62% of Americans have less than $1000 in savings

[Koba St]

10k?

If I dip anywhere below 100k, I'm shook. Really, really shook. I don't flash my money, but the fact that people prior to 2008 had decent savings (over 40k) to the crisis we face now, the standard of living has dropped while the cost of living has doubled.

We need a revolution that takes the corporations accountable for their greed. That's the only way.

There’s always one poster with the

 

[Luken]

Broke fukks.

im sayin'

 

[Soundbwoy]

$1000 isn't investment money. It's just a bit of cash on hand in the event of an emergency. Then again about 50% of Americans working a job make $30,000 a year or less. It goes without saying that most of workers in this country don't make a lot of money.

its a good start if you start an automatic debit that goes into your investment monthly or bi-weekly the only thing people need to do is start doing it and if need be get a second job so that you can save more

 

[dora_da_destroyer]

Savings accounts don’t pay anything. In fact, you are losing money when you consider inflation.

Emergencies are just that - emergencies. They don’t happen often if at all. It’s better to have some liquid funds and more in investments than the other way around.

that's exactly why you cap your emergency fund...if you reach 3-10 months of expenses in savings (whatever is attainable/your threshold for safety) and you never have to dip into it, the stop funding your savings and dump more into your 401k/IRA/brokerage account(s).

having your investment portfolio be your emergency fund is risky, you're simply assuming high rates of growth which a strong or multi year recession could easily wipe out. getting 2-2.5% return on your emergency fund (which is offered by most online savings accounts) is a great return for emergency cash.

anyone with the means to save/invest should have a checking, savings, pre and post tax investment accounts.

Who keeps $100K in liquid savings? What emergency would you ever have to need anything close to that? Once you get past $20K it’s time to invest or something cause you could be doing better things with that money. In liquid it’s losing money.

$20k isnt that much, especially in places where people are carrying $5000-7000 mortgages, i wouldn't say a $ cutoff, but a # of months cutoff. for me, it's 6 months.

 

[UberEatsDriver]

The reason why people live check to check is because they feel entitled to the great things in life when they get a raise.

This one doctor said because he has over 6 figure debt be actually feels a homeless person and a child with a piggy bank is richer than him.

 

[Trot LaRoc]

People b livin off credit cards.

I didnt having a savings til i was 33(im 37 now)...all my 20s n early 30s was chek to chek.

Even now im only at 15k in savings n all my friends look at me like Mansa Musa

Most ppl i know regardless of race rarely have a significant savings

I kno pl with 6 figure jobs that barely have shyt saved. Lot of folk paying hundreds a month in either credit card and/or student loan debt....

Coli aint real life

Most ppl dont have savings or any assets worth shyt....esp ppl 20-40 range

 

[Suge Knight]

I'm over here wondering if they still got them coinstar joints, cause

But I do have money in investments...

Keeping it real about to do my own thing, cause this job shyt could end anyday and id be back in them streets

 

[Trot LaRoc]

10k?

If I dip anywhere below 100k, I'm shook. Really, really shook. I don't flash my money, but the fact that people prior to 2008 had decent savings (over 40k) to the crisis we face now, the standard of living has dropped while the cost of living has doubled.

We need a revolution that takes the corporations accountable for their greed. That's the only way.

Another 6 ft 6cert 6figure Coli breh

Also its easy to blame overspending but it aint just ppl buying too much fufu shyt

Wages aint increased in decades but every cost of life has increased. Fucc u think gon happen....thats not absolve the ppl that are reckless wit money but i kno plenty folk who dont spend wild, arent flashy at all but still barely stay above water with multiple jobs

Money gettin siphoned to the top n most regular folk left with the tiny sips of drank left in the bottom of the cup

 

[phcitywarrior]

that's exactly why you cap your emergency fund...if you reach 3-10 months of expenses in savings (whatever is attainable/your threshold for safety) and you never have to dip into it, then stop funding your savings and dump more into your 401k/IRA/brokerage account(s).

having your investment portfolio be your emergency fund is risky, you're simply assuming high rates of growth which a strong or multi year recession could easily wipe out. getting 2-2.5% return on your emergency fund (which is offered by most online savings accounts) is a great return for emergency cash.

Please say this again for the people in the back.

 

[G.O.A.T Squad Spokesman]

There’s always one poster with the

Always.

 

[Standing on business]

People just don’t save like they did in the past. Our grandparents generation saved we use credit

Because we can’t be nikka

 

[MarcMan]

why would you liquidate high return funds when it makes sense to simply have an emergency savings you raid when necessary? unless you're a frequent trader where you're buying and selling for short term profits, your brokerage account should be left to grow/reinvested. you should have whatever amount in a high yield savings for emergencies.

Wouldn't it be be better to have a larger liquid rainy day fund so you keep the momentum of your stocks/funds? I'm just curious cause I know some funds penalize you for taking money out early

I don't really have many emergencies that go beyond what I can do with my CC and pay off by the end of the cycle. I've had none in the past 5 years and it would require me needing to come up with $3000+ to even consider liquidation.

I should've better worded my original post and said I would liquidate in the event of something catastrophic (e.g.$5000+ at one time)

 

[richaveli83]

I think that percentage is higher...

 

[Wild self]

People just don’t save like they did in the past. Our grandparents generation saved we use credit

Even 12 years ago, I knew people who had over 40k saved, and it didnt even phase them. Were buying cars in full and all that. Guess with the introduction of this high end tech with stagnant wages, no one can seem to save much of anything anymore.

 

[Master Teacher]

most people live check to check no matter how much they make, people are slaves to their possessions and make money just so they can afford to go to work the next day