62% of Americans have less than $1000 in savings

[Larry Lambo]

I wonder how the percentages breakdown by race.

 

[plushcarpet]

if you save $1 a day, you'd have that in a year in 3yrs

better than nothing

 

[O.T.I.S.]

I learned in the military that you should have at least 3 months of your yearly income in savings and at least 2 modes of transportation.

Once i heard that, i strived for it. Still didn't feel like i was nowhere close to where i want to be

 

[BocaRear]

I'm not even 20 and I got more than that saved

 

[Ol’Otis]

average net worth of a black female is 100 bucks

i thought it was 5$

 

[Originalman]

No surprise this a society that stresses spending money till it is all gone.

Even in elementary, high school and college they don't teach finances and how to save or manage money.

Before debit cards folks would have been amazed how many folks didn't know how to balance a check book or write a check.

 

[mamba]

I wonder how the percentages breakdown by race.

As Black people, we need to learn how to save more money. We spend money very recklessly.

 

[Larry Lambo]

As Black people, we need to learn how to save more money. We spend money very recklessly.

It's sad, man. Nothing wrong with spending a little loot on material items, but AFTER you stack, not before.

 

[mamba]

On a related note, especially for our 6-6-6 Coli friends

Make Six Figures? There's a Decent Chance You've Got Almost Nothing in the Bank
The more you earn, the more you spend.

It's hard to feel sorry for someone making six figures, but a new survey attempts to drum up some sympathy for the deflated bank accounts of these high rollers. Close to half of those who earn from $100,000 to $149,999 a year have less than $1,000 in their savings accounts. Some 18 percent of them have socked away absolutely nothing.

The study, from financial services website GoBankingRates, found that those who earn over $150,000 annually don't fare much better: Some 29 percent have less than a grand in their savings, and 6 percent have nothing saved at all. The study surveyed 7,052 Americans in early August.

"It doesn’t matter if they are making $30,000 per year or $300,000—people don’t seem to know how to spend less than they make," financial planner Michael Hardy said in response to the study's findings.

Make Six Figures? There's a Decent Chance You've Got Almost Nothing in the Bank

 

[mamba]

It's sad, man. Nothing wrong with spending a little loot on material items, but AFTER you stack, not before.

It's good that I've never been a super materialistic person. I tend to spend money on experiences.

Working to cut down spending on food and alcohol this year.

 

[SemiEnlightenedBum]

EVEN IF YOU GOT GUAP IN A FEDERAL RESERVE BANK YOU WON'T SEE IT UNLESS YOU REMOVE IT NOW AND FIND OTHER BANKS AROUND THE WORLD TO HOLD IT..THIS EYE PROMISE YOU

THEIR IDEA OF 'JUBILATION' IS THE SAME,YET DIFFERENT,FROM THE BASIC INSTRUCTIONS BEFORE LEAVING EARTH...

BUY GUNS&BUTTER,OR FIGHT AND SPUTTER..



I'M READY FOR HARMAGEDDON,EYE SUGGEST YOU DO THE SAME..

 

[GunRanger]

Savings rates are shyt for the most part. Best you'll find is 1 percent at an online bank and even then that doesn't keep up with inflation. It's better to invest it

 

[Larry Lambo]

Savings rates are shyt for the most part. Best you'll find is 1 percent at an online bank and even then that doesn't keep up with inflation. It's better to invest it

Your quote just made me realize that criteria of the survey. The question is how much does someone have in their savings account.

A lot of people don't have savings accounts, especially with the rates we've had over the last 5 years.

You can just use a checking account and put the rest of your money in an investment account. A savings account is not really necessary to store your savings.

I think you have to expand the question to include investments, CD's, money market accounts, etc.

 

[mamba]

Savings rates are shyt for the most part. Best you'll find is 1 percent at an online bank and even then that doesn't keep up with inflation. It's better to invest it

I'm closing some brick-and-mortar savings accounts for that very reason. shyts are only paying 0.01% in most cases.

 

[GunRanger]

I'm closing some brick-and-mortar savings accounts for that very reason. shyts are only paying 0.01% in most cases.

I only have a checking account with Chase. They keep sending me flyers to get 200 dollars if they I open a savings account with 15k. For what, when they offer a single basis point.

I opened a savings account with ally instead, but even then most of my cash goes to betterment.