1 in 3 Americans can't come up with $2,000—here's how much you should be saving
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https://www.yahoo.com/news/m/50852268-d713-3529-bb9b-8372f1f54dc3/ss_1-in-3-americans-can't.html
Here's how much you have to earn to be considered middle ...
America's middle class keeps shrinking.
One-third of Americans would not be unable to come up with $2,000 to deal with an emergency like an urgent home repair, medical crisis or car accident.
That's according to a new study released this week from The New York Fed. The survey of consumer sentiment surrounding access to and demand for credit was conducted in February.
While 32.5 percent of survey respondents feel they might need $2,000 to cover an unexpected expense in the next month, almost exactly the same number, 32.8 percent, admit they could not come up with that sum in the next month if faced with an emergency. That percentage has held steady since October 2015.
One of the most common emergencies is a medical expense. Currently, one-third of Americans would not be able to handle a $100 medical bill without going into debt . That's according to a February poll conducted by health-care information firm Amino.
The financial vulnerability of Americans is a reminder that, despite historically low unemployment rates, many in the U.S. are still living paycheck to paycheck.
In February, the unemployment rate was 4.7 percent, according to the Labor Department. In October 2010, the unemployment rate was more than twice that at 10 percent.
Wages, however, have been mostly stagnant since 2008 , while the costs of big-ticket items, including college, rent and healthcare, have continued to climb.
Experts advise that, in your 20s, you should aim to save 25 percent of your gross pay, including whatever goes into your 401(k), and that, in your 30s, you should have have the equivalent of your salary saved. As you get nearer to retirement, the amounts you are encouraged to have socked away increase.
Here's how much you have to earn to be considered middle ...
America's middle class keeps shrinking.
One-third of Americans would not be unable to come up with $2,000 to deal with an emergency like an urgent home repair, medical crisis or car accident.
That's according to a new study released this week from The New York Fed. The survey of consumer sentiment surrounding access to and demand for credit was conducted in February.
While 32.5 percent of survey respondents feel they might need $2,000 to cover an unexpected expense in the next month, almost exactly the same number, 32.8 percent, admit they could not come up with that sum in the next month if faced with an emergency. That percentage has held steady since October 2015.
One of the most common emergencies is a medical expense. Currently, one-third of Americans would not be able to handle a $100 medical bill without going into debt . That's according to a February poll conducted by health-care information firm Amino.
The financial vulnerability of Americans is a reminder that, despite historically low unemployment rates, many in the U.S. are still living paycheck to paycheck.
In February, the unemployment rate was 4.7 percent, according to the Labor Department. In October 2010, the unemployment rate was more than twice that at 10 percent.
Wages, however, have been mostly stagnant since 2008 , while the costs of big-ticket items, including college, rent and healthcare, have continued to climb.
Experts advise that, in your 20s, you should aim to save 25 percent of your gross pay, including whatever goes into your 401(k), and that, in your 30s, you should have have the equivalent of your salary saved. As you get nearer to retirement, the amounts you are encouraged to have socked away increase.
Comments
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i do agree people should have a plan to save however in some cases it just not possible.. if you start in your youth you definitely have the upper hand because once you have a family and monthly responsibilities.. life comes at you fast. The reality is people need to be responsible with the money they spend but also.. the cost of living and low wage eats away at your saving potential
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playmaker88 wrote: »i do agree people should have a plan to save however in some cases it just not possible.. if you start in your youth you definitely have the upper hand because once you have a family and monthly responsibilities.. life comes at you fast. The reality is people need to be responsible with the money they spend but also.. the cost of living and low wage eats away at your saving potential
If only they would teach you things like this in school, hmmm. -
I was taught in school to save but my parents didnt. My grandmother didnt. No one in my immediate family did. So I didnt.
I didnt start saving until I was evicted and my car broke down on me. Which was my second car because the first one, I wrecked 5 months earlier. This was 1999.
I started hanging out with this young sailor and he was buying new shoes every paycheck. But he was also sending his checks home. Apparently he was saving in advance knowing he wanted those shoes but he also had to take care of home. He helped me save $100 a paycheck. It was hard cause I knew that money was there, but he convinced me not to touch it. I actually forgot about that money and 3 years later. I was sitting on over 4 thousand.
I had saved more money than both of my parents put together had in assets at the time. Think about that. -
while they don't teach it in school ...you are not limited or stop learning once you leave school.
plenty of help on this site and plenty of people to help you here aswell -
I was taught in school to save but my parents didnt. My grandmother didnt. No one in my immediate family did. So I didnt.
I didnt start saving until I was evicted and my car broke down on me. Which was my second car because the first one, I wrecked 5 months earlier. This was 1999.
I started hanging out with this young sailor and he was buying new shoes every paycheck. But he was also sending his checks home. Apparently he was saving in advance knowing he wanted those shoes but he also had to take care of home. He helped me save $100 a paycheck. It was hard cause I knew that money was there, but he convinced me not to touch it. I actually forgot about that money and 3 years later. I was sitting on over 4 thousand.
I had saved more money than both of my parents put together had in assets at the time. Think about that.
i hate that alot of us have to learn such an easy thing the hard way...I also had to lesrn the hard way...so I feel your pain.
that's why it's up to us go make it easier for the next generation -
I was taught in school to save but my parents didnt. My grandmother didnt. No one in my immediate family did. So I didnt.
I didnt start saving until I was evicted and my car broke down on me. Which was my second car because the first one, I wrecked 5 months earlier. This was 1999.
I started hanging out with this young sailor and he was buying new shoes every paycheck. But he was also sending his checks home. Apparently he was saving in advance knowing he wanted those shoes but he also had to take care of home. He helped me save $100 a paycheck. It was hard cause I knew that money was there, but he convinced me not to touch it. I actually forgot about that money and 3 years later. I was sitting on over 4 thousand.
I had saved more money than both of my parents put together had in assets at the time. Think about that.
It should be taught in school but also it should be taught at home first. Luckily, my society influenced me to save by learning from their trials. But its not taught in school because America eat off of debt -
playmaker88 wrote: »i do agree people should have a plan to save however in some cases it just not possible.. if you start in your youth you definitely have the upper hand because once you have a family and monthly responsibilities.. life comes at you fast. The reality is people need to be responsible with the money they spend but also.. the cost of living and low wage eats away at your saving potential
If only they would teach you things like this in school, hmmm.
nah b...lets keep analyzing how impactful Beowolf and Gulliver's Travels are
who needs to know about money management in high school
dem chicks aint checking for you if you cant articulate the trials and tribulations in the Canterbury Tales -
Like I said. I learned about saving in school but when "You gone die and someone else gon spend your money" is taught at home. That ? dont matter.
Even today my pops makes damn near $3gs a month in retirement checks and this ? stay broke. I told him that he should have a minimum of $300 left in his bank account, not savings. Banking account. This mfer look at me as if I told him I had the cure for cancer. Bad money management is passed down generation after generation. I still am not the best but I know the basics and I have it down pat. -
Some people life circumstances dont allow them to.. then again like i said there are other who have poor choices.. who try to keep up/pay for prestige/spend for self esteem and/or validation
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Like I said. I learned about saving in school but when "You gone die and someone else gon spend your money" is taught at home. That ? dont matter.
Even today my pops makes damn near $3gs a month in retirement checks and this ? stay broke. I told him that he should have a minimum of $300 left in his bank account, not savings. Banking account. This mfer look at me as if I told him I had the cure for cancer. Bad money management is passed down generation after generation. I still am not the best but I know the basics and I have it down pat.
Real ? . -
My dad told me once I started working to put 50$ away every week this is when I was 16....... hard as hell to do at that time as better jobs came a long I upped what I put away still do it to this day although I pinch off it couple times I try not to touch it at all and it's In a saving acct
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playmaker88 wrote: »i do agree people should have a plan to save however in some cases it just not possible.. if you start in your youth you definitely have the upper hand because once you have a family and monthly responsibilities.. life comes at you fast. The reality is people need to be responsible with the money they spend but also.. the cost of living and low wage eats away at your saving potential
If only they would teach you things like this in school, hmmm.
This and starting a business -
playmaker88 wrote: »i do agree people should have a plan to save however in some cases it just not possible.. if you start in your youth you definitely have the upper hand because once you have a family and monthly responsibilities.. life comes at you fast. The reality is people need to be responsible with the money they spend but also.. the cost of living and low wage eats away at your saving potential
If only they would teach you things like this in school, hmmm.
now why would they do that?! lmao -
my method of saving??
make more than u can spend! hahaha
when i left home i was only good at saving for bills..
like id go out do whatever but not before i set my bill money aside..
and if i paid all my bills and was broke id jus sit my ass down.. but savin jus to save i never could do.. still cant..
im too impulsive..
sometimes i do ? to trick myself.. like buy a video game.. cause i know if i stay in the house i cant spend no money. smmfh -
BOSSExcellence wrote: »my method of saving??
make more than u can spend! hahaha
when i left home i was only good at saving for bills..
like id go out do whatever but not before i set my bill money aside..
and if i paid all my bills and was broke id jus sit my ass down.. but savin jus to save i never could do.. still cant..
im too impulsive..
sometimes i do ? to trick myself.. like buy a video game.. cause i know if i stay in the house i cant spend no money. smmfh
Yo Bro.. I came in this thread at least 4 times and each time started to type that and said aaah ? it.. ? aint gonna feel me.. lmao.. And here you go hahaha...
I aint say it.. haha.. -
? waiting in school to learn finance. I was always good with managing money, even growing up when I got allowances. I know how to make dollars stretch, and how to budget.
That, more than anything has helped me mature, because I'm always going to be good working with funds. -
$2000 aint ? , need counseling if they cant come up with 2 bands.
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Damn I'm behind
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It´s a system to hold you down ficancially.Lets be serious the right thing to do is poor people unity.Make there own bank and roll on the 1%.
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numbaz...80's baby wrote: »$2000 aint ? , need counseling if they cant come up with 2 bands.
don't do that bruh.....everybody aint making the same -
Save ya change ppl save ya change
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Man my lil brothers and sister follow my pops example. ? aint got a ? to ? in or a window to throw it out of.
My lil brother gets a guaranteed $500 check a month. So that means the essentials are taken care of regardless of the situation. Now all he needs is a decent not good job or hustle to get on his feet.
Mfer gets paid and goes to buy a ounce to smoke that dont even last a ? week. talmbout his PTSD kicking in.
I almost hemmed his ass up like ...........
I ? lost it!
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Hell, tons of people don't even have $500 saved.
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This is sad. Especially to the people reading this on there $700 Iphones but not havong $2000 to touch.
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Bulletproof Wallets wrote: »This is sad. Especially to the people reading this on there $700 Iphones but not havong $2000 to touch.
I always thought why phone have $100+ for one phone bill? Now I think they're paying for the service along with the phone. Smh. No way they paid $700 upfront.
