Don't be like these Americans

[DoChenRollingBearing]

...

The NY Times (which I usually never read) did have the interesting below article on the perilous state of American families' savings. It seems that few families have hardly anything saved up. Very little for emergencies or losing their jobs.

Very grim it looks to me. One characteristic of us here at pmbug is that we at least save some (and are more careful about HOW we save). Makes me wonder what all those people are going to do if/when things get rough.

The gory details:

http://www.nytimes.com/2015/01/31/y...ans-savings.html?smid=tw-nytimesbusiness&_r=1

 

[11C1P]

I wouldn't see the point of having lots of republic credits stored in cyberspace even if it is represented by the facade of a brick and mortar building. Just keep selling me silver @ under $30/ozt and I'll happily stay "broke".

 

[benjamen]

Life WILL smack you in the face from time to time. It is not a matter of if, but a matter or when and how many times. If you car dies tomorrow, can you afford to get another one? If you get laid off for the next year, would you be fine financially?

I have never understood only saving 10% of your income. I have always lived by the rule of live off half of your take home pay and save, invest, pay down debt with the rest.

 

[pmbug]

... Makes me wonder what all those people are going to do if/when things get rough.
...

"blood in the streets"

I think we saw circa 2008 how folks adjusted to their circumstances by curtailing spending, moving back home with family, etc. I'm not sure how much buffer room there is any more should TSHTF economically and a significant percent of the population find themselves unable to afford basic necessities.

 

[ancona]

I hope this can be held back until May, 'cause that's when my mortgage is finally paid off.

This is not going to end well people. We had a chance to let shit get normal in '08, but the Brotherhood of Darkness couldn't bear to see their billionaire brethren lose any money, so the sheep were milked to bail everyone out. Now, not only are we straight back where it all started, we're even more levered up and have twice the derivatives. Uncle Sugar thinks this can all be paved over using taxpayer money, but the minute they take MY CAsh, that's when it gets real people.

 

[DoChenRollingBearing]

...

Latest news from Peru does not make it look all that great there either.

Now we have the tax police all up our butts down there. They LIKE going after legit companies because they can't threaten anyone.

Grrr....

 

[benjamen]

Spending our way into the poor house:
http://finance.yahoo.com/news/this-is-why-the-middle-class-feels-trapped-152616810.html

"...American consumers must waste an incredible amount of money, if you define “waste” as spending that does little or nothing to improve your quality of life. Over the course of the last three generations, luxuries have become necessities, while it takes more and more to make us feel successful."

:judge: