:20:03 AM
And 8 out of 24 can't reduce a fraction.
 
2014-04-08 10:20:10 AM
I would need about three or four days to come up with it, a couple of grand. But a toe, I can get you a toe in an hour.
 
2014-04-08 10:20:49 AM
I couldn't come up with $2,000 on the spot, generally speaking, but if my life depended on it, damn straight I would find a way.
 
2014-04-08 10:21:06 AM

Serious Black: Of my ten closest friends, I believe at least seven of them would be unable to come up with $2,000 right now. One of the other three would probably have to tap their entire liquid savings to do it.


If I were fired today I could live for about 7-10yrs with no change in lifestyle. I realize I'm an exception to the rule. Most of my friends are dirt poor but then again, I hang with hot broke college girls.

/gym
/26 minutes etc
 
2014-04-08 10:21:39 AM

doglover: Serves those stupid poors right. They should take better care of their trust funds.


Why are you so defensive about a simple statement of fact?
 
2014-04-08 10:22:36 AM
Maybe they could sell their 'Dubs and their gold tooth dispaly, and cut back on the tats.
 
2014-04-08 10:22:39 AM
www.mamascritics.com
Baby step 1:  set up an emergancy fund of $1500.

The guy is occasionally kind of nutty, but the bones of his plan are pretty sound.
 
2014-04-08 10:22:44 AM

bdub77: You can probably get credit cards on the internet for like 10 cents a pop.


That's one hell of a flexible "you" right there, buddy.
 
2014-04-08 10:23:03 AM

sigdiamond2000: my portfolio is so diversified it makes your piddling 401k look like a Klan rally.


Oooh, that's a nice simile.
 
2014-04-08 10:24:10 AM

GoldSpider: doglover: Serves those stupid poors right. They should take better care of their trust funds.

Why are you so defensive about a simple statement of fact?


I think your sarcasm meter is broken.
 
2014-04-08 10:25:34 AM
I have about 250k I could pull out and still be debt free.

I know people my age who've worked the same jobs as me and have made as much or more, and can't seem to save a dime of it, so unless you've got mental disabilities, there is no reason you couldn't have worked and saved or invested money in a way to grow it and have some for a rainy day unless you've made some poor life choices, and let's face it.....4 in 10 Americans usually do make some pretty lousy life choices.
 
2014-04-08 10:27:21 AM
This should make our elected officials nervous.
 
2014-04-08 10:27:29 AM

The Muthaship: And 8 out of 24 can't reduce a fraction.


dilbert.com
 
2014-04-08 10:28:16 AM

GoldSpider: doglover: Serves those stupid poors right. They should take better care of their trust funds.

Why are you so defensive about a simple statement of fact?


Because being poor is a moral failing. If they just ate beans and lived in shared apartments, they could save up enough to get out their situations. The free market rewards hard work and innovation. Look at all the money Nikola Tesla made from his billion dollar patent portfolio.
 
2014-04-08 10:30:32 AM
More than one-third of workers (36 percent) have only $1,000 saved for their later years

I really wish we could have a (D) Medicare / Social Security and a (R) one.  If you vote (R) consistently, then upon retirement, you get the (R) plan.  And yes, that means all along the way you get to pay whatever the lower tax rate associated would be.  We'll see how well that plan works out for you.
 
2014-04-08 10:30:41 AM

fireclown: [www.mamascritics.com image 850x625]
Baby step 1:  set up an emergancy fund of $1500.

The guy is occasionally kind of nutty, but the bones of his plan are pretty sound.


Haven't listen to him in awhile but, in my opinion, he only got nutty around the Jesus stuff which he seemed to try to keep to minimum.   Most of his financial advice seemed pretty spot on for people struggling with money.  It took me awhile to get Mrs. Physt on board with the program but we paid off $38K in debt in less than a year and haven't looked back. Life has certainly gotten easier since we simplified all the bills as well.

Dave does a pretty good job of "reparenting" for people that are acting childish about money.  I love to hear him kick ass when someone making $25K a year is driving around in a $30K truck when he's got bills to pay.
 
2014-04-08 10:32:00 AM

svanmeter: This should make our elected officials nervous.


Nah, they're fine.

cloudfront.mediamatters.org

doglover: If they just ate beans and lived in shared apartments, they could save up enough to get out their situations.


The funny thing is, your sarcasm works on multiple levels. If they really did try to get into hostel-type living arrangements and the whole thing took off, landlords would just jack up the rates or buy laws making it illegal for more than two unrelated person to live together in a single residence.

/ it's almost like something is draining the pockets of the low and middle working classes
// like... like some sort of upward trickling effect centered on people without the means to fight back
 
2014-04-08 10:32:01 AM

The Muthaship: And 8 out of 24 can't reduce a fraction.


4 in 10 sounds worse than 2 in 5, I guess, but to me 2 in 5 sounds worse.

[the more you know.jpg]
 
2014-04-08 10:33:20 AM

skozlaw: The funny thing is, your sarcasm works on multiple levels.


I totally didn't know that.

;)
 
2014-04-08 10:33:28 AM
Wages have fallen and prices have risen to the point where Americans are in such lousy financial shape that 4 in 10 say they could not come up with $2,000 if their lives depended on it.

Fixed that for you Wall Street.
 
2014-04-08 10:33:59 AM

physt: fireclown: [www.mamascritics.com image 850x625]
Baby step 1:  set up an emergancy fund of $1500.

The guy is occasionally kind of nutty, but the bones of his plan are pretty sound.

Haven't listen to him in awhile but, in my opinion, he only got nutty around the Jesus stuff which he seemed to try to keep to minimum.   Most of his financial advice seemed pretty spot on for people struggling with money.  It took me awhile to get Mrs. Physt on board with the program but we paid off $38K in debt in less than a year and haven't looked back. Life has certainly gotten easier since we simplified all the bills as well.

Dave does a pretty good job of "reparenting" for people that are acting childish about money.  I love to hear him kick ass when someone making $25K a year is driving around in a $30K truck when he's got bills to pay.


It's no different than all the diet gurus.  People know what to do, they know how to do it, they just need their ass kicked hard enough to go do it.  Spend less than you make.  Eat less than you burn.  The rest is just gimmicky bullshiat.
 
2014-04-08 10:33:59 AM
If you can't scrape together $2K with a gun to your head one of two things is true.

A) You are truly very poor

B) You prioritize badly.

Hint: If you have cableTV, or a smart phone, or Netflix, or recent nice clothes then B is probably where you are at.
 
2014-04-08 10:35:41 AM
We're by no means well off, but we are pretty careful with our spending. We could come up with $2k but it would pretty much wipe out the accounts until the next paycheck rolled around. I've been there before where an unexpected expense of $300 or so caused a ton of pain, and don't want to be there again if at all possible, so I try to keep a $2k or so buffer in there.

What would really be nice is to be at a point where I could put some real money away.
 
2014-04-08 10:38:05 AM

ZAZ: Thank god ABC took a story that should have all Americans concerned and put it in slideshow format.

Thank god ABC took a two year old story that should have all Americans concerned and put it in slideshow format.


Just curious, how much has your salary increased in the past two years?  Things keep getting more and more expensive, yet employers don't want to seem to shell out any raise money.  It's not just me, it's the entire staff at the company for whom I work.
 
2014-04-08 10:38:17 AM

Geoff Peterson: The Muthaship: And 8 out of 24 can't reduce a fraction.

4 in 10 sounds worse than 2 in 5, I guess, but to me 2 in 5 sounds worse.

[the more you know.jpg]


Fractions speak louder than words
 
2014-04-08 10:38:25 AM

SpectroBoy: If you can't scrape together $2K with a gun to your head one of two things is true.

A) You are truly very poor

B) You prioritize badly.

Hint: If you have cableTV, or a smart phone, or Netflix, or recent nice clothes then B is probably where you are at.


Although I don't have any of the things mentioned in your hint, I have to admit that both A and B apply to me and yes, B is the main factor in A. My only 'luxury' is my 3mb DSL connection, which I think would actually end up costing me more if I didn't have it.
 
2014-04-08 10:39:11 AM

SlothB77: also, I dnrtfa.


That's on your family crest.
 
2014-04-08 10:40:06 AM
Gee, I wonder why?

http://www.nbcnews.com/id/11098797/ns/business-stocks_and_economy/t/ us -savings-rate-hits-lowest-level/#.U0QJlPldWzk

In 2006, 2 years before the Great Recession, American's already had a negative savings rate over the year.

In case the powers that be haven't figured it out: there's damn near no more blood to be squeezed out of the middle and lower classes... they are already on razor thin margins as it is.
 
2014-04-08 10:40:45 AM
Well my bank only allows $1000 per day withdrawal from savings at an ATM so I would have to get into a branch to get $2000 in one day.

I'm part of the 60%
 
2014-04-08 10:42:15 AM
I was like this until about 33 or 34, and that seems pretty common.  Another reason to not start a family until then.
 
Displayed 50 of 424 comments

First | « | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is closed to new comments.

Continue Farking
Submit a Link »






Report