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Subject: 69% of Americans have less than $1000 in savings? rss

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Based upon my poor understanding of history, science, and ethics...
United States
North Pole
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A) Thanks Obama

B) How much do you have in savings? Not to include home equity, boardgame equity and such. In the bank or in the coffee can.

Oh. And non-Americans are welcome to answer.
Poll
Well?
Close to $0
Less than $1000
$1000-$5000
$5000-$10,000
Over $10,000
The recommended 6 months pay
More
Much more
      177 answers
Poll created by Koldfoot


http://www.cnbc.com/2016/10/03/how-much-americans-at-every-a...
 
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10/₆
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"Sometimes, the dark side overcomes what Lincoln called the better angels of our nature"
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I have a mint Beta Black Lotus...I am set.
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Mike Stiles
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I spent about 10 years at the <$1000 stage. Got over it though ><
 
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Michael Carter
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I was still in college the last time I had less than $1000 in savings.
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the manatee
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Cash at hand? Damn near zero.

I finish each month with virtually nothing left of my paycheck; makes July and August (when I don't get paid) very interesting....
 
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Based upon my poor understanding of history, science, and ethics...
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I decided not to answer. As a small business owner I have sufficient money in savings for the moment, but I also have big bills. The economy is pretty weak. The state is broke. It wouldn't take much of a downturn or a really bad month for me to be broke.

I wish more of you clowns would start a business. Your whole world view would change.
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Mac Mcleod
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Enough to last til past 2042. Assuming 3% inflation and i can roughly match inflation on my investments and do odd jobs if im ever slightly off.

And sometimes it doesnt feel like enough.
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Jorge Montero
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I'll take Manhattan in a garbage bag. With Latin written on it that says "It's hard to give a shit these days"
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I think it says something about people's idea of saving vs spending. When I had my first job, I didn't feel safe until I had 4 months of expenses on cash. I've been thinking of retirement since as my income went up. A friend of mine and former RSPer and I have had similar household incomes most of our careers, and yet I am ahead in net worth by a factor of 10.

That said, there are many in America that really don't make enough money to do much saving. Is it really 65% of adults? No idea, as elections keep reminding me how completely out of touch I am compared to the average American. Apparently median household income in the US is 53K, and that sounds like enough for savings (It sure was enough for me, back when I made that, and my wife was in college).

If people are really saving that little, things are going to get real interesting in 20 years or so.

 
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Neil Carr
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When daycare is finally over with we'll be able to properly save, but until then (or if the remote possibility of Clinton's daycare subsidies were to be implemented) we'll be living paycheck to paycheck. Daycare is currently consuming 41% of our take-home pay. Clinton's proposal to cap daycare expenses to 10% of income would make a dramatic difference in my family.
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Jorge Montero
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I'll take Manhattan in a garbage bag. With Latin written on it that says "It's hard to give a shit these days"
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Koldfoot wrote:
I decided not to answer. As a small business owner I have sufficient money in savings for the moment, but I also have big bills. The economy is pretty weak. The state is broke. It wouldn't take much of a downturn or a really bad month for me to be broke.

I wish more of you clowns would start a business. Your whole world view would change.

I've seen what a business in software does: High risk, high reward. Given how you can be in the 1% as an employee, carrying very little risk, I'll leave that to others.
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Mike Stiles
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Koldfoot wrote:
I decided not to answer. As a small business owner I have sufficient money in savings for the moment, but I also have big bills. The economy is pretty weak. The state is broke. It wouldn't take much of a downturn or a really bad month for me to be broke.

I wish more of you clowns would start a business. Your whole world view would change.


Setting a poll that you're unwilling to answer yourself is EXCEPTIONALLY weak sauce, man.
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10/₆
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Koldfoot wrote:


I wish more of you clowns would start a business. Your whole world view would change.


I will probably be doing that in the next couple years.
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Shawn Fox
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Koldfoot wrote:
I decided not to answer. As a small business owner I have sufficient money in savings for the moment, but I also have big bills. The economy is pretty weak. The state is broke. It wouldn't take much of a downturn or a really bad month for me to be broke.

I wish more of you clowns would start a business. Your whole world view would change.

Your bitterness about the economy is a bit ridiculous. The economy sucks in Alaska because of how successful fracking has been. If anything, the Democrat's fight against oil has kept the price of oil higher than it otherwise would have been, so your hate is very misplaced. It is capitalism that is killing the economy in Alaska, not the Democrats.

The best advice I can offer you is to move to the lower 48, the economy in Alaska is never going to recover. Oil will continue to become less and less important to the rest of the world over time. Fracking will hold the oil price down long enough for the economy to transition to solar, and since Alaska is really bad for solar, even more reason to move now while you can still afford it. Outside of oil there really isn't much point for a business to locate itself in Alaska. Use your brain and make better choices so that you don't end up 60 years old with no savings.
 
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Josh
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I save, but I don't invest like I should. I keep being told by my grandfather to put money in Vangard investments.
 
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Shawn Fox
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Clearly the poll needed more options rather than 'more' and 'much more' as that doesn't really mean much... what is 'much more'?
 
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Shawn Fox
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Shadrach wrote:
I save, but I don't invest like I should. I keep being told by my grandfather to put money in Vanguard investments.

You can't really go wrong with the broad market index funds at Vanguard (either ETF or mutual funds). I'm split 60% in VTI and 20% in VWO. The other 20% I play around with, taking higher risks, but mostly I rely on the broad / low risk indexes.
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Kevin H.
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I currently have a little over five times my annual expenses. I am a recent-ish convert to not spending money on stupid stuff.. I wish I had started earlier, but oh well. At my current rate of saving I'll be financially independent in 9.7 years. It would be sooner if my wife were more on board.
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Kevin H.
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"What makes a man turn neutral? Lust for gold? Power? Or were you just born with a heart full of neutrality?"
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sfox wrote:
Shadrach wrote:
I save, but I don't invest like I should. I keep being told by my grandfather to put money in Vanguard investments.

You can't really go wrong with the broad market index funds at Vanguard (either ETF or mutual funds). I'm split 60% in VTI and 20% in VWO. The other 20% I play around with, taking higher risks, but mostly I rely on the broad / low risk indexes.


Truth. I recommend VTSAX if you have the minimum, just due to the fees. 0.05%, which is amazing.
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Derry Salewski
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. . . give a ship.
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MWChapel wrote:
I have a mint Beta Black Lotus...I am set.


See sometimes I feel like I'm a little on the edge. Then I remember I can pay for the mortgage and car for two years with magic card money if I need to.
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Josh
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dysjunct wrote:
sfox wrote:
Shadrach wrote:
I save, but I don't invest like I should. I keep being told by my grandfather to put money in Vanguard investments.

You can't really go wrong with the broad market index funds at Vanguard (either ETF or mutual funds). I'm split 60% in VTI and 20% in VWO. The other 20% I play around with, taking higher risks, but mostly I rely on the broad / low risk indexes.


Truth. I recommend VTSAX if you have the minimum, just due to the fees. 0.05%, which is amazing.


What is the minimum?
 
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Kevin H.
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"What makes a man turn neutral? Lust for gold? Power? Or were you just born with a heart full of neutrality?"
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Shadrach wrote:
dysjunct wrote:
sfox wrote:
Shadrach wrote:
I save, but I don't invest like I should. I keep being told by my grandfather to put money in Vanguard investments.

You can't really go wrong with the broad market index funds at Vanguard (either ETF or mutual funds). I'm split 60% in VTI and 20% in VWO. The other 20% I play around with, taking higher risks, but mostly I rely on the broad / low risk indexes.


Truth. I recommend VTSAX if you have the minimum, just due to the fees. 0.05%, which is amazing.


What is the minimum?


$10k. If you don't have it, then go with VTI, which doesn't have a minimum.
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Michael Carter
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Has anyone tried Wealthfront?
 
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Kevin H.
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mlcarter815 wrote:
Has anyone tried Wealthfront?


No, but I use Betterment, which is very similar. Overall I am happy with it, although I'll have to wait until next tax season to see if the gains made from tax-loss harvesting are worth their fees. I think they probably will be.

General consensus from the lay investment community is that they are broadly equivalent. Betterment seems better if you have over $100k to invest. Otherwise go with Wealthfront.
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Shawn Fox
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dysjunct wrote:
mlcarter815 wrote:
Has anyone tried Wealthfront?


No, but I use Betterment, which is very similar. Overall I am happy with it, although I'll have to wait until next tax season to see if the gains made from tax-loss harvesting are worth their fees. I think they probably will be.

General consensus from the lay investment community is that they are broadly equivalent. Betterment seems better if you have over $100k to invest. Otherwise go with Wealthfront.


I think neither are very good. I'm still using Ameritrade although the site has really started sucking this year. I execute less than 10 trades per year at $9.99 each with a portfolio way beyond 100k. The investment sites which charge a % of your portfolio every year are a terrible deal if you don't do many trades, which is how you ought to be investing anyway.

My only point there is that if you want to become wealthy, rather than wasting your time researching stocks, just invest in yourself. That is where you'll get the biggest payoff, by far. Unless you have a portfolio in the millions, it just isn't worth your time. Chances are 90% that you are going to have returns which are inferior to someone like me who just buys index funds. Beating the market is really hard. Stick to indexes, invest in yourself, don't waste your time trading stocks.
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Oliver Dienz
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hibikir wrote:

That said, there are many in America that really don't make enough money to do much saving. Is it really 65% of adults? No idea, as elections keep reminding me how completely out of touch I am compared to the average American. Apparently median household income in the US is 53K, and that sounds like enough for savings (It sure was enough for me, back when I made that, and my wife was in college).


I assume you did not have any kids back then? I have two and when counting my expenses it is pretty much the amount over 53K that I can save. (Which will probably go into college tuition at some point. ) And I am pretty sure that most people would consider my lifestyle quite frugal.
 
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