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Rob L

Half of Americans are saving next to nothing

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I know it is not a sexy topic like Muslim terrorists teaching in our schools, why we are paying $5,000,000 per Obama care subscriber, how we are being scammed by global warming, why we all need to pack sidearms in church or how Ebola is being imported in the bodies illegal immigrants crossing from Mexico, but I thought I would give it a try :

http://money.cnn.com/2015/03/30/pf/income-saving-habits/index.html

When it comes to saving, we aren't doing enough of it.

Roughly half of Americans are saving 5% or less of their incomes, including 18% that are not saving anything, according to a survey from Bankrate. Only about a quarter of people are saving more than 10% of their earnings.

So how much should you be saving? Bankrate recommends 15%.

"Between emergency savings and the ever-increasing burden of retirement savings that is on the individual, the goal should be 15% of your income," said Greg McBride, the personal finance website's chief financial analyst.

Currently, one in seven people are saving more than 15%, the report showed.

"For a lot of people, it won't happen overnight. It's going to take some time, but it's doable, as the middle class is showing."

Those in the middle class are proving to be the super savers with 35% of people with an annual income of $50,000-$74,999 saving more than 10% of their earnings.

150327111058-income-saving-habits-780x43

For many of us, it's time to step up our savings plan.

Related: The average tax refund is now $2,893

Of those taking home more than $75,000 a year, 32% were saving more than 10% of their income, according to McBride.

Saving more is easier said than done, which is why McBride suggests making it automatic by having a portion of each paycheck be directly deposited into a savings account and a retirement plan. "Saving needs to happen before you pick up your paycheck."

Bankrate's Financial Security Index, which surveyed 1,000 adults in the U.S., also showed consumers are feeling better about their debt and financial situation compared to a year ago, which could actually be bad news for savings accounts.


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And a big shoutout to the Federal Reserve for destroying the American economy, encouraging - with its policy of zero interest rates - the financing of the gap between income and expenses by debt accumulation, which is why despite the fact US wages and salaries are at their lowest share of GDP in history, the civilian labor force participation rate at levels not seen since the 70's, yet consumption as a share of GDP is near a record high.

The risks in this economy are epic.


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What I want to know is, how come the socialists in Europe are saving more than Americans? Surely Americans should have more to save given they give less to the government? Anyone?


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And a big shoutout to the Federal Reserve for destroying the American economy, encouraging - with its policy of zero interest rates - the financing of the gap between income and expenses by debt accumulation, which is why despite the fact US wages and salaries are at their lowest share of GDP in history, the civilian labor force participation rate at levels not seen since the 70's, yet consumption as a share of GDP is near a record high.

The risks in this economy are epic.

We can debate the state of the Economy and why, but does that explain why 32 % of folks taking home > $75,000 as saving 10 %?


The content available on a site dedicated to bringing folks to America should not be promoting racial discord, euro-supremacy, discrimination based on religion , exclusion of groups from immigration based on where they were born, disenfranchisement of voters rights based on how they might vote.

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What I want to know is, how come the socialists in Europe are saving more than Americans? Surely Americans should have more to save given they give less to the government? Anyone?

In America it is every man or woman for himself/herself. America has yet to realize when everyone is doing good we can all do good as a whole. Anything seen as helping others is a bad idea.

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What I want to know is, how come the socialists in Europe are saving more than Americans? Surely Americans should have more to save given they give less to the government? Anyone?

Having lived in Europe, in Canada and now in the United States, I would say that living on credit is viewed much differently in Europe. Much less accessible also. So... if you can't finance your toaster at $1.99 per month for the next 120 months, well... you save for it. It becomes an habit. From my first job at 14 years old until now, I have always saved at least 20% of each paycheck. A couple of times, it felt so good to say "bye bye boss" :devil:

I am saving more now that I am in the USA, paycheck is bigger - husband has similar views, so we enjoy being frugal on many things, saving, and splurging on what we really care about.

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In America it is every man or woman for himself/herself. America has yet to realize when everyone is doing good we can all do good as a whole. Anything seen as helping others is a bad idea.

It's not about helping others as much as it is about the government deciding who to help, how, when, where, why, ask even the most conservative people and many will tell you they do believe in helping people, AS PRIVATE PEOPLE, not in the hands of governments. Governments have proven themselves to be so inefficient with other people's money.

I like Milton Friedman's example best. Now, I don't agree with everything Milton Friedman has ever said, but this one is definitely worth consideration.

The 4 Ways Of Spending

1) Spend your own money on yourself.

2) Spend your own money on somebody else.

3) Spend somebody else’s money on yourself.

4) Spend somebody else’s money on somebody else.

In the first example, you would look for the best price AND best value. In the second example, you would look for the best price, not necessarily best value. In the third example, you would look for the best value, but not necessarily the best price. And in the 4th example, you would probably look for neither. Number 4 is governments.

But that's only one side of things. Even if I were to agree with you that more socialism is a good thing, it is still not what America IS. Like it or not, centuries ago when the colonists started wanting to run things on their own, they had a certain vision for it. Right vision, wrong vision, it was their vision and what this country was founded on.

And btw that vision did not include an uncontrollable FED.

Edited by OriZ

09/14/2012: Sent I-130
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01/18/2013: DS-3032 Accepted; Received IV Bill
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05/06/2013: Interview Scheduled

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06/28/2013: VISA RECEIVED

07/09/2013: POE - EWR. Went super fast and easy. 5 minutes of waiting and then just a signature and finger print.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

05/06/2016: One month late - overnighted form N-400.

06/01/2016: Original Biometrics appointment, had to reschedule due to being away.

07/01/2016: Biometrics Completed.

08/17/2016: Interview scheduled & approved.

09/16/2016: Scheduled oath ceremony.

09/16/2016: THE END - 4 year long process all done!

 

 

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It's not about helping others as much as it is about the government deciding who to help, how, when, where, why, ask even the most conservative people and many will tell you they do believe in helping people, AS PRIVATE PEOPLE, not in the hands of governments. Governments have proven themselves to be so inefficient with other people's money.

I like Milton Friedman's example best. Now, I don't agree with everything Milton Friedman has ever said, but this one is definitely worth consideration.

The 4 Ways Of Spending

1) Spend your own money on yourself.

2) Spend your own money on somebody else.

3) Spend somebody else’s money on yourself.

4) Spend somebody else’s money on somebody else.

In the first example, you would look for the best price AND best value. In the second example, you would look for the best price, not necessarily best value. In the third example, you would look for the best value, but not necessarily the best price. And in the 4th example, you would probably look for neither. Number 4 is governments.

But that's only one side of things. Even if I were to agree with you that more socialism is a good thing, it is still not what America IS. Like it or not, centuries ago when the colonists started wanting to run things on their own, they had a certain vision for it. Right vision, wrong vision, it was their vision and what this country was founded on.

And btw that vision did not include an uncontrollable FED.

This is a capitalistic society. It is not that the government don't know how to handle other people's money, it is that they are taking it and using it for themselves. We are still back to every man for himself.

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We can debate the state of the Economy and why, but does that explain why 32 % of folks taking home > $75,000 as saving 10 %?

Because, what else are they going to do with it?

Let it lay in the bank and earn nothing?

Put it in bonds and earn nothing?

nonononono....don't you know that if you just take that money and pile it into the real estate bubble(yes despite its deflation in the past 9 years it's still not quite out of bubble mode) or the stock market bubble or oil, gold, bitcoin, you could make millions? collection of this, or collection of that, it is a combination of either speculation running rampant and/or people that just love consuming. They have to have everything, and now. They can't wait a year or two till they have enough money, cause that's what we keep being told, that it is easy to buy things, if only we just take on a little bit of debt. And then a little more, and then a little more. Better than doing nothing with your money, right?

Wait, retirement? What's that?

They have money in 401k's and such, so what do they care? The big boom will take care of all that.

Edited by OriZ

09/14/2012: Sent I-130
10/04/2012: NOA1 Received
12/11/2012: NOA2 Received
12/18/2012: NVC Received Case
01/08/2013: Received Case Number/IIN; DS-3032/I-864 Bill
01/08/2013: DS-3032 Sent
01/18/2013: DS-3032 Accepted; Received IV Bill
01/23/2013: Paid I-864 Bill; Paid IV Bill
02/05/2013: IV Package Sent
02/18/2013: AOS Package Sent
03/22/2013: Case complete
05/06/2013: Interview Scheduled

06/05/2013: Visa issued!

06/28/2013: VISA RECEIVED

07/09/2013: POE - EWR. Went super fast and easy. 5 minutes of waiting and then just a signature and finger print.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

05/06/2016: One month late - overnighted form N-400.

06/01/2016: Original Biometrics appointment, had to reschedule due to being away.

07/01/2016: Biometrics Completed.

08/17/2016: Interview scheduled & approved.

09/16/2016: Scheduled oath ceremony.

09/16/2016: THE END - 4 year long process all done!

 

 

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This is a capitalistic society. It is not that the government don't know how to handle other people's money, it is that they are taking it and using it for themselves. We are still back to every man for himself.

Even when government bureaucrats are saints and have the best intentions, they still don't properly know how to be efficient with money. It's been proven by research after research.

And, even when they do take it for themselves, that is not capitalism. That is cronyism. No capitalist in their right mind actually believes in doing that. Cronies do.


09/14/2012: Sent I-130
10/04/2012: NOA1 Received
12/11/2012: NOA2 Received
12/18/2012: NVC Received Case
01/08/2013: Received Case Number/IIN; DS-3032/I-864 Bill
01/08/2013: DS-3032 Sent
01/18/2013: DS-3032 Accepted; Received IV Bill
01/23/2013: Paid I-864 Bill; Paid IV Bill
02/05/2013: IV Package Sent
02/18/2013: AOS Package Sent
03/22/2013: Case complete
05/06/2013: Interview Scheduled

06/05/2013: Visa issued!

06/28/2013: VISA RECEIVED

07/09/2013: POE - EWR. Went super fast and easy. 5 minutes of waiting and then just a signature and finger print.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

05/06/2016: One month late - overnighted form N-400.

06/01/2016: Original Biometrics appointment, had to reschedule due to being away.

07/01/2016: Biometrics Completed.

08/17/2016: Interview scheduled & approved.

09/16/2016: Scheduled oath ceremony.

09/16/2016: THE END - 4 year long process all done!

 

 

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What I want to know is, how come the socialists in Europe are saving more than Americans? Surely Americans should have more to save given they give less to the government? Anyone?

How else are they going to bail out Greece the next time they financially poop the bed?

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Because, what else are they going to do with it?

Let it lay in the bank and earn nothing?

Put it in bonds and earn nothing?

nonononono....don't you know that if you just take that money and pile it into the real estate bubble(yes despite its deflation in the past 9 years it's still not quite out of bubble mode) or the stock market bubble or oil, gold, bitcoin, you could make millions? collection of this, or collection of that, it is a combination of either speculation running rampant and/or people that just love consuming. They have to have everything, and now. They can't wait a year or two till they have enough money, cause that's what we keep being told, that it is easy to buy things, if only we just take on a little bit of debt. And then a little more, and then a little more. Better than doing nothing with your money, right?

Wait, retirement? What's that?

They have money in 401k's and such, so what do they care? The big boom will take care of all that.

Ain't that the truth. The real problem is what to do with the money.

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