Bank rate survey finds: 56% of Americans cannot cover a $1000 emergency

[DSG2003Mach1]

This thread made me check my phone. It’s an iphone 7 from 2014.

No wonder it’s a piece of shit.

Edit: iphone 7 came out in 2016. I have no idea when my phone is from.

I'll usually go 3-4 years between phones but Verizon has been back to doing "free" phones again on our corporate account after stopping for a while. ya, they extend you out 2 years but our per line price stays the same and you just pay tax on the price of the phone.

 

[Fat Boss]

I’m doing okay. But all my money is in my checking.. I don’t invest worth a shit… but honestly I doubt I’ll make it past 50

I think a lot of us fall in that category. I didn't think I'd make fifty either, the way we partied. I have very, very few ragerts in life but one of them is not investing my money when young. Playing catch up in your forties and fifties is no fun, and being broke at 60 or 70 is worse.

 

[CompOrange04GT]

I think a lot of us fall in that category. I didn't think I'd make fifty either, the way we partied. I have very, very few ragerts in life but one of them is not investing my money when young. Playing catch up in your forties and fifties is no fun, and being broke at 60 or 70 is worse.

I wish I knew the answer.

It’s a catch 22 . Always is.

I could have saved a lot of money from my oil field days, but I wouldn’t have had the cars.. vacations… or fun. When I had the time and money to do it.

And let’s say I died at 35…. Woo hooo.. I would have died with money in the bank.

Now I’m “ saving “ but not investing. Cause honestly..

look at our world now.. I can’t imagine In 20 years.

I have some money in crypto.. but the rest is in my checking account.

It is 5 figures. ( not 90k ) lol … but sure I could probably be putting X amount in my 401k or an IRA..

Or… I could just have that money accessible if I want it

 

[CobraBob]

I have maybe half my money in high-yield CDs, and the other half invested. I full know they aren't not tax sheltered, but I'm fine with that. I've taken too maybe financial hits over the past 10 years with my portfolio to have great trust in the stock market. I'm honestly more comfortable this way, versus worrying if the market dives and I lose big time, as has happened twice since 2008. I'm 75 now, so that's my story and I'm sticking to it. LOL.

 

[Blown 89]

I'll usually go 3-4 years between phones but Verizon has been back to doing "free" phones again on our corporate account after stopping for a while. ya, they extend you out 2 years but our per line price stays the same and you just pay tax on the price of the phone.

Your price line stays the same for 2 years because you're paying for the phone over that time. If you bring your own phone and call them they will discount the monthly fees for that line. They tried to pull that "free" phone shit on our corporate account too. Service providers don't give anything away $1,200 phones for free, it's all baked into the plan.

 

[DSG2003Mach1]

Your price line stays the same for 2 years because you're paying for the phone over that time. If you bring your own phone and call them they will discount the monthly fees for that line. They tried to pull that "free" phone shit on our corporate account too. Service providers don't give anything away $1,200 phones for free, it's all baked into the plan.

we pay like $35/line

 

[Fat Boss]

I wish I knew the answer.

It’s a catch 22 . Always is.

I could have saved a lot of money from my oil field days, but I wouldn’t have had the cars.. vacations… or fun. When I had the time and money to do it.

And let’s say I died at 35…. Woo hooo.. I would have died with money in the bank.

Now I’m “ saving “ but not investing. Cause honestly..

look at our world now.. I can’t imagine In 20 years.

I have some money in crypto.. but the rest is in my checking account.

It is 5 figures. ( not 90k ) lol … but sure I could probably be putting X amount in my 401k or an IRA..

Or… I could just have that money accessible if I want it

I hear you. You might die at 35, but the odds are surely against it. If you make it to 30, your life expectancy is likely to reach age 75+ years old. It's not a stretch to think you'll make it there, or close to it.

Time for a reality check. There's a lot of fear mongering in the media and certainly on this site. But, people have been predicting the end of civilization for far longer than any of us have been alive. The world will still be here in 20 years.

Also, you don't have to lock your money up in a 401k or IRA. A simple brokerage account would allow you to at least beat inflation, and then some. If you need your cash, sell some stock and pay your long term capital gains tax at 15% of what you made on it. It's good you have some crypto. IMO that will serve you well and at some point you might wish you bought more of it.

 

[ford fanatic]

I've said this before...I want a 2013 grabber blue/black stripe GT500. But I won't finance it, and I won't take away from heavy investing/saving and vacationing to buy it. Could easily make payments, just can't bring myself to do it.

Wife and I make pretty good money with a $2K mortgage being our only debt, but paying extra to try to knock that out in the next 4-5 years. Plan is to retire in 8 years at 59.5 years old.

I want to be YOLO, I really do lol.

 

[supercharged91m]

This thread made me check my phone. It’s an iphone 7 from 2014.

No wonder it’s a piece of shit.

Edit: iphone 7 came out in 2016. I have no idea when my phone is from.

Be a man get ur money's worth out of it use it until it won't turn on any more

 

[01yellercobra]

I have maybe half my money in high-yield CDs, and the other half invested. I full know they aren't not tax sheltered, but I'm fine with that. I've taken too maybe financial hits over the past 10 years with my portfolio to have great trust in the stock market. I'm honestly more comfortable this way, versus worrying if the market dives and I lose big time, as has happened twice since 2008. I'm 75 now, so that's my story and I'm sticking to it. LOL.

Really? I wouldn't have guessed you were anywhere near that age.

There's a reason I worked to get a govvy job. At least I'll have my pension when the time comes. Unless someone overthrows the government. Then I'll start selling jewelry at truck stops.

 

[03cobra#694]

I'm good, plenty to retire with. Just got a 15 Max Pro.

 

[Stanley]

I'm just using the 401k and will supplement with my wife's teacher retirement. My 401k seems to be doing okay, but the company I work for is selling the site that I'm at so my elections will change with the new company. Reading the post in the stock pick thread makes me think I should just give a couple of you guys some of it to handle. haha

I got a little behind when my wife had some medical issues that her insurance didn't cover and had to pause my contribution to come up with some cash pretty quick. I also don't contribute as much as I probably should. Right now I'm at 7% with it set to go up 1% every year.

I'm 47 and this is what I have.

 

[MG0h3]

I'm just using the 401k and will supplement with my wife's teacher retirement. My 401k seems to be doing okay, but the company I work for is selling the site that I'm at so my elections will change with the new company. Reading the post in the stock pick thread makes me think I should just give a couple of you guys some of it to handle. haha

I got a little behind when my wife had some medical issues that her insurance didn't cover and had to pause my contribution to come up with some cash pretty quick. I also don't contribute as much as I probably should. Right now I'm at 7% with it set to go up 1% every year.

I'm 47 and this is what I have.

View attachment 1833607

You’re doing great man. That’s a very solid balance for your age.

I would recommend keeping an eye on the overall market as this year wears on.

Market tends to rise into inflationary rate hikes and while rate hikes pause.

Rate cuts will come when unemployment goes up along with inflation coming down. Inflation coming down will equate to reduced earnings growth or more likely, contraction.

This is the economy contracting which should drive stock prices down.

Something of note: My brother manages a couple condo complexes in the Seattle area. We just talked last night and he said after several years of having to wait weeks or months for contractors to stop by for an estimate, he had 3 rush over the day after he called.

In TX, I got solicitor calls for a free quote for home improvement yesterday. Can’t remember the last time that happened.




Sent from my iPhone using the svtperformance.com mobile app

 

[robvas]

My first job, I thought I was doing the right thing and rolled my 401k balance over when I left after 6 years...

The problem was the guy had me get an annuity instead of just putting it in an IRA. When I checked on it years and years later, it was still sitting at like $25,000, I thought it would have gone way up.

Never a small financial advisor. Do your own research.

 

[Stanley]

My first job, I thought I was doing the right thing and rolled my 401k balance over when I left after 6 years...

The problem was the guy had me get an annuity instead of just putting it in an IRA. When I checked on it years and years later, it was still sitting at like $25,000, I thought it would have gone way up.

Never a small financial advisor. Do your own research.

I got suckered into one as well. Live and learn I guess.

 

[*Jay*]

My first job, I thought I was doing the right thing and rolled my 401k balance over when I left after 6 years...

The problem was the guy had me get an annuity instead of just putting it in an IRA. When I checked on it years and years later, it was still sitting at like $25,000, I thought it would have gone way up.

Never a small financial advisor. Do your own research.

I got suckered into one as well. Live and learn I guess.

I am so thankful my mom asked me and I talked her out of an annuity plan the FA from NFCU was trying to roll her into, everything about it screamed scam and unnecessary risk to me.

 

[CobraBob]

Really? I wouldn't have guessed you were anywhere near that age.

There's a reason I worked to get a govvy job. At least I'll have my pension when the time comes. Unless someone overthrows the government. Then I'll start selling jewelry at truck stops.

LOL. Yep!

Or....you could sell jewelry at La Jolla Cove, Bob. I remember last summer when my wife and I walk around the park there, there were quite a few jewelry stands set up.

 

[rborden]

Just saw this article on CNBC. 56% cannot cover a $1000 emergency expense without using a credit card or borrowing from friends or family.

So much for Bidenomics.

It also speaks to the fact that many still prioritize the wrong things. I wonder how many of the 56% are daily Starbuck’s client, etc…

This has nothing to do with Biden, this has been going on for decades.

Money principles are not being taught anymore. Society, consumerism and government have encouraged everyone from Gen X to present that buying on credit and having the latest and greatest is necessary.

The government encourages is because it keeps you going to work, focused and ensures you don't step out of line.

The government stopped pushing the low fat diets in the late 70's and loaded everything up in our foods with sugar. Glucose, dextrose, fructose...all sugars in various forms. Why? A fat society that is content and entertained will never revolt or fight back.

If you're in debt, fat, sluggish, lethargic and not motivated, you won't fight back and you'll keep contributing to the machine in pursuit of money, comfort and worldly possessions.