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Posted: 1/7/2015 6:51:12 PM EST
Scary stuff


http://www.marketwatch.com/story/most-americans-are-one-paycheck-away-from-the-street-2015-01-07?siteid=yhoof2

Americans are feeling better about their job security and the economy, but most are theoretically only one paycheck away from the street.

Approximately 62% of Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair, according to a new survey of 1,000 adults by personal finance website Bankrate.com. Faced with an emergency, they say they would raise the money by reducing spending elsewhere (26%), borrowing from family and/or friends (16%) or using credit cards (12%).

“Emergency savings are not just critical for weathering an emergency, they’re also important for successful homeownership and retirement saving,” says Signe-Mary McKernan, senior fellow and economist at the Urban Institute, a nonprofit organization that focuses on social and economic policy.

The findings are strikingly similar to a U.S. Federal Reserve survey of more than 4,000 adults released last year. “Savings are depleted for many households after the recession,” it found. Among those who had savings prior to 2008, 57% said they’d used up some or all of their savings in the Great Recession and its aftermath. What’s more, only 39% of respondents reported having a “rainy day” fund adequate to cover three months of expenses and only 48% of respondents said that they would completely cover a hypothetical emergency expense costing $400 without selling something or borrowing money.
Link Posted: 1/7/2015 7:00:35 PM EST
Maybe so, but if they had to they could sell an AR or 3....
Link Posted: 1/7/2015 7:01:41 PM EST
And I don't really care. That's when I get the GOOD deals.
Link Posted: 1/7/2015 7:04:06 PM EST
That doesn't say much for this country as far as economic responsibility and education. Living off credit will destroy you.
Link Posted: 1/7/2015 7:06:07 PM EST
[Last Edit: 1/7/2015 7:06:47 PM EST by Kenny4842]
Hate to admit it but, I am one of them. I do have $1000 saved for emergencies, but that wouldn't last very long. I'm working on digging myself out of debt though.
Link Posted: 1/7/2015 7:06:40 PM EST
There are various life style choices. Some people choose bad ones.

With some exceptions, poverty is self inflicted.

The gov't does not help, not that it could.

Individual responsibility is rapidly becoming old fashioned.
Link Posted: 1/7/2015 7:07:27 PM EST
scary but not at all rare.

I'm a big proponent of living in your means and responsible credit use. You should have a credit card for emergencies. You should have 6 months expenses sitting in cash for emergencies. Past that you should have 6 months easily liquidate assets, be it a money market account, guns, gold, stocks, etc.

I dont get how people sleep at night that work full time and can't cover a 1000 dollar expense, let alone a 3 month stint without a job.

It was hard for me, I had to learn discipline, but its worth it.
Link Posted: 1/7/2015 7:08:13 PM EST
I live below my means,maybe 6 months before I'd be screwed
Link Posted: 1/7/2015 7:08:54 PM EST
What recovery?
Link Posted: 1/7/2015 7:09:07 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By John-in-austin:
And I don't really care. That's when I get the GOOD deals.
View Quote


+1

The time to buy is when there's blood in the streets.

If I had the money I do now during the housing crisis I could have made a killing. $100k houses all around were being foreclosed and put on the market for $20k. I was too young for the last bear market, but I'm not missing the next one!
Link Posted: 1/7/2015 7:10:25 PM EST
My neighbors brother is 33 years old, divorced, has 2 kids, no car and lives with his brother and works for his small company. He gets his paycheck on Friday and by Monday he's broke. I don't know how people can live like that. And he's not broke from paying bills, he's broke from being at the bar and buying shit he doesn't need.
Link Posted: 1/7/2015 7:12:49 PM EST
That's what credit cards are for.



Link Posted: 1/7/2015 7:13:17 PM EST
[Last Edit: 1/7/2015 7:15:09 PM EST by raf]
Link Posted: 1/7/2015 7:14:04 PM EST
At one time I was like that, not now, just two paychecks away.
Link Posted: 1/7/2015 7:14:20 PM EST
Scary stuff?


What's even more scary is this has been the norm for Americans for far longer than the writer of the article thinks it has. Long before the recession. Longer than he's probably been alive.
Link Posted: 1/7/2015 7:15:21 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By grendelbane:
There are various life style choices. Some people choose bad ones.

With some exceptions, poverty is self inflicted.

The gov't does not help, not that it could.

Individual responsibility is rapidly becoming old fashioned.
View Quote


I don't disagree, but many of us have lost jobs in the past few yrs and it's been damn tough. Between jobs I went 9 months without a grocery store, much less a restaurant. I killed it, grew it and scavenged for sustenance. I now have a good job and no one would ever suspect life was the way it was, but I'm still frugal....just trying to keep what I've earned, surviving man.
Link Posted: 1/7/2015 7:15:36 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By raf:
The possibility (some say likelihood) of an economic collapse is why I am converting liquid assets into property that is not likely to suffer during such a collapse.

YMMV.
View Quote


When you use the term "property" are you referring to tangible assets or real estate? Just wondering.
Link Posted: 1/7/2015 7:15:36 PM EST
Not me! I'm at least 2-1/2 paychecks from whoring out my wife and daughter! Woot!

MBR
Link Posted: 1/7/2015 7:16:57 PM EST
Its currently nine weeks since my last paycheck. My wife was a stay at home mom prior to so no income there. We have both been looking and applying for littered anything we meet the minimum quals for. She has a B.A. degree in business and history. I have a solid background as a field engineer and millwright. So far we haven't even had a interview. I have a few more thousand dollars saved back and our bills are paid for the month of January. To be honest I'm getting scared.
Link Posted: 1/7/2015 7:22:49 PM EST
I went 4-1/2 months out of work in early 2013. Didn't think the amount we had saved was gonna last, but apparently we're not as high on the hog as I thought we were and probably could've stretched it out for twice that long.
Link Posted: 1/7/2015 7:26:10 PM EST
Link Posted: 1/7/2015 7:28:01 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Aimless:
The probability of needing money when you retire is probably a lot greater than the probability of your needing gold coins and a secret stash of 10 million rolls of toilet paper
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Aimless:
Originally Posted By raf:
The possibility (some say likelihood) of an economic collapse is why I am converting liquid assets into property that is not likely to suffer during such a collapse.

The trick here is to live below your means, and carefully invest the difference.

YMMV.
The probability of needing money when you retire is probably a lot greater than the probability of your needing gold coins and a secret stash of 10 million rolls of toilet paper


Toilet Paper?

DAMMIT!

Off to Sam's Club...

Link Posted: 1/7/2015 7:28:50 PM EST
I'm trying to figure out what car repair I could get done for $500. Every one I've had in the last 15 years seems to start at a grand and go up from there.
Link Posted: 1/7/2015 7:35:04 PM EST
I'm in good shape today, but that will change drastically Monday. Dumping all $$ into a second home and it'll take me six months to set aside a decent reserve after that. Stupid??
Link Posted: 1/7/2015 7:37:21 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Kenny4842:
Hate to admit it but, I am one of them. I do have $1000 saved for emergencies, but that wouldn't last very long. I'm working on digging myself out of debt though.
View Quote

buy yourself dave ramseys total money makeover. you will win with money after reading it and adapting your life style. i read it after someone here recommended it. it really is life changing. you can pm me if you have any questions. i actually bought a 10 pack of the total money makeover and gave them out. i even gave out my last copy to a member on here.
Link Posted: 1/7/2015 7:39:42 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Cpt_Kirks:


Toilet Paper?

DAMMIT!

Off to Sam's Club...

View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Cpt_Kirks:
Originally Posted By Aimless:
Originally Posted By raf:
The possibility (some say likelihood) of an economic collapse is why I am converting liquid assets into property that is not likely to suffer during such a collapse.

The trick here is to live below your means, and carefully invest the difference.

YMMV.
The probability of needing money when you retire is probably a lot greater than the probability of your needing gold coins and a secret stash of 10 million rolls of toilet paper


Toilet Paper?

DAMMIT!

Off to Sam's Club...


im going to clean out my local sams club.
Link Posted: 1/7/2015 7:41:50 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By rhygin:
I'm trying to figure out what car repair I could get done for $500. Every one I've had in the last 15 years seems to start at a grand and go up from there.
View Quote


The ones you do yourself. Had a lifter go bad in a 2008 GMC Sierra that would have run $2k+ had I taken it to the shop. A weekend and $180 later it was running smooth.

Repairing your own vehicle is a great way to save money, same for home repairs.
Link Posted: 1/7/2015 7:42:09 PM EST
Someone ahead of me at the ATM machine once left their receipt in it and I just casually looked at it. It had less than $50 in the account.

I keep it as a reminder that things could be much worse for me.
Link Posted: 1/7/2015 7:43:20 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ilikeporkchops:
I live below my means,maybe 6 months before I'd be screwed
View Quote



once you have ever been truly homeless / hungry it's a lesson never forgot
Link Posted: 1/7/2015 7:43:32 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By The_Hammer:


The ones you do yourself. Had a lifter go bad in a 2008 GMC Sierra that would have run $2k+ had I taken it to the shop. A weekend and $180 later it was running smooth.

Repairing your own vehicle is a great way to save money, same for home repairs.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By The_Hammer:
Originally Posted By rhygin:
I'm trying to figure out what car repair I could get done for $500. Every one I've had in the last 15 years seems to start at a grand and go up from there.


The ones you do yourself. Had a lifter go bad in a 2008 GMC Sierra that would have run $2k+ had I taken it to the shop. A weekend and $180 later it was running smooth.

Repairing your own vehicle is a great way to save money, same for home repairs.

That's why I won't ever own a diesel again.
Link Posted: 1/7/2015 7:44:30 PM EST
Of course they are. If they got an actual paycheck they'd have to get off of welfare/disability//unemployment and end up taking a cut in income.
Link Posted: 1/7/2015 7:44:37 PM EST
[Last Edit: 1/7/2015 7:45:25 PM EST by P400]
I can understand why people might have a hard time saving after their health insurance premiums and deductibles have tripled.
Link Posted: 1/7/2015 7:46:24 PM EST
I can't imagine that. A part time employee mentioned to me the other day that he felt like $2000 was a fantastic sum of money.I rather like the guy and I know he had to drop out of college and move back home and is doing his best, but to him that seemed like a crazy amount... he's 21 or 22 I guess.
Link Posted: 1/7/2015 7:47:23 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By The_Hammer:


The ones you do yourself. Had a lifter go bad in a 2008 GMC Sierra that would have run $2k+ had I taken it to the shop. A weekend and $180 later it was running smooth.

Repairing your own vehicle is a great way to save money, same for home repairs.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By The_Hammer:
Originally Posted By rhygin:
I'm trying to figure out what car repair I could get done for $500. Every one I've had in the last 15 years seems to start at a grand and go up from there.


The ones you do yourself. Had a lifter go bad in a 2008 GMC Sierra that would have run $2k+ had I taken it to the shop. A weekend and $180 later it was running smooth.

Repairing your own vehicle is a great way to save money, same for home repairs.


If I tried to do it myself, it would end up costing me twice as much after I made it worse. I learned that lesson trying to do my own plumbing repair. What a nightmare.

Link Posted: 1/7/2015 7:49:36 PM EST


<-- Hasn't had a paycheck in almost six months.
Link Posted: 1/7/2015 7:49:49 PM EST
An emergency fund makes makes emergencies go away.
Link Posted: 1/7/2015 7:50:45 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By California_Kid:


<-- Hasn't had a paycheck in almost six months.
View Quote


FSA?



Link Posted: 1/7/2015 7:51:28 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ziarifleman:

That's why I won't ever own a diesel again.
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ziarifleman:
Originally Posted By The_Hammer:
Originally Posted By rhygin:
I'm trying to figure out what car repair I could get done for $500. Every one I've had in the last 15 years seems to start at a grand and go up from there.


The ones you do yourself. Had a lifter go bad in a 2008 GMC Sierra that would have run $2k+ had I taken it to the shop. A weekend and $180 later it was running smooth.

Repairing your own vehicle is a great way to save money, same for home repairs.

That's why I won't ever own a diesel again.


The GMC is a 5.3 gas.

I do have a 96' ram 2500 4x4 with an old school Cummins, that's about the simplest engine to work on besides a carbureted 350. Now the new diesels on the other hand are a damn PITA.
Link Posted: 1/7/2015 7:54:01 PM EST
People don't have a goddamn clue how to handle money, especially people in my age bracket (I'm 27). I gotta dude at work that followed a sentence saying "I barely had money for my wife's car payment, and rent was late again because I didn't have the money" with "but the good news is, me and my wife got new (current model Samsung Galaxy) phones."

Absolutely infuriating. I have no sympathy for that shit.
Link Posted: 1/7/2015 7:54:43 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ziarifleman:
Someone ahead of me at the ATM machine once left their receipt in it and I just casually looked at it. It had less than $50 in the account.

I keep it as a reminder that things could be much worse for me.
View Quote



I've done the same thing. I'm pretty well off now but had someone close to me hit hard times and live day to day before helping them get a good job and turn it around. When it's that close to you it feels the same, so I can relate to how times can get tough quickly.
Link Posted: 1/7/2015 7:54:51 PM EST
Just gave one of my sub contractors a ck for $4100.00 on Friday. Something came up on the job he was supose to do this week and he's not going to get to do it for a few weeks. He's freaking out because he spent all his money on freaking race car parts. I've been preaching to him about living pay check to pay check. He's broke, not my problem!
Link Posted: 1/7/2015 7:57:53 PM EST
[Last Edit: 1/7/2015 8:00:48 PM EST by Deano_d]
We have around 3 months stashed away now. Hope to be at 6 months soon. My poor wife sent me a picture from work of our $1k Accord parked between the CEO and CFOs BMWs. It's one of the main reasons I love that woman, she just thought it was funny. Meanwhile, her super broke coworkers are driving new cars and eating out daily.
Link Posted: 1/7/2015 7:59:07 PM EST
They've been saying this for quite a while.
Link Posted: 1/7/2015 8:01:10 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By rhygin:
I'm trying to figure out what car repair I could get done for $500. Every one I've had in the last 15 years seems to start at a grand and go up from there.
View Quote



I'm getting the alternator replaced on my work van tomorrow morning, $362.55.

Two months ago it was rotors and pads $492.68.
Link Posted: 1/7/2015 8:01:52 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Deano_d:
We have around 3 months stashed away now. Hope to be at 6 months soon. My poor wife sent me a picture from work of our $1k Accord parked between the CEO and CFOs BMWs. It's one of the main reasons I love that woman, she just thought it was funny. Meanwhile her super broke coworkers are driving new cars.
View Quote


We try to keep 3 months, but all the shit that happened last year has knocked us down to under two (2014, worst year in my life).

Hope to turn that around by the second quarter.



Link Posted: 1/7/2015 8:01:58 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Burnsy87:
People don't have a goddamn clue how to handle money, especially people in my age bracket (I'm 27). I gotta dude at work that followed a sentence saying "I barely had money for my wife's car payment, and rent was late again because I didn't have the money" with "but the good news is, me and my wife got new (current model Samsung Galaxy) phones."

Absolutely infuriating. I have no sympathy for that shit.
View Quote


You do realize the phones are basically free with the contract, and a cell phone is pretty freaking important these days? Ever try and live mooching of other people's phones and computers while out and about? Seen a payphone recently?

GD is full of self-absorbed idiots out of touch with reality and this thread is proving it in spades again.
Link Posted: 1/7/2015 8:02:02 PM EST
Link Posted: 1/7/2015 8:03:21 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Shad76:
Its currently nine weeks since my last paycheck. My wife was a stay at home mom prior to so no income there. We have both been looking and applying for littered anything we meet the minimum quals for. She has a B.A. degree in business and history. I have a solid background as a field engineer and millwright. So far we haven't even had a interview. I have a few more thousand dollars saved back and our bills are paid for the month of January. To be honest I'm getting scared.
View Quote


Good luck to you and yours.
Seems like there is a general belief that if someone is down and out, it is their fault (lazy, undisciplined, etc.) but truth is, sometimes in the current economy (since 2008) many have taken a hell of a hit no fault of theirs ................. God bless those who are struggling.
Link Posted: 1/7/2015 8:03:59 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Rogue-Sasquatch:


You do realize the phones are basically free with the contract, and a cell phone is pretty freaking important these days? Ever try and live mooching of other people's phones and computers while out and about? Seen a payphone recently?

GD is full of self-absorbed idiots out of touch with reality and this thread is proving it in spades again.
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Rogue-Sasquatch:
Originally Posted By Burnsy87:
People don't have a goddamn clue how to handle money, especially people in my age bracket (I'm 27). I gotta dude at work that followed a sentence saying "I barely had money for my wife's car payment, and rent was late again because I didn't have the money" with "but the good news is, me and my wife got new (current model Samsung Galaxy) phones."

Absolutely infuriating. I have no sympathy for that shit.


You do realize the phones are basically free with the contract, and a cell phone is pretty freaking important these days? Ever try and live mooching of other people's phones and computers while out and about? Seen a payphone recently?

GD is full of self-absorbed idiots out of touch with reality and this thread is proving it in spades again.


Bro when you get a new pay phone you just fax the updated number to anywhere that you've sent a resume to. If they can't work that out you're way to smart to work there anyway
Link Posted: 1/7/2015 8:05:51 PM EST
Mom send more money , jobs going to last longer than I thought.
Link Posted: 1/7/2015 8:06:19 PM EST
[Last Edit: 1/7/2015 8:07:10 PM EST by Burnsy87]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Rogue-Sasquatch:


You do realize the phones are basically free with the contract, and a cell phone is pretty freaking important these days? Ever try and live mooching of other people's phones and computers while out and about? Seen a payphone recently?

GD is full of self-absorbed idiots out of touch with reality and this thread is proving it in spades again.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Rogue-Sasquatch:
Originally Posted By Burnsy87:
People don't have a goddamn clue how to handle money, especially people in my age bracket (I'm 27). I gotta dude at work that followed a sentence saying "I barely had money for my wife's car payment, and rent was late again because I didn't have the money" with "but the good news is, me and my wife got new (current model Samsung Galaxy) phones."

Absolutely infuriating. I have no sympathy for that shit.


You do realize the phones are basically free with the contract, and a cell phone is pretty freaking important these days? Ever try and live mooching of other people's phones and computers while out and about? Seen a payphone recently?

GD is full of self-absorbed idiots out of touch with reality and this thread is proving it in spades again.


Wasn't a free upgrade, chief. He broke his screen, his wife is just needy. They have more than a year left on their contract.

He also just spend over a grand on a bird. This is the third bird recently, because their dog ate the other two.

Yeah.
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