62% of Americans have less than $1000 in savings

[King Poetic]

Watch a show called LIFE OR DEBT and you'll see how people savings is under $1000

1.. you have people trying to live beyond their means to stay in competition with their neighbors, co workers or friends

2.. cost of living in cities and people hourly or based pay isn't condition for that city

3.. black people since im black and live in the hood have $50,000 cars and trucks and tons of clothes and mad about their gas and electricity bills

I had people ask me why I live in the hood..

I said simply because of cost of living and my hood isn't all that bad.. plus I just need a roof and my guns and im good...

 

[King Poetic]

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.

By pass that... u better off getting that acorns app and see your money grow from there

 

[Hijo de luna]

My income has more than doubled in the last five years. Same $60k house, same cars(both paid off). No new debt , no new stress

 

[beenz]

man, we have done many threads on this, and its fukking disturbing to say the least.

what makes it worse, is there's are folks that make 6 figure incomes on this list as well

 

[beenz]

My income has more than doubled in the last five years. Same $60k house, same cars(both paid off). No new debt , no new stress

only debt I have is a mortgage. nothing else.

 

[semtex]

 

[mamba]

man, we have done many threads on this, and its fukking disturbing to say the least.

what makes it worse, is there's are folks that make 6 figure incomes on this list as well

A lot of nikkas makin' 6 figures are just as wealthy as the $30K salary nikkas in terms of actual net worth.

Personal Finance should be a mandatory class you have to pass before graduating high school.

Then, there should be another mandatory Personal Finance course in college.

At a minimum, an "education" should include that knowledge and training.

 

[King Poetic]

man, we have done many threads on this, and its fukking disturbing to say the least.

what makes it worse, is there's are folks that make 6 figure incomes on this list as well

I know.. then after watching a episode of life or debt with that black couple I was like im not surprised

 

[mamba]

Watch a show called LIFE OR DEBT and you'll see how people savings is under $1000

1.. you have people trying to live beyond their means to stay in competition with their neighbors, co workers or friends

2.. cost of living in cities and people hourly or based pay isn't condition for that city

3.. black people since im black and live in the hood have $50,000 cars and trucks and tons of clothes and mad about their gas and electricity bills

I had people ask me why I live in the hood..

I said simply because of cost of living and my hood isn't all that bad.. plus I just need a roof and my guns and im good...

The blessing for me is that I've never been a "Keep up with the Joneses" type of breh.

I also work around a bunch of CACs and foreigners. So, no burning need to floss on other brehs. Foreigners are cheap as hell. It rubs off on me!

 

[beenz]

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

my pops is an accountant by trade and he hammered in in my brain growing up the concept of "paying yourself" first and foremost before anything else. I've always been a good saver. now I'm trying to learn more about investing since I have the available capital to do so.

 

[beenz]

I know.. then after watching a episode of life or debt with that black couple I was like im not surprised

jesus christ, I watched that shyt. they're combined income was like 160K and they crib wasn't expensive at all, and the shyt they were doing was

 

[mamba]

 

[beenz]

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

man when you're getting that little return on investment for your savings, you're actually losing money because inflation is more than the .01% they're paying.

btw, I have started moving my cash into s&p component stocks that pay quarterly dividends of around 4%.

basically companies that ain't going anywhere.

 

[mamba]

man when you're getting that little return on investment for your savings, you're actually losing money because inflation is more than the .01% they're paying.

btw, I have started moving my cash into s&p component stocks that pay quarterly dividends of around 4%.

basically companies that ain't going anywhere.

That's why I had to close them. Inflation was going to erode the value of that money over time.

 

[beenz]

A lot of nikkas makin' 6 figures are just as wealthy as the $30K salary nikkas in terms of actual net worth.

Personal Finance should be a mandatory class you have to pass before graduating high school.

Then, there should be another mandatory Personal Finance course in college.

At a minimum, an "education" should include that knowledge and training.

in this day and age, knowing about personal finance as a skill is about as important of a life skill as learning how to type properly.