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(ABC News)   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
    More: Sad, Americans, Financial Industry Regulatory Authority, Pew Charitable Trusts, Sufis, confidence interval  
•       •       •

6843 clicks; posted to Main » on 08 Apr 2014 at 10:16 AM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



Voting Results (Funniest)
View Voting Results: Smartest and Funniest


Archived thread
2014-04-08 10:20:03 AM  
13 votes:
And 8 out of 24 can't reduce a fraction.
2014-04-08 10:11:32 AM  
8 votes:

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 10:43:11 AM  
6 votes:
i512.photobucket.com
2014-04-08 10:20:10 AM  
6 votes:
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 09:59:41 AM  
6 votes:
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 10:38:17 AM  
5 votes:

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 10:02:47 AM  
5 votes:
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 09:58:54 AM  
5 votes:
vitaminw.co
"Woah let me stop you there. Have you maxed out your credit cards yet?"
2014-04-08 08:54:18 AM  
5 votes:
Serves those stupid poors right. They should take better care of their trust funds.
2014-04-08 09:02:48 AM  
4 votes:
Those four in ten are simply too greedy to sell off a few stocks.
2014-04-08 11:05:36 AM  
3 votes:
I'm poor and I could come up with 2k if I had to.  I would go to prison afterwards, but yea $2k wouldnt be an issue.

One of you would be out $2k though.
2014-04-08 10:27:29 AM  
3 votes:

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


dilbert.com
hej
2014-04-08 10:19:29 AM  
3 votes:
What, are they too lazy to rob a bank, too?
2014-04-08 12:24:23 PM  
2 votes:
Does Fark ever have incest threads? Just asking.
2014-04-08 11:31:01 AM  
2 votes:
I can get $2000, but I'll have to lay low for a while.

/warn me if you hear sirens.
2014-04-08 10:39:11 AM  
2 votes:

SlothB77: also, I dnrtfa.


That's on your family crest.
2014-04-08 10:32:00 AM  
2 votes:

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 08:56:37 AM  
2 votes:
Thank god ABC took a story that should have all Americans concerned and put it in slideshow format.
2014-04-09 12:56:58 AM  
1 vote:
All of these poors just need to work more.

I was telling my nanny this just the other day.
2014-04-08 02:03:01 PM  
1 vote:

BigChad: I'm this close...


[i188.photobucket.com image 750x600]


I see this thread is too serious for this, but here it is anyway:
encrypted-tbn2.gstatic.com

/my circumstances are taking a turn for the worse, where I'll be cutting a lot of luxuries I've been lucky to have so far.
2014-04-08 01:59:56 PM  
1 vote:

Witness99: Naw, I could come up with it. But that's only because I would be willing to do ANYTHING


I said it earlier, and I'll say it again:  Your shiat ain't worth what you think it is on the open market.

JC22: No one is going to bemoan you for it.


I don't care about being bemoaned.  People's perceptions of me are irrelevant to me.  If they were I wouldn't be posting any of this.  And if that was why I've done what I've done so far, I wouldn't be genuinely contrite when I apologize to those whom I'm taking from.  I simply sincerely do not want to take from people who do not want to give.  It in my mind is the same as thievery.  I do not take what is not given.  I realize that codes have largely fallen by the wayside in this day and age but I still live by one.

JC22: But there are also those that game the system so they don't have to do anything. That's why those on the right want those people kicked off assistance.


The problem here is that in my time among the impoverished, and that time has been considerable, I have met a lot of poor individuals on public assistance.  A LOT.  I would venture an estimate that around 80%-85% of the people that I've met in my life live far below the poverty line and are on some kind of benefits.  Out of all the people I've met, not a single one appeared to be "gaming the system."  Or, from a different perspective, all of us are.  Maybe if we just pushed a little harder, worked ourselves a little more raw, we wouldn't need that assistance.  But for whatever reason, we didn't.

That's the laziness of which the critical side speaks.  That's how people "game the system."  What you purport to attack is a fallacy- a boogeyman.  What you hit is us.

TheShavingofOccam123: There's a support network out there for you.


I'm looking into said network.  Thanks man.  =)
2014-04-08 01:07:44 PM  
1 vote:

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]


Most journalists are so because they sucked at everything else.  This writer may not realize 2/5 and 4/10 are the same thing. If you want to blow his mind, tell him that is 40%.
2014-04-08 01:04:10 PM  
1 vote:

MadHatter500: Now recompute for $20k per year of income, not $100k.  It's the min wagers that SS is for, not above average incomes.



282,754.89   or $943 a month.

vs

$669.00/mo  from Social security.


♫  Just come on back if you ever wanna try again ♫
2014-04-08 12:58:13 PM  
1 vote:
limeyfellow:

People are used to doing things in tens. Ten fingers, ten toes, ten numbers in the decimal system. That is why they use the 4 in 10, even if it is a bad fraction to use.

*looks at both hands*

*looks at one hand*

Whoa. I could have figured out 2 out of 5 even easier.

/ Have you ever thought about your hands, man?
2014-04-08 12:04:57 PM  
1 vote:

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.


I forget that old people still think a used flat screen is worth more than $200 after a few years.
2014-04-08 11:57:50 AM  
1 vote:
Shouldn't have gotten that BA in Poetry then


/Engineer
//3 year out of school, make more than is reasonable
///saving+investing it
////engunears r gud at maff
2014-04-08 11:39:06 AM  
1 vote:
I'm this close...


i188.photobucket.com
2014-04-08 11:29:37 AM  
1 vote:
Nutsac_Jim: lennavan: 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.

I'll take a stab at it.

Instead of sapping you for 12.5% and the promise of giving you some back later, you
keep your 12.5% and invest it in some nice trustworth S&P500 IRA.
(Invest: You give them some money, they almost promise to give it back to you later.)

So you are not a dumbass, (90% of the American public are extreme dumbasses) and you make 100k (more than twice the median household income) just for giggles and it is near the cap for SS anyway.
using this tea part website
https://www.investor.gov/tools/calculators/compound-interest-calcula to r#.U0QMQPldXrQ

we assume historical average of 8% in the market.  None of that 25% that obama gives us.
You now have
$1,427,368.46   for retirement after 30 years.

30 years, mind you, not working until you are 70

That gives you about $5000 a month to retire on
(minus the full cost of your health care, a hellovalot) , assuming you back off the stock market and move to bonds and dividend stocks, and your money is only making 4%, and you don't take some of that and buy income generating rental properties. etc.

Or.. you can take the $1700 a month that Social security will give you.

Oh yeah, if you die when you are 61, on the R plan, your kids get all your money.  They can use it to pay off their student loans, which I hear that people have a hard time paying nowadays.  Or they can buy a decent small house and one of those small income generating rental properties.

But if you signed up for the D plan, you get $1700/mo.   And if you die at 61,
YOUR KIDS GET DICK.


To each their own. I'm for the plan that doesn't give my kiddo's a huge perverse incentive to poison my Sanka.
2014-04-08 11:24:16 AM  
1 vote:
My in-laws seem to be pretty well-off.  If I need 2 large, I'll just dose some of that fast-acting cancer powder into their metamucil.
kab
2014-04-08 11:16:26 AM  
1 vote:
If only poor people would stop buying stuff, it would fix everything, including unemployment!
2014-04-08 11:10:54 AM  
1 vote:
How do we rank against other countries in that regard.  Could people in Germany come up with $1450 euros just as easily?
2014-04-08 11:02:11 AM  
1 vote:
I like to think of it more in terms of "how much could I disappear with within a few days?"  You know, cash out the IRA, CDs, 401k, max out the credit card cash advances, drain the checking and savings, and sell the house for cash.

Makes me feel more secret agent and less poor.
2014-04-08 10:47:08 AM  
1 vote:

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.


Only if you put careful thought into whom to burgle.  I mean, 40% of us can't come up with that much to save our lives.
2014-04-08 10:30:41 AM  
1 vote:

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 10:30:32 AM  
1 vote:
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 10:28:16 AM  
1 vote:

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 10:22:44 AM  
1 vote:

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 10:22:39 AM  
1 vote:
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 10:21:06 AM  
1 vote:

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 10:20:49 AM  
1 vote:
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 10:17:21 AM  
1 vote:

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.
2014-04-08 09:56:38 AM  
1 vote:
images2.dailykos.com

"I don't understand. They can just borrow a small amount from their parents!?"
ZAZ [TotalFark]
2014-04-08 09:45:20 AM  
1 vote:
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 09:11:48 AM  
1 vote:
*raises hand*

/yeah... I'm screwed
 
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