Posted: 9/17/2011 5:03:28 PM EDT
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What amount does the average middle class US family have in liquid cash. Checking, savings, etc.
Im not talking about retirement, home equity and non liquid assets. Is there a study or data out there? |
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Quoted: What amount does the average middle class US family have in liquid cash. Checking, savings, etc. Im not talking about retirement, home equity and non liquid assets. Is there a study or data out there? They don't! They have nice houses, drive newer cars (with payments), and go out to eat often. They most likely have high CC balances. They don't have a lot of money, but they do have a lot of stuff and debt. |
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Quoted: Yep, most people have no where near the net worth they try so hard to make other people think they have.Quoted: What amount does the average middle class US family have in liquid cash. Checking, savings, etc. Im not talking about retirement, home equity and non liquid assets. Is there a study or data out there? They don't! They have nice houses, drive newer cars (with payments), and go out to eat often. They most likely have high CC balances. They don't have a lot of money, but they do have a lot of stuff and debt. |
| If I had to guess, I would think most middle class people probably have around 2-3k available in checking and savings. There are some outliers, like those on arfcom that have millions, but most of my friends are middle class and they all live pretty much paycheck to paycheck. |
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I usually walk around with $300k in my wallet, all singles. Never know, might pass a titty bar. A Powerball winner who has donated more than $3 million of his record winnings to churches was drinking at a strip club when $545,000 was stolen from his sport utility vehicle, police said Tuesday.
Jack Whittaker |
maybe less after the first of month...lol
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Quoted: DAMN YOU!!!!!!!!!Quoted: I usually walk around with $300k in my wallet, all singles. http://img707.imageshack.us/img707/9615/georgewallet.png |
| I couldn't even fathom living paycheck to paycheck never mind only having 2-3K in the bank. My wife and I scrimp and save, and aside from 1 mildly used SUV and the house we've paid cash for everything we own (including our wedding). If we don't have cash, it doesn't come home. We also don't consider ourselves "making" money until we put 1K into our savings account. Savings, in turn, then goes into mortgage principle once a year on top of our extra principle payment every month. |
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Quoted: Quoted: DAMN YOU!!!!!!!!!Quoted: I usually walk around with $300k in my wallet, all singles. http://img707.imageshack.us/img707/9615/georgewallet.png  I was beaten on a MASH gag yesterday, I knew I would have to be fast on this one. |
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I'd say between 1-2 K in checking and 3 grand in savings, more if they are not a CC junkie with multiple payments.
Amazing how little the average middle class family saves or holds as emer funds. If you have no debts besides a house payment which is not more then 25% of your take home, it should be easy to build up cash, unfortunately, Americans have a love affair with debt and new stuff. |
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I have about $50k in my checking account now. But, I'm in the process of buying a house, and I'm going to have to write a ~$35k check in a few days.  (before you assholes ask, I get 3.5% interest on my checking account, FDIC insured, that is why I keep money in there. no it is not 'going to waste', as much as any dollar is worth a shit these days)
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What amount does the average middle class US family have in liquid cash. Checking, savings, etc. Im not talking about retirement, home equity and non liquid assets. Is there a study or data out there? They don't! They have nice houses, drive newer cars (with payments), and go out to eat often. They most likely have high CC balances. They don't have a lot of money, but they do have a lot of stuff and debt. and fun, enjoying their lives because there is no guarantees you'll see tomorrow. in my little area this month we had the IHOP shooting, an air show crash and several auto fatalities. so roll the dice, save, but live a meager frugal life or enjoy it now, tomorrow is on the wind. it's 50/50 at best. |
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Quoted: Why should we know this if you don't? Why don't you look it up? Pro Tip: Insulting people who post in your thread, for no particularly good reason, is a good way to ensure that your threads quickly fade into oblivion.Quoted: 10K Checking 10K Savings 0 monthly credit card balance. Haha. Reading comprehension is not understood in GD. I didnt ask yours, I asked average middle class in US. |
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Quoted: I have about $50k in my checking account now. But, I'm in the process of buying a house, and I'm going to have to write a ~$35k check in a few days. (before you assholes ask, I get 3.5% interest on my checking account, FDIC insured, that is why I keep money in there. no it is not 'going to waste', as much as any dollar is worth a shit these days) Who do you bank with that gives 3.5% interest, let alone on a checking account? |
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Quoted: Quoted: I read somewhere most $100s have some trace of cocaine residue on them.Quoted: I usually walk around with $300k in my wallet, all singles. I wonder what % of single bills the average person comes across have been in a g-string... I know all of mine do. |
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I am WAY below middle class, and I am sitting on $37k If you own a house, your better off throwing that into principal. Right now, I'd rather sit on cash then drop it all on the principal of the house. Put me in a far better financial position, especially if something financially ruinous happens. Gives me a buffer. I'm in a similar position, Have enough to pay off the house in cash right now but prefer the advantage of having plenty of available cash and options if my personal economy takes a hit. In a more stable economy with higher interest rates it would be a no brainer, I'd pay the house off immediately. |