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(Dayton Daily News)   Report: In a pinch, half of U.S. families would not be able to come up with $2,000 within 30 days. Subby retreats to his gated community to wait out the coming revolution   (daytondailynews.com) divider line
    More: Scary, U.S., gated community, Miami Valley, educational attainment, American families, National Bureau of Economic Research, auto-mechanics, U.S. families  
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10545 clicks; posted to Main » on 12 Jun 2011 at 4:44 PM (9 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



405 Comments     (+0 »)


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2011-06-12 3:16:44 PM  
In a pinch, half of U.S. families would not be able to come up with $2,000 within 30 days.

Get the $2,000 legally or illegally? This is important.
 
2011-06-12 4:13:49 PM  
Oh, I bet it's waaaaay more than 1/2
 
2011-06-12 4:48:42 PM  
Anyone else get a sense of deja vu from this? I can't afford deja vu.
 
2011-06-12 4:48:52 PM  
What if they gave up beer, cigarettes, and lotto tickets for a month? How many could then come up with $2,000 in 30 days then?
 
2011-06-12 4:49:32 PM  
But corporate profits are setting new records so everything's okay.
 
2011-06-12 4:49:37 PM  
Meh. Take a check?

Need 100 grand? Meh. Take a check?

/Oh, you wanted one that won't bounce?
 
2011-06-12 4:50:08 PM  
this is just really, really sad.
 
2011-06-12 4:50:31 PM  
Sell drugs.
 
2011-06-12 4:50:59 PM  
How many of those families have $500 a month car payments and went on vacations last year?

People in America suck at money management.
 
2011-06-12 4:51:02 PM  

RoosterCogburn: Anyone else get a sense of deja vu from this? I can't afford deja vu.


media.giantbomb.comView Full Size
 
2011-06-12 4:52:34 PM  
It's called savings...except most people don't have them, and I almost can't blame them with my money barely getting 1% interest.
 
2011-06-12 4:52:44 PM  
Now am I in jail, or married? Cause either of the two would affect my chances.
 
2011-06-12 4:53:02 PM  
I suddenly feel wealthy.
 
2011-06-12 4:53:13 PM  
These people must not understand the question. Median wealth in the US is over 90k (as of 2004), I assume most people could tap into 1/45th of their wealth within 30 days.
 
2011-06-12 4:53:23 PM  
Dear subby - we have guns and books on siege warfare. Your gated community is a stationary target. Sleep tight.
 
2011-06-12 4:54:32 PM  
Sad.. so we have more millionaires than thousandaires?
 
2011-06-12 4:55:21 PM  

You're the jerk... jerk: These people must not understand the question. Median wealth in the US is over 90k (as of 2004), I assume most people could tap into 1/45th of their wealth within 30 days.


Citation? I'm pretty sure it's closer to 50k.
 
2011-06-12 4:57:03 PM  
Report - The majority of Americans live beyond their means and have poor impulse control.

/Could come up with 2k cash in 30 minutes.
//Without going to a bank.
 
2011-06-12 4:58:06 PM  

You're the jerk... jerk: These people must not understand the question. Median wealth in the US is over 90k (as of 2004), I assume most people could tap into 1/45th of their wealth within 30 days.


Time for a lesson on median. Lets suppose these numbers in thousands.

20-25-30-150-500-1000

The median is 90, half of them are dirt poor.


And you're not going to have much luck getting home equity or retirement money in 30 days and if you do you've got to get a loan and often pay taxes and penalties.
 
2011-06-12 4:58:25 PM  

You're the jerk... jerk: These people must not understand the question. Median wealth in the US is over 90k (as of 2004), I assume most people could tap into 1/45th of their wealth within 30 days.



How much of that wealth is tied up in a home which cannot be expected to sell within 30 days or a car which is practically required to get to work?
 
2011-06-12 5:02:07 PM  
The 90k net worth average is probably pre housing crash. And a lot of that is in retirement and housing, so that isn't easy to turn into cash quickly.

I could do it in 5 days with a $400/day atm limit unless I went by the credit union.
 
2011-06-12 5:02:35 PM  

12349876: Time for a lesson on median. Lets suppose these numbers in thousands.

20-25-30-150-500-1000

The median is 90, half of them are dirt poor.



This phenomenon only happens if there is a huge jump in wealth exactly at (or very close to) the 50th percentile. I see no reason why this should be the case here.
 
2011-06-12 5:02:40 PM  

Crosshair: What if they gave up beer, cigarettes, and lotto tickets for a month? How many could then come up with $2,000 in 30 days then?


Not very good at math, are you?
 
2011-06-12 5:02:51 PM  

sirgrim: You're the jerk... jerk: These people must not understand the question. Median wealth in the US is over 90k (as of 2004), I assume most people could tap into 1/45th of their wealth within 30 days.

Citation? I'm pretty sure it's closer to 50k.


What percentage of that 50 k is spent on 4 dollar a gallon gas just to get back and forth or to heat their home. Even 90 k isn't much these days when you figure how much it costs just to get the necessities.
 
2011-06-12 5:04:39 PM  
$20 for a BJ. That's like less than 4 gobble jobs a day. Some people have no work ethic.
 
2011-06-12 5:05:39 PM  

kevinatilusa: This phenomenon only happens if there is a huge jump in wealth exactly at (or very close to) the 50th percentile. I see no reason why this should be the case here.


Do I need to point to you about all the articles relating to increasing wealth inequality recently? Here's a graph to get you started.

upload.wikimedia.orgView Full Size
 
2011-06-12 5:06:08 PM  
If I had to come up with $2,000 in 30 days, I'd have to sell some things.

Hope the neighbor doesn't miss his 52" flatsceen, Blu-ray player and 4 wheeler.......


/I keed
//I could have it in less than a day.
 
2011-06-12 5:07:17 PM  

generallyso: You're the jerk... jerk: These people must not understand the question. Median wealth in the US is over 90k (as of 2004), I assume most people could tap into 1/45th of their wealth within 30 days.


How much of that wealth is tied up in a home which cannot be expected to sell within 30 days or a car which is practically required to get to work?


Hes using weasel words. I would bet that 99% of that wealth is how much is in retirement plans and their payments into their current mortgage.
 
2011-06-12 5:08:40 PM  


Crosshair

2011-06-12 04:48:52 PM


What if they gave up beer, cigarettes, and lotto tickets for a month? How many could then come up with $2,000 in 30 days then?
Smug prick...stop with the conservative arguement and a classical 'blame the victim' angle...f*ckers like you always relate it to some lifestyle 'choice'. F*cking troll..........

 
2011-06-12 5:09:35 PM  

chu2dogg: generallyso: You're the jerk... jerk: These people must not understand the question. Median wealth in the US is over 90k (as of 2004), I assume most people could tap into 1/45th of their wealth within 30 days.


How much of that wealth is tied up in a home which cannot be expected to sell within 30 days or a car which is practically required to get to work?

Hes using weasel words. I would bet that 99% of that wealth is how much is in retirement plans and their payments into their current mortgage.


I'm in the market for a 4 wheeler. You are now in the top 50 %
 
2011-06-12 5:09:52 PM  
Crosshair: What if they gave up beer, cigarettes, and lotto tickets for a month? How many could then come up with $2,000 in 30 days then?
I don't drink, smoke, or play the lotto. Pretty sure I couldn't pass this test either.

You were trying to make a point, right?
 
2011-06-12 5:10:16 PM  

Crosshair: What if they gave up beer, cigarettes, and lotto tickets for a month? How many could then come up with $2,000 in 30 days then?


Do you really think poor people spend that much on those things in a month? I mean I've read your comments before and they all reside in the realm of ignorance and stupidity but do you really believe this one?
 
2011-06-12 5:10:47 PM  
we need to legalize prostitution, marijuana, and gambling.

economy will SOAR.
 
2011-06-12 5:10:50 PM  
This part:

"Most of it boils down to a lack of financial knowledge," Krumal said. "People think they have their finances under control, but if they have an emergency, they find out they don't."

should have been placed towards the start of the article. How many people really take a look at their finances and say "We don't really need cable and data plans that add to our cell phone bills"?
 
2011-06-12 5:10:53 PM  
Pss, I have a combined $134,000 credit limit, so I could easily come up with $5,000 in a pinch before they were all maxed out.

I guess some people just don't know how to make good financial decisions!
 
2011-06-12 5:11:45 PM  

TheMadChaosopher: we need to legalize prostitution, marijuana, and gambling.

economy will SOAR.


I'm with this dude.
 
2011-06-12 5:13:31 PM  

jayg22: How many of those families have $500 a month car payments and went on vacations last year?

People in America suck at money management.


Not many at all, or the auto and tourism industries wouldn't be teetering on bankruptcy, with all the paperwork ready to file if a double-dip hits. The last month's market performance & economic numbers have a lot of companies very jittery.

Nowadays, for most people even $100/mo car and any vacation at all is bad money management, let alone going to the bar every week, but you have to do something so you don't go stir-crazy.
 
2011-06-12 5:14:03 PM  
What? Don't they have credit cards?
 
2011-06-12 5:14:14 PM  

TheMadChaosopher: we need to legalize prostitution, marijuana, and gambling.

economy will SOAR.


Nah those things are for heathens! Much better would be to reduce corporate taxes and taxes on the rich. Who knows, maybe they'll actually use that money to create jobs for the rest of us!

Wait, they got a shiatton of money in the bailouts and we're still not seeing job creation? Have we tried begging them?
 
2011-06-12 5:14:49 PM  

jayg22: How many of those families have $500 a month car payments and went on vacations last year?

People in America suck at money management.


Car payments like that are the stupidest thing anyone can do, aside from living off credit cards.

I've only had one brand new car and it was an overrated piece of sh*t.
Oh wait, I drive a classic Mercedes, nevermind.

/likes Volvos too.
 
2011-06-12 5:14:52 PM  

jagec: Pss, I have a combined $134,000 credit limit, so I could easily come up with $5,000 in a pinch before they were all maxed out.

I guess some people just don't know how to make good financial decisions!


so?
would you like a cookie or something?
 
2011-06-12 5:15:11 PM  

jagec: Pss, I have a combined $134,000 credit limit, so I could easily come up with $5,000 in a pinch before they were all maxed out.

I guess some people just don't know how to make good financial decisions!


snort
 
2011-06-12 5:15:56 PM  

JustPassingTime: Report - The majority of Americans live beyond their means and have poor impulse control.

/Could come up with 2k cash in 30 minutes.
//Without going to a bank.


THIS. I don't care how poor you are, you don't live paycheck to paycheck as a habit.

I am not even close to wealthy, yet have a money reserve larger than that, fallback reserve of gold larger than that, and an emergency fallback of 3 months of preserved food fo my family and a decent ammo store. Not farking hard to do.

shiat happens, don't expect everyone else to bail you out.
 
2011-06-12 5:16:27 PM  
So this whole article is basically just another way of saying the US sucks at saving, which has been said over and over for the last 10 years or so.

I liked that some people admitted they'd "resort to extreme measures." I suppose that includes tricks, drugs, theft, fraud, etc.
 
2011-06-12 5:16:28 PM  
Even the people that could are probably in bad shape credit wise. Sure they could get a loan or sell something but after that they are screwed.
 
2011-06-12 5:18:26 PM  

You're the jerk... jerk: These people must not understand the question. Median wealth in the US is over 90k (as of 2004), I assume most people could tap into 1/45th of their wealth within 30 days.


Yeah, I'm sure a fair amount of confusion entered into the equation, and I bet most people didn't consider getting loans or anything for such a situation.

Macular Degenerate: So this whole article is basically just another way of saying the US sucks at saving, which has been said over and over for the last 10 years or so.

I liked that some people admitted they'd "resort to extreme measures." I suppose that includes tricks, drugs, theft, fraud, etc.


ILLUSIONS, Michael.
 
2011-06-12 5:19:27 PM  
Half the families in the US are not creative enough to come up with $2,000 in a pinch.

Ebay all that crap you can't afford to keep.
 
2011-06-12 5:19:56 PM  

Crosshair: What if they gave up beer, cigarettes, and lotto tickets for a month? How many could then come up with $2,000 in 30 days then?


And that's not even asking them to stop buying the plasma TVs and BMWs, amirite? Because $2,000 a month is $12 an hour and we all know people make WAY more than that because the silver spoon that fed me told me so!
 
2011-06-12 5:20:08 PM  

12349876: You're the jerk... jerk: These people must not understand the question. Median wealth in the US is over 90k (as of 2004), I assume most people could tap into 1/45th of their wealth within 30 days.

Time for a lesson on median. Lets suppose these numbers in thousands.

20-25-30-150-500-1000

The median is 90, half of them are dirt poor.


And you're not going to have much luck getting home equity or retirement money in 30 days and if you do you've got to get a loan and often pay taxes and penalties.


However the median in that sample occurs between two values only because it is a very small sample size. In a sample with hundreds of millions, that phenomenon would not occur as it would be nearly continuous so there would be no splitting the middle like that. The fact is that in America the median wealth is certainly not 90k. Wikipedia puts it at about 44k per family, not per person.
 
2011-06-12 5:20:53 PM  
How many lied? I could come up with much more than that, unless asked - then it's like, "Can't you see my starving children?"
 
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