Axe Posted October 9, 2016 Report Share Posted October 9, 2016 $1000 in a savings acct.. UNREAL Not sure I'm buying into this http://www.usatoday.com/story/money/personalfinance/2016/10/09/savings-study/91083712/ Link to comment Share on other sites More sharing options...
MLD Woody Posted October 9, 2016 Report Share Posted October 9, 2016 That's pretty terrible if true Link to comment Share on other sites More sharing options...
Axe Posted October 10, 2016 Author Report Share Posted October 10, 2016 On that, I agree with you.. Link to comment Share on other sites More sharing options...
Browns149 Posted October 10, 2016 Report Share Posted October 10, 2016 I have way more than that. But it's not in a "Savings account" Link to comment Share on other sites More sharing options...
The Cysko Kid Posted October 10, 2016 Report Share Posted October 10, 2016 Seems accurate. I know a lot of people in financial trouble living paycheck to paycheck if that. It amazes me that so many people don't know how to live within their means. Link to comment Share on other sites More sharing options...
Westside Steve Posted October 10, 2016 Report Share Posted October 10, 2016 Seems accurate. I know a lot of people in financial trouble living paycheck to paycheck if that. It amazes me that so many people don't know how to live within their means. Truth. WSS Link to comment Share on other sites More sharing options...
DieHardBrownsFan Posted October 10, 2016 Report Share Posted October 10, 2016 Link to comment Share on other sites More sharing options...
jbluhm86 Posted October 10, 2016 Report Share Posted October 10, 2016 Seems accurate. I know a lot of people in financial trouble living paycheck to paycheck if that. It amazes me that so many people don't know how to live within their means. I was one of those people back in my 20s. I finally realized how important it was for me to have an emergency fund set aside after I had the perfect storm of unexpected expenses hit me in rapid succession and almost ruin me. Now, I have enough set aside to cover my monthly bills for almost a year in case I ever lose my job. It's nice to have that feeling of security. Link to comment Share on other sites More sharing options...
Westside Steve Posted October 10, 2016 Report Share Posted October 10, 2016 I was one of those people back in my 20s. I finally realized how important it was for me to have an emergency fund set aside after I had the perfect storm of unexpected expenses hit me in rapid succession and almost ruin me. Now, I have enough set aside to cover my monthly bills for almost a year in case I ever lose my job. It's nice to have that feeling of security. Same here and I think that's probably true across the board for most post-adolescent Americans. It does seem to me that in recent decades that post adolescent demographic seems to have expanded.Many many years ago I purchased my first house, a dump, no doubt, but still I sat in the place and chuckled about all the years I flushed money down the toilet month after month after month to rent some place no nicer than this one. In college five of us rented a house near the university for $125 a month. That wouldn't pay my bar tab now. WSS Link to comment Share on other sites More sharing options...
The Cysko Kid Posted October 10, 2016 Report Share Posted October 10, 2016 I was one of those people back in my 20s. I finally realized how important it was for me to have an emergency fund set aside after I had the perfect storm of unexpected expenses hit me in rapid succession and almost ruin me. Now, I have enough set aside to cover my monthly bills for almost a year in case I ever lose my job. It's nice to have that feeling of security. We budget a lot because it really keeps your finances in order. My wife is a big fan if paying predictable bills up to three months in advance so we always have a rather large buffer. Budgeting takes a few months of tight finances to get started effectively but once you have it established it yields rather positive results Link to comment Share on other sites More sharing options...
mjp28 Posted October 10, 2016 Report Share Posted October 10, 2016 $1000 in a savings acct.. UNREAL Not sure I'm buying into this http://www.usatoday.com/story/money/personalfinance/2016/10/09/savings-study/91083712/ I was thinking along the same lines so I did a little fact checking and it's pretty much true and very scary for our people and country as a whole.....which is also deeply in DEBT. I thought the Millenials were starting to get a handle on their attitudes toward money, saving, credit, debt and all the other related matters but it might not be happening fast enough although financial planning is not exclusive to any one group. I've always been quite interested in the topic in general being from a pretty financially prudent family growing up. I also continued it somewhat in my personal and professional life and in college my undergraduate degree was a major in Industrial Management minor in Economics. In my MBA I had a dual major in Management and Finance which was my choice because that's where the action really is in business and life plus I enjoyed it. Many years back the old standard was half the general population had less than $25,000 in savings and half of them had near $0. This 65-70% have less than $1,000 is shocking and outright scary. I have done taxes for over 30 years as a sideline which I'm now retired and pretty much completely out of now, many years ago I set up a tax business which I turned over to a friend to run and SHE has done very well with it but in that time I've seen some strange and amazing returns. I have noticed over the last 10-15+ years an increased reliance on getting government assistance just to get by year to year, maybe month to month. I have also done financial and tax planning for friends and family laying out the basics plus I try to lead them to take advantage of the abundant information online. Setting up the standard goals, age, time horizons, risk tolerance, systematic savings , etc. similar to setting up a 401(k) is relatively easy sticking to it is the hard part. Finally I have no idea why they do not start teaching our kids at the junior high school level and require mandatory high school household finance courses before they graduate. Obviously most do not get this information at home. Link to comment Share on other sites More sharing options...
Canton Dawg Posted October 11, 2016 Report Share Posted October 11, 2016 Finally I have no idea why they do not start teaching our kids at the junior high school level and require mandatory high school household finance courses before they graduate. Obviously most do not get this information at home.Hallelujah! When my daughter brought her high school schedule home this year I saw "Financial Management" as a required course, I knew somebody saw a need and made a change. Maybe there's hope for the next generation. Link to comment Share on other sites More sharing options...
Westside Steve Posted October 11, 2016 Report Share Posted October 11, 2016 Hallelujah! When my daughter brought her high school schedule home this year I saw "Financial Management" as a required course, I knew somebody saw a need and made a change. Maybe there's hope for the next generation. No women's or black studies??? WSS Link to comment Share on other sites More sharing options...
One Post Posted October 11, 2016 Report Share Posted October 11, 2016 I can relate actually. When the kids were at home and we had the big house it was expensive. Now that my wife and I are enjoying our modest apartment building things are cheaper so we can save now. It needs to be broken down in an age category rather than just a general public. Come on fellas you know what's up. Link to comment Share on other sites More sharing options...
One Post Posted October 11, 2016 Report Share Posted October 11, 2016 How can you tell if someone is republican or democrat? Hand them a hundred dollar bill. A democrat puts it in his front pocket a republican puts it in the bank. Link to comment Share on other sites More sharing options...
gftChris Posted October 11, 2016 Report Share Posted October 11, 2016 Sounds about right - and not just limited to americans. Same story here, young people don't have life skills, whether it's financial management or even things like how to change a lightbulb, how to reset a tripped fuse, etc. Link to comment Share on other sites More sharing options...
The Cysko Kid Posted October 11, 2016 Report Share Posted October 11, 2016 You don't reset tripped fuses. You reset tripped circuit breakers. Fuses have to be thrown away and replaced. Link to comment Share on other sites More sharing options...
gftChris Posted October 11, 2016 Report Share Posted October 11, 2016 You don't reset tripped fuses. You reset tripped circuit breakers. Fuses have to be thrown away and replaced. Yes indeed, my bad. Posted before my coffee. Never a good idea. Link to comment Share on other sites More sharing options...
Westside Steve Posted October 11, 2016 Report Share Posted October 11, 2016 Sounds about right - and not just limited to americans. Same story here, young people don't have life skills, whether it's financial management or even things like how to change a lightbulb, how to reset a tripped fuse, etc.And to be honest younger people have not grown up having to take care of most of that shit. You get your allowance but you don't usually have to pay the gas bill the water bill or the electric bill for the cable bill or buy the groceries or the mortgage or the rent or go to work...It takes a few years to get used to that shit. Sorry Woody. WSS Link to comment Share on other sites More sharing options...
gftChris Posted October 11, 2016 Report Share Posted October 11, 2016 And to be honest younger people have not grown up having to take care of most of that shit. You get your allowance but you don't usually have to pay the gas bill the water bill or the electric bill for the cable bill or buy the groceries or the mortgage or the rent or go to work... It takes a few years to get used to that shit. Sorry Woody. WSS My guess is Woody's one of the exceptions who can do that shit, tbf. For me, university was actually really great for that. You're living on your own (or with a few others of the same age/experience) and for the first time you have to deal with that shit, but you can still lean on parents for advice, but also the student center has places that are designed to answer questions on those fronts. I'm not sure how it's set up there though? Here you're in campus accommodation for first year, then on your own - find a place to live, pay rent, pay bills, keep the house running, mow the garden if necessary, all the little things you don't think about as a kid. Link to comment Share on other sites More sharing options...
Westside Steve Posted October 11, 2016 Report Share Posted October 11, 2016 Oh I agree I just picked on Woody because he regularly gets upset if somebody mentions that young people don't have the life experience necessary to make some decisions. I figure he has his shit together better than most, but don't tell the little arrogant fucker. WSS Link to comment Share on other sites More sharing options...
MLD Woody Posted October 11, 2016 Report Share Posted October 11, 2016 No women's or black studies??? WSS Come on now, she's not majoring in theater arts Link to comment Share on other sites More sharing options...
MLD Woody Posted October 11, 2016 Report Share Posted October 11, 2016 Oh I agree I just picked on Woody because he regularly gets upset if somebody mentions that young people don't have the life experience necessary to make some decisions. I figure he has his shit together better than most, but don't tell the little arrogant fucker. WSS 1) No. I get annoyed when someone acts like being older automatically makes them right. Whether you're 22 or 82, you need to present a good argument with facts and data. 2) I've been paying for everything for years now. I'm getting ready to buy a house. I'm doing alright on the money side (not having crippling student loan debt helps) Link to comment Share on other sites More sharing options...
Westside Steve Posted October 11, 2016 Report Share Posted October 11, 2016 Come on now, she's not majoring in theater arts Damn right bud. It takes talent to major in theatre arts. And wisdom to minor in secondary ed. And brains to major in engineering. Women's studies requires only a vagina and a bad attitude. Black studies are for gifted athletes on a scholarship without any reading and writing skills. WSS Link to comment Share on other sites More sharing options...
Canton Dawg Posted October 11, 2016 Report Share Posted October 11, 2016 No women's or black studies??? WSS Hell I'm surprised she even goes to school. She's 16 and already knows every fucking thing in the world! Link to comment Share on other sites More sharing options...
Canton Dawg Posted October 11, 2016 Report Share Posted October 11, 2016 Come on now, she's not majoring in theater artsShe actually wants to be a lawyer...and she wants to go to Case. I hope she doesn't expect good ol' dad to foot the bill. Link to comment Share on other sites More sharing options...
mjp28 Posted October 12, 2016 Report Share Posted October 12, 2016 She actually wants to be a lawyer...and she wants to go to Case. I hope she doesn't expect good ol' dad to foot the bill. First ask her if she knows how many lawyers there are now in Ohio. Link to comment Share on other sites More sharing options...
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