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Half Of Americans Making Under $30K Have Less Than $100 In Savings

Tyler Durden's picture





 

As we noted earlier, the main reason for the surge in consumer "confidence" in September was the near record surge in sentiment for those making $15,000-$25,000, which soared from 43.5 to 62.4 in the month, the most since April 2009. And whether this was due to their forecast of the future, and expectation that things will get much better, or not, we don't know, what we do know is that half all of those people whose sentiment defined the market tone today, and who may be quite instrumental in the outcome of the upcoming election (per Mitt Romney), have less than $100 in cash savings. Other findings: both males and females reported similar savings patterns, however, 55 percent of Americans with children under the age of 18 reported having less than $800 in emergency savings compared to 42 percent of those without. Findings also reflect disparities across geographic regions, with 60 percent of individuals living in both the Northeast and the West having $800 or more in savings, yet 31 percent of those living in the North Central region reported that they had less than $100. Most importantly, 23% of all Americans have less than $100 in savings to cover any emergency expenses, and 46% have less than $800. One can see why when it comes to the discussion of whether or not financial assets should be taxes, soon 46% may be the new 47%. 

Visually:

And full survey results here.

 


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Tue, 09/25/2012 - 12:22 | Link to Comment Precious
Precious's picture

... but they have free speech, as Mr. Obama explained, accompanied by the Secret Service at the UN today.

Tue, 09/25/2012 - 12:27 | Link to Comment camaro68ss
camaro68ss's picture

i have $102 in my savings, I guess im better off.

No, for real....

Tue, 09/25/2012 - 12:38 | Link to Comment Richard Chesler
Richard Chesler's picture

That doesn't leave much for the banksters to steal. Thank God there's Benny boy.

 

Tue, 09/25/2012 - 12:40 | Link to Comment AnonymousCitizen
AnonymousCitizen's picture

I chose to maintain a short position in U.S. Currency.

Tue, 09/25/2012 - 12:44 | Link to Comment Kitler
Kitler's picture

I chose a to position my U.S. currency in my shorts.

(Far away from the banksters)

Tue, 09/25/2012 - 12:45 | Link to Comment Ahmeexnal
Ahmeexnal's picture

MSM is starting to pick up on "conspiracy theories":

http://www.marketwatch.com/story/investing-for-globally-coordinated-infl...

There has been a currency war for years and the alliances are quite different from what would seem on the surface.

When the critical mass of sheeple finally figure out A is A, the exit window will be crammed shut in their faces.

Tue, 09/25/2012 - 13:07 | Link to Comment Popo
Popo's picture

Sorry but the statistics in this infographic come entirely from a survey of 1000 customers of CashNetUSA.

This must be the most biased sample ever.   How they arrive at statistical generalizations regarding "Americans" from their sample of just 1000 quickie-cash customers is highly quesitonable.

Things are bad out there.  But if you're going to turn your back on the dozens of legitimate non-governmental analytics sources in favor of a questionaire handed out to 1000 cash poor tards,  you're going to end up with absurdly grim results.

Tyler,  where's the QC?   

Tue, 09/25/2012 - 13:22 | Link to Comment Joe Davola
Joe Davola's picture

You make a good point; however I would suspect the government, an unimpeachable source of unbiased statistics if ever there was one, is also handing out to the same 'cash poor tards'.

Tue, 09/25/2012 - 13:25 | Link to Comment The Alarmist
The Alarmist's picture

Savings? We don't need no stinking Savings!  We got us Social Security, SNAP, EITC, Medicare, Medicaid and all the government loving you don't need money to buy.

Tue, 09/25/2012 - 13:34 | Link to Comment AlaricBalth
AlaricBalth's picture

CashNet USA  APR on a $100.00 loan for 8 days is 684.38% in Florida. My friend Tony the Loan Shark can't get rates like that!

They have numerous complaints on Ripoff Report. The continued fleecing of the poor and middle class!!

One says, "I obtained a loan with Cashnetusa.com. That was in May. We borrowed 500 dollars. Since then, they have dipped into my bank account for over 1200 dollars. It was a desperate move to use a payday loan service, but I have 5 children to feed and I was desperate! We are getting back on our feet only to have them take out almost 600 dollars out of the 900 we just had deposited. They say we are now paid in full, but they won't put any money back into our account. Everytime they took a payment, for some reason they did it twice. That's how it got so high that they took out. We tried to talk to them and they said that was how they assured the payment came out. Well, in our case it came out twice on at least 2 occasions. With a paycheck of 900 and 600 coming out it is very hard to provide for a family of five, but I will NEVER get another payday loan. I just truely belive that this company is doing something illegal and I would hate to see another family go through what ours has. You only get a loan like that if you are in need and for that company to take advantage of the people who seek their services is just not right!"

 

Tue, 09/25/2012 - 13:38 | Link to Comment tonyw
tonyw's picture

"My friend Tony the Loan Shark can't get rates like that!"

Yes that's because he's not a proper bankster helping out his politician friends.

Tue, 09/25/2012 - 14:24 | Link to Comment LMAOLORI
LMAOLORI's picture

 

 

I wonder if it would matter to the poor who allowed this predatory type lending to take place? This was posted on the Dummie Underground way back when so it is not as if they don't know I guess as long as they get the bennies all is good. 

"Usury used to be illegal in the United States but it was "decriminalized" in 1980--the dawn of financial deregulation. A Democratic president and Congress repealed all interest-rate controls and the federal law prohibiting usury. " (direct link below)

http://www.thenation.com/article/trouble-democrats?page=0,1

and this from Naked Capitalism definitely a liberal enclave

Third Way Document Proves Democratic Party Supports Institutionalized Looting by Banks

Read more at http://www.nakedcapitalism.com/2011/07/third-way-document-proves-democratic-party-supports-institutionalized-looting-by-banks.html#X8ffJTubIR1O1Uf9.99

Tue, 09/25/2012 - 17:06 | Link to Comment AGuy
AGuy's picture

So are you suggesting you get a MORE honest loan from Fat Tony, then a bankster? Probably True!

Tue, 09/25/2012 - 18:51 | Link to Comment CPL
CPL's picture

That in a nutshell is why the microloan industry in India and China collapsed.

 

The loan sharks thought the bastards were heartless.

Tue, 09/25/2012 - 13:42 | Link to Comment Jethro
Jethro's picture

I'm constantly surprised these lenders aren't shot....

Tue, 09/25/2012 - 17:20 | Link to Comment Dr Benway
Dr Benway's picture

I dunno if outlawing payday loans would necessarily help the people using such loans.

Tue, 09/25/2012 - 14:41 | Link to Comment Larry Dallas
Larry Dallas's picture

JP Morgan used to be an investor behind on of those franchises. Yes, its true. Look it up. I think they had to sell their stake (probably to a shell company they owned in the Caymans) to divert the Headline Risk.

And owners do get shot too. I have a friend who owned on in GA. He got shot at but not hit.

 

Tue, 09/25/2012 - 13:13 | Link to Comment SafelyGraze
SafelyGraze's picture

fwiw .. data provided courtesy of "cashnet"

http://www.networksolutions.com/whois-search/ENOVAFINANCIAL.COM

 

Tue, 09/25/2012 - 15:23 | Link to Comment Chump
Chump's picture

They're boning you pretty hard dude.  I'm not so sure your shorts are as safe as you think...

Tue, 09/25/2012 - 13:36 | Link to Comment tonyw
tonyw's picture

It may not be much but there's a principle at stake here, it must all be taken and then they can take on some more debt.

 

Tue, 09/25/2012 - 14:55 | Link to Comment TraitorsHang
TraitorsHang's picture

When they've bled you dry, there is nothing left to steal but your life.

Tue, 09/25/2012 - 15:19 | Link to Comment cynicalskeptic
cynicalskeptic's picture

You can sell a kidney first.....   I don't think it's gotten to THAT point in the US ....yet

Tue, 09/25/2012 - 15:24 | Link to Comment TraitorsHang
TraitorsHang's picture

Sell? Selling presumes that you own your kidney. The banks see things differently.
http://www.cbsnews.com/8301-504763_162-20126993-10391704/organ-theft-gui...

Tue, 09/25/2012 - 16:09 | Link to Comment DosZap
DosZap's picture

Selling presumes that you own your kidney.

Chineeeeee sell their executed prisoners organs............................I see nothing wrong with that, if they deserved death,why allow a person that contributes to die simply from a bad draw?.

 

You do own it and you can leave the US and sell it, hope you don't catch kungfooey, just can't sell it here legally.

I can see it now, on Craigslist.............................................

Tue, 09/25/2012 - 16:11 | Link to Comment DosZap
DosZap's picture

Sure it has, just not broadcast.....................................

Tue, 09/25/2012 - 18:51 | Link to Comment Buck Johnson
Buck Johnson's picture

It also doesn't leave enought for you to use when hyperinflation hit us.

Wed, 09/26/2012 - 09:21 | Link to Comment Ar-Pharazôn
Ar-Pharazôn's picture

well.............. the new iCrap ;)

 

even the poorest idiot is going to buy it

Tue, 09/25/2012 - 12:39 | Link to Comment DosZap
DosZap's picture

i have $102 in my savings, I guess im better off.

No, for real....

 

If you own the car in your Avatar, you could up that # considerably.

Tue, 09/25/2012 - 13:07 | Link to Comment pods
pods's picture

I tried to get my older brother to sell me his 69ss convertible.

Good thing he said no, as now I have a house and family.

Those can be expensive toys!  

I do see a local guy who drives a 68z as a daily driver!

pods

Tue, 09/25/2012 - 13:07 | Link to Comment camaro68ss
camaro68ss's picture

I have $102 FRN's. little do you know about my true postions in real assets such as gold, silver, land, ammo, food, and guns.

Tue, 09/25/2012 - 14:00 | Link to Comment tekhneek
tekhneek's picture

I prefer to call those "mistakes" ... you have $102 mistakes. That's 2.5 ounces of silver sitting in your "mistake" account. Best get those 2.5 ounces and take them on a boat sooner, rather than later.

Tue, 09/25/2012 - 12:53 | Link to Comment Bangin7GramRocks
Bangin7GramRocks's picture

Buck up lil' camper. Good ol' President Romney will soon let you gamble your hard-earned social security riches in his rigged casino. You may be able to turn that nest egg into a fortune! Horatio Alger bitchez!

Tue, 09/25/2012 - 13:52 | Link to Comment Mad Mohel
Mad Mohel's picture

Or you'll probably end up with a Ragged Dick.

Tue, 09/25/2012 - 15:21 | Link to Comment cynicalskeptic
cynicalskeptic's picture

Just think of how much MORE the Banks and Wall Street would've beld from US citizens if 'privatization' had gone through under W.......     if you thought things are bad now, they'd have been even woirse if that had happened.

Tue, 09/25/2012 - 15:49 | Link to Comment sessinpo
sessinpo's picture

Buck up lil' camper. Good ol' President Romney will soon let you gamble your hard-earned social security riches in his rigged casino.

 

Comment:

I highlighted and italisized the key word - let.

Stupid is as stupid does. No one has put forth a plan that forces someone to do such a thing. That is free markets, choice. Something liberals have a hard time understanding.

Due diligence is required for any financial situation. Someone throwing their money in any market is likely to have their head handed to them regardless of who is president and what regulations there are.

I certainly wouldn't advocate buying equities right now or for some time. But I do prefer the choice over being forced into it such as the GM bailout.

Tue, 09/25/2012 - 20:54 | Link to Comment Bangin7GramRocks
Bangin7GramRocks's picture

Sad reality is that most Americans are not skilled day traders such as yourself. They are financial simpletons who would be tempted to go for the big score by hundreds of millions of dollars in marketing from the financial services industry.

Tue, 09/25/2012 - 12:57 | Link to Comment Gringo Viejo
Gringo Viejo's picture

2 Day passes to Disneyland. As the late, great Bill Hicks said....."it could have been worse".

Tue, 09/25/2012 - 12:29 | Link to Comment Cash2Riches
Cash2Riches's picture

Wow that is just sad. But even sader is that it doesn't surprise me at all.

 

http://jamesturkblog.blogspot.ca/

Tue, 09/25/2012 - 12:38 | Link to Comment Alpo for Granny
Alpo for Granny's picture

*Waits for introduction of a $50 "Iphone For The People" subsidized by the Fed*

 

Tue, 09/25/2012 - 13:40 | Link to Comment tonyw
tonyw's picture

And with free shipping! how am i not tempted???

Tue, 09/25/2012 - 13:38 | Link to Comment JuliaS
JuliaS's picture

Hey, if healthcare is a right, iPhone's ought to be a right as well!

Tue, 09/25/2012 - 13:46 | Link to Comment JuliaS
JuliaS's picture

I know it's gotta be in the Constution or in the Bill of Rights... it's in there somewhere. I know with my gut that by the "pursuit of happiness" they implied a goddamn smartphone with an unlimited data plan! Bless those visionaries!

Tue, 09/25/2012 - 12:38 | Link to Comment Tortfeasor
Tortfeasor's picture

Dave Ramsey will not be pleased.

Tue, 09/25/2012 - 12:39 | Link to Comment Alpo for Granny
Alpo for Granny's picture

That gold bashing Dave Ramsey can go shit in his hat!

Tue, 09/25/2012 - 12:43 | Link to Comment DosZap
DosZap's picture

That gold bashing Dave Ramsey can go shit in his hat!

 

Dave means well, he is a member of the I have got mine club, so no worries for him.

TO his credit he was a multi millionare at 35yrs old, lost it ALL, and made it all over agin, his problem is he doesn't Read the REAL news.

Tue, 09/25/2012 - 14:53 | Link to Comment hannah
hannah's picture

...isnt dave ramsey that lesbian financial analyst on tv....?

Tue, 09/25/2012 - 12:43 | Link to Comment akak
akak's picture

Dave Ramsey is a classic example of the man who knows the price of everything and the value of nothing.

Tue, 09/25/2012 - 13:16 | Link to Comment Miss Expectations
Miss Expectations's picture

He sure knows how to leverage Jesus, doesn't he?

Tue, 09/25/2012 - 13:45 | Link to Comment pazmaker
pazmaker's picture

You are right Miss Expectations...Many people promote his work as a ministry when it most definitely is not  it is for profit.   From the Christian standpoint Larry Burkett was the pioneer on Money management didn't come across as a slick salesman like Dave Ramsey does.

Tue, 09/25/2012 - 14:51 | Link to Comment Larry Dallas
Larry Dallas's picture

That's who he markets to. The Evangelicals with "walk with Jesus".

We all know that the Evangelicals are not the most sophisticated people (ever been to Texas? All nice, not much going on upstairs...) and his schtick works.

Or you can go with Rich Daddy, or whoever he is.

Tue, 09/25/2012 - 13:26 | Link to Comment centerline
centerline's picture

He is a one trick pony.  Unfortuntely the game changed.

Tue, 09/25/2012 - 13:28 | Link to Comment The Alarmist
The Alarmist's picture

Whether Dave believes what he sells or not, or practises what he preaches for that matter, you can't escape the fact that millions give him piles of fiat for his advice.  How much do you get for yours?

Tue, 09/25/2012 - 13:38 | Link to Comment akak
akak's picture

And your point would be what exactly?

That the ignorance of the masses trumps truth and reality?

Unlike Ramsey, I am not a charlatan selling pro-mainstream pablum and disingenuous advice based upon the indefinite continuation of a demonstrably failing financial and monetary status-quo.

Tue, 09/25/2012 - 14:16 | Link to Comment toady
toady's picture

Ramsey does have on good point, and that's to be debt free. I can't listen to his show because he just keeps hammering away, be debt free, be debt free, but what happens when you are debt free? 'It feels great! Then what?

Next caller? You say your in debt? You should get out of debt!

Blah blah blah...

Tue, 09/25/2012 - 16:00 | Link to Comment sessinpo
sessinpo's picture

"millions give him piles of fiat for his advice.  How much do you get for yours?" said the Pied Piper to the dissenting.

 

In other words, just because a large group follows a person or idea does not make it the a good thing or the truth. It doesn't make it bad either, but it is  not revelevant. I can cite numerous examples for or against either argument.

What  can be said, regardless if you like Ramsey or not, is that he is a good sales man and thus he has earned his income. Whether you find value in his advice is up to you and your situation and everyone is different in that matter.

Tue, 09/25/2012 - 14:40 | Link to Comment Raymond Reason
Raymond Reason's picture

Dave Ramsey is another reason i got my kids the hell out of the Protestant Church and into Eastern Orthodoxy. 

Tue, 09/25/2012 - 12:39 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

No, this http://www.sportsgrid.com/nfl/browns-bills-fan-fight/ is sad.  Fucking drunks willing to fight over "their" football team, while the bankstatocracy rapes their arse.

Tue, 09/25/2012 - 15:30 | Link to Comment cynicalskeptic
cynicalskeptic's picture

Worked for Rome - bread and circuses.....  

problem is that our circuses aren't nearly bloody enough to keep the masses fixated and we're not generous enough with free bread.  Hungry people revolt - and those numbers are going up.

Tue, 09/25/2012 - 12:41 | Link to Comment FL_Conservative
FL_Conservative's picture

But I will bet they all have an iPhone.  After all......

Tue, 09/25/2012 - 12:43 | Link to Comment buckethead
buckethead's picture

Are we talking about $100 in savings or $100 in deposits? 

 

Two entirely different things should tshtf.

Tue, 09/25/2012 - 12:21 | Link to Comment SilverRhino
SilverRhino's picture

Those income levels are way too low for the percentages.

Tue, 09/25/2012 - 12:29 | Link to Comment RSBriggs
RSBriggs's picture

No, actually they aren't, and the salary averages are, in fact, continuing to drop as more and more Americas are forced into "service industry" (burger flipping) jobs.

Tue, 09/25/2012 - 12:32 | Link to Comment SilverRhino
SilverRhino's picture

Are you serious??  So 75K puts you in the top 8% of all income earners?   Christ that sucks.

Tue, 09/25/2012 - 12:44 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

The chart is the distribution of those with less than $100 in savings.  Didn' think that was hard to discern when it's the TOPIC OF THE POST.

Maybe back off the meds a smidge...

Tue, 09/25/2012 - 15:23 | Link to Comment PoliticalRefuge...
PoliticalRefugeefromCalif.'s picture

If the average is this low for those with jobs still trying to make it work, how about figuring in the 34% of generational welfare trash California has actively cultured by not accepting late nineties welfare reform.. figure them in and the west coast 18 percent seems a bit optimistic.

I would guess the surprisingly round number of 100 dollars is wishful thinking, either way this rosy estimate is in fact another layer of lipstick on swine for what purpose I hesitate to consider-

for a quick study of the value of consumer confidence in human nature look no further than the opinion changes immediately following Julius Caeser's Senatorial vote of no confidence.

mobs can be manipulated.

Tue, 09/25/2012 - 12:47 | Link to Comment Stuck on Zero
Stuck on Zero's picture

Their incomes are low but they are part owners in a fleet of nuclear powered aircraft carriers, dozens of stealth bombers, and thousands of detention camps.

Tue, 09/25/2012 - 14:21 | Link to Comment toady
toady's picture

Thousands of stealth aircraft and dozens of detention centers, but you are correct sir!

Tue, 09/25/2012 - 12:53 | Link to Comment btard4life
btard4life's picture

fyi, the income section in this graph is to be read as "50.2% of those making less than $30k/year have less than $100 in savings", "7.7% of those making more than $75k/year have less than $100 in savings"; it does not indicate the overall income brackets.

Wed, 09/26/2012 - 00:26 | Link to Comment Richard Head
Richard Head's picture

Disagree.  I read it as, "Of people with less than $100 in savings, 50.2% make less than $30k per year."

Tue, 09/25/2012 - 12:22 | Link to Comment Badabing
Badabing's picture
Half Of Americans Making Under $30K Have Less Than $100 In Savings and $40,000 dept.

 

 

fify

Tue, 09/25/2012 - 12:23 | Link to Comment Darkness
Darkness's picture

Your picture is pathetic. 

Tue, 09/25/2012 - 12:42 | Link to Comment curbyourrisk
curbyourrisk's picture

You mean "debt"....right?

 

 

Tue, 09/25/2012 - 12:59 | Link to Comment Badabing
Badabing's picture

yes but dickness stomped me before i could edit

Tue, 09/25/2012 - 13:02 | Link to Comment akak
akak's picture

I hate when that happens!

Tue, 09/25/2012 - 13:31 | Link to Comment kaiserhoff
kaiserhoff's picture

My posts are almost error free, because my dog edits, or maybe it's the beer goggles.

Tue, 09/25/2012 - 13:26 | Link to Comment SafelyGraze
SafelyGraze's picture

here's a new one you can use (biflation expectation)

http://oi46.tinypic.com/33wqmgy.jpg

 

Tue, 09/25/2012 - 13:32 | Link to Comment Badabing
Badabing's picture

LOL but will it fit in the avatar space?

Tue, 09/25/2012 - 14:21 | Link to Comment SilverIsKing
SilverIsKing's picture

You didn't create that.  Someone else did.  You had help along the way.  Who bought you your first computer?  Who taught you how to use Photoshop?  Who built ZeroHedge and made it available to you?  

Tue, 09/25/2012 - 18:15 | Link to Comment Darkness
Darkness's picture

I "BADABING'd" YOUR MOM

Tue, 09/25/2012 - 12:22 | Link to Comment Darkness
Darkness's picture

This is bullish. 

Tue, 09/25/2012 - 12:35 | Link to Comment buzzsaw99
buzzsaw99's picture

for the cashnetusa ipo maybe

Tue, 09/25/2012 - 12:23 | Link to Comment RSloane
RSloane's picture

This is truly bullish. TPTB are constantly complaining that the US saves too much. Savers are being punished as we speak. The other side of that message is you better be capable of funding your own retirement or the worst-case scenario for yourself and your family.

They got us coming and going.

Tue, 09/25/2012 - 15:40 | Link to Comment Dr. Engali
Dr. Engali's picture

Shit the U.S doesn't save anything once you get past the boomer generation. The generations that follow them don't have any money left to save.

Tue, 09/25/2012 - 12:23 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

How much credit does this group have?  Cash is barberic.  Credit is KING in this shitconomy.

Tue, 09/25/2012 - 12:23 | Link to Comment Bastiat009
Bastiat009's picture

Savings? You'd have to be nuts to have savings. What you need is several trillion dollars in loans to be strong. Actually if you can reach the magic number of $16 trillion of debt, you'd be the most powerful and richest economy in the world.

Tue, 09/25/2012 - 13:22 | Link to Comment zerozulu
zerozulu's picture

In the spirit of capitalism, if you owe more than you are worth, you are the winner and the person who lend you is a looser.

 

Tue, 09/25/2012 - 12:24 | Link to Comment alien-IQ
alien-IQ's picture

with the endlessly rising prices of gas and food combined with declining wages in order to facilitate greater corporate profits...how the fuck is someone making under 30k supposed to save any money?

the fact that we need a "study" to figure this out is beyond laughable.

Tue, 09/25/2012 - 12:56 | Link to Comment A Middle Child ...
A Middle Child of History's picture

Don't need to save any money. Just disappear anyway when the bank holidays are declared. Required savings are a little food, guns and ammo, and a nice sharp knife to butcher those yuppie dogs for food and their yuppie scum masters when they come looking for them. I wonder if TSA/ATF goons taste like chicken?

Tue, 09/25/2012 - 15:33 | Link to Comment cynicalskeptic
cynicalskeptic's picture

People taste like pork - info from Lenningrad siege and starving Japanese hold outs after WWII

Given the typical build of TSA types I'd say really fatty pork.  

Tue, 09/25/2012 - 22:07 | Link to Comment jerry_theking_lawler
jerry_theking_lawler's picture

I don't know....i was randomly selected for extra screening today. the TSA guy who selected me called for a male inspector.....up comes a super tall, thin red head in high heels and nice boobs (even in the TSA blue uniform).....i thought they were mistaken by sending the redhead until upon further examination my original assumption was found to be INCORRECT. talk about a feeling violated.

Tue, 09/25/2012 - 13:21 | Link to Comment Miss Expectations
Miss Expectations's picture

Makes me wonder what's happening to the average size of a gas purchase...  Are people buying $2.00 at a time?

Tue, 09/25/2012 - 13:50 | Link to Comment pursueliberty
pursueliberty's picture

I see a lot of $3-$14 gas purchases.  They are usually buying a pack of smokes and put what is left in the tank.  I did see a guy buy less than $2 in a car that might go 10 miles in.  He didn't need to drive anyway.  The rest of that twenty went to cheap 24oz canned beer.  Good thing he had his priorities in order.

Tue, 09/25/2012 - 12:25 | Link to Comment fonzannoon
fonzannoon's picture

the hyundai dealer by me has been advertising that he can get you into a brand new hyundai even if you only have 100 bucks. so they have that going for them, which is nice.

Tue, 09/25/2012 - 12:40 | Link to Comment DosZap
DosZap's picture

the hyundai dealer by me has been advertising that he can get you into a brand new hyundai even if you only have 100 bucks. so they have that going for them, which is nice.

Yeah, but can you make the payments................LOL

Tue, 09/25/2012 - 12:45 | Link to Comment Tijuana Donkey Show
Tijuana Donkey Show's picture

That's someone else's balance sheet, so it's all good. 

Tue, 09/25/2012 - 12:43 | Link to Comment Dr. Engali
Dr. Engali's picture

I am so sick of this. It's like everybody in the world is trying to squeeze every last nickel out of people they can, regardless of the consequences. In a normal world, if there ever is such a thing, businesses would never have a practice like that. But in the imaginary world of debt is money and in your face corruption, we see the most outrageous business practices imaginable. We don't learn from our mistakes and this will not end well.

Tue, 09/25/2012 - 13:08 | Link to Comment barroter
barroter's picture

Yep, all business has left is trying to find out another way to dig deeper into your pocket.  As much as you can, do not engage these two legged insects. The marketplace is rife with them and the only way to avoid it...stay out of the marketplace.  You do not need the latest iPhone, fashion or whatever piece of junk they are trying to sell you.

Tue, 09/25/2012 - 12:25 | Link to Comment CommunityStandard
CommunityStandard's picture

Does the study look at cash in the bank?  If so, that's a poor way to judge a saver.

Tue, 09/25/2012 - 12:31 | Link to Comment buzzsaw99
buzzsaw99's picture

the study was done by a payday loan company.

Tue, 09/25/2012 - 12:39 | Link to Comment MeBizarro
MeBizarro's picture

Yup pretty much legalized scum.  Much less adverse feelings towards neighborhood pawn shops which have several advantages over payday vendors for people who use their services.  Payday vendors just largely take advantage of those who don't have credit/limited credit if they immediately need several hundred bucks & charge them an exorbitant interest fee in order to do so.

Tue, 09/25/2012 - 12:43 | Link to Comment buzzsaw99
buzzsaw99's picture

I checked, the numbers presented are misleading. for non-family household incomes, i.e. 7.7% of single moms etc. make more than $75K. 20% of two adult family households earn over $100K.

Tue, 09/25/2012 - 15:55 | Link to Comment DosZap
DosZap's picture

I checked, the numbers presented are misleading. for non-family household incomes, i.e. 7.7% of single moms etc. make more than $75K. 20% of two adult family households earn over $100K.

 

That means the 25 million STILL working do a/ok!

Tue, 09/25/2012 - 12:25 | Link to Comment Aziz
Aziz's picture

My rainy day reserve is round and shiny.

Tue, 09/25/2012 - 12:30 | Link to Comment shovelhead
shovelhead's picture

Amen brother...

Testify!

Tue, 09/25/2012 - 13:01 | Link to Comment s2man
s2man's picture

My rounds are slightly tarnished, since I stack the "poor man's" savings. ;-)

Tue, 09/25/2012 - 14:24 | Link to Comment James
James's picture

While I have'nt tried it yet I just read that one can take a cookie sheet-fill w/water-heat to 250 degrees-drop in silver-add baking soda-presto,clean silver!

Tue, 09/25/2012 - 22:16 | Link to Comment jerry_theking_lawler
jerry_theking_lawler's picture

i'm sure mine are tarnished since they are at the bottom of the local lake.....victims of a horrendous boating accident.

Tue, 09/25/2012 - 15:34 | Link to Comment cynicalskeptic
cynicalskeptic's picture

same for a lot of poor people - 9mm used to relieve others of 'excess cah' when he need arises.

Tue, 09/25/2012 - 12:27 | Link to Comment Seasmoke
Seasmoke's picture

That's what credit cards are for

Tue, 09/25/2012 - 13:19 | Link to Comment TruthInSunshine
TruthInSunshine's picture

The Bernank & iKrugman sing DYN-O-MITE!

 

Good Times


Any time you meet a payment.
Good Times.
Any time you need a friend.
Good Times.
Any time you're out from under.

Not getting hassled by Timmay, not getting hustled by Krug-man.
Keepin' your head above CPI,
Making above NIRP returns when you can.

Permament lay offs.
Good Times. 

Temb job at 1/4 the pay & no bennies if one's "lucky."
Good Times.

Fiat debasement rip offs.
Good Times.

PFG accounts went "poof." 
Good Times.

Gas 4 BernanxBux a gallon & rising. 
Good Times.

That phuckin' drone is following me. 
Good Times.

Faceberged ala 1999 all over again.
Good Times.

'Nother "Repo 101" scam. 
Good Times.

OBama's gonna pay my underwater mortgage. 
Good Times.

Tragic loss of PMs and firearms in boating mishap. 
Good Times.

Man, did I get "Corzined." 
Good Times.

Did this package size get smaller?. 
Good Times.

CNBC Gorilla Trade commercials. 
Good Times.

 Scratchin' lotto ticks all day.
Good Times.

 Hangin in a EBT swipe line.
Good Times.

Plotting iPhone 5 Smash & Grab. 
Good Times.

Seniors eating Fancy Feast.
Good Times.

If you see something, say something.
Good Times.

"Transitory-oly" higher food & utility bills. 
Good Times.

Stabbing oneself for the SSDI.
Good Times.

There's a 'Stellar Wind'  blowin'. 
Good Times.

Krugman's 72 trillion USD 'When Mars Attacks' stimulus plan.
Good Times.


Ain't we lucky we got 'em...


...Good Times.

Tue, 09/25/2012 - 12:29 | Link to Comment Lost Wages
Lost Wages's picture

It's OK. The McDonald's dollar menu will keep us fed.

Tue, 09/25/2012 - 15:37 | Link to Comment cynicalskeptic
cynicalskeptic's picture

<<<<shudder>>>>>  haven't been able to stomach that swill for at least a decade.....    what's IN their burgers and nuggets? (besides pink slime that is...)

Tue, 09/25/2012 - 12:36 | Link to Comment ThisIsBob
ThisIsBob's picture

You'd think that at least Obama would let them buy
"medical" weed in California.  Didn't Huxley see the need for soma in the brave new world?

Tue, 09/25/2012 - 12:31 | Link to Comment PUD
PUD's picture

Obama gunna pay ma mogage!!

Tue, 09/25/2012 - 13:46 | Link to Comment tonyw
tonyw's picture

WTF, does anybody still pay their mogage??

Tue, 09/25/2012 - 12:33 | Link to Comment aka Gil
aka Gil's picture

Who saves in cash anymore? Gold & silver, Bitchez!

Tue, 09/25/2012 - 12:33 | Link to Comment azengrcat
azengrcat's picture

We are all ninjas now

Tue, 09/25/2012 - 12:33 | Link to Comment Intoxicologist
Intoxicologist's picture

I'd be flush if it weren't for all those boating accidents.

Tue, 09/25/2012 - 12:34 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Bet you that all these folks still have the latest "icrap".  -FAIL.

 

Tue, 09/25/2012 - 12:35 | Link to Comment Inthemix96
Inthemix96's picture

I must be one of the lucky ones.  I have £1100 pounds sterling in savings.  And our local friendly hit-man only needs £1100 pounds sterling to carry out a job.

Answers on a post card folks.....  Who the fuck gets it first?  Its on me.

Tue, 09/25/2012 - 13:47 | Link to Comment tonyw
tonyw's picture

Well since it's pounds sterling then Gordon Brown and ask for a big discount.

Tue, 09/25/2012 - 12:35 | Link to Comment IridiumRebel
IridiumRebel's picture

.....and what happens if and/or when the economy takes a real nasty downturn in 2013? More gov money for these people? Where will that come from? i got my back. Do you got yours?

Tue, 09/25/2012 - 12:35 | Link to Comment MeBizarro
MeBizarro's picture

These kind of 'Gotcha' studies don't tell you much.  Just an instance in time but provides no historical data nor details on households that make under 30k. 

Tue, 09/25/2012 - 12:36 | Link to Comment wcvarones
wcvarones's picture

That's OK; Bernanke Bucks aren't going to be worth anything anyway.

Tue, 09/25/2012 - 12:37 | Link to Comment j0nx
j0nx's picture

$50 says that 100% of those 50% of poor Americans is carrying around an iGadget. Always money for an iGadget. For bills and other necessities not so much though I'm sure. I see it every day here in Manassas Park with able-bodied young men and women hanging out on dey front porch drinking a schlitz at 1pm instead of out working or picking up trash on the side of the road to pay for those section 8 vouchers that allowed them to take over my neighborhood. First we crush the entitlement class of the 1% aka the big banks and then we crush the remaining 47% welfare crowd. One can not be done without the other.

Tue, 09/25/2012 - 14:10 | Link to Comment RSBriggs
RSBriggs's picture

Not to mention wearing $300 Nikes...

Tue, 09/25/2012 - 12:41 | Link to Comment firstdivision
firstdivision's picture

Could someone get Potter's finger off the sell WTI button?  There's no long a need to artificially suppress WTI prices.

Tue, 09/25/2012 - 12:38 | Link to Comment Obnoxio
Obnoxio's picture

This is why I moved back with my parents to make my monthly nut as low as possible and invest the money saved. I believe workers need to have capital invested because jobs can be sent overseas or be replaced by robots/computers at any time. I could get a VA loan to buy a condo/house but that would stretch my budget and leave me open to the unkown. I'm lucky to have found a woman who will go out with me as that would be one of my main reasons to rent a place on my own. These are different times and many assumptions about future prosperity have changed.

Tue, 09/25/2012 - 12:40 | Link to Comment moriarty
moriarty's picture

 

You have it all wrong. They are the only ones clever enough to not trust the system. They have taken all their “money” converted it in to hard assets off the radar and are milking the rest of us dry. Very cute cookies. /sarc

 Sound like a plan to me and I am the other side of the big pond.

 

 

Tue, 09/25/2012 - 12:42 | Link to Comment Stuck on Zero
Stuck on Zero's picture

They don't need cash savings.  They have social services.

 

Tue, 09/25/2012 - 12:54 | Link to Comment Urban Redneck
Urban Redneck's picture

Well, that will be fixed in January when these very people's MONTHLY tax bill goes to over a $100 PER MONTH.

"Clinton" "Roaring Economy of the 1990's"  - Cut the sale sales BS and read the fine print...

Tue, 09/25/2012 - 12:46 | Link to Comment futboller04
futboller04's picture

You didn't Save that

 

Tue, 09/25/2012 - 12:46 | Link to Comment Waterfallsparkles
Waterfallsparkles's picture

Real Estate Assets are Taxed.  Why not other assets?

Tue, 09/25/2012 - 12:49 | Link to Comment atomicwasted
atomicwasted's picture

How can you save any freakin money when you only make $30K in 2012?  When I made $30K in 1988 and lived in a major urban area, it was a bitch to save anything, and that's when $30K was worth like $60K in today's money.  The working poor get screwed.

Tue, 09/25/2012 - 12:54 | Link to Comment yogibear
yogibear's picture

Benny Bernanke has signaled to dump cash and convert to hard assets as he and Draghi  trash their currencies.  Make cash disappear and you qualify to live off the government for free!

Tue, 09/25/2012 - 12:55 | Link to Comment toomanyfakecons...
toomanyfakeconservatives's picture

$100 of legimiately earned savings will be equal to a million dollars worth of puffed-air money after the coming reset. After the MASS ARRESTS occur, Joe Citizen will exchange his Federal Reserve Notes for the new Treasury Dollar on a 1:1 basis, whiile "millionaires on paper" get pennies on the dollar for theirs. http://tinyurl.com/cd5cyjo/

Tue, 09/25/2012 - 12:56 | Link to Comment tahoebumsmith
tahoebumsmith's picture

I'm sure that the majority of those polled are Obama supporters and living on Government handouts. Remember there are 46 million Americans on food stamps and 100 million recieving some form of A Government handout. With Obama leading the election, this puts 30% of the population of America in a comfort zone knowing the Big Macs and the shiny new GM cars will just keep coming... Hope and Change you can now rely on.

http://www.youtube.com/watch?v=P36x8rTb3jI

Tue, 09/25/2012 - 12:56 | Link to Comment Zombie Investor
Zombie Investor's picture

It would be interesting to know what the average person in that group pays per month for smart phone data plans and cable TV.  Look, they can spend their money any way they want, I am just interested in comparing their priorties with mine.  And oh, by the way, it's not just those making less than $30k who have no savings and are up to their eyeballs in debt. 

Tue, 09/25/2012 - 13:34 | Link to Comment spooz
spooz's picture

The young people with limited resources who I know put their data plans as a top priority. They'll drop cable, not have a computer, move home with the parents, have roommates, not drive, whatever it takes. 

http://www.theatlanticcities.com/technology/2012/08/young-people-arent-buying-cars-because-theyre-buying-smart-phones-instead/2873/

Tue, 09/25/2012 - 13:11 | Link to Comment fuu
fuu's picture

So much hate for the normal people around here.

Minneapolis Numbers:

$30,000/12 = $2500/mo gross.

$375/mo payroll tax @ 15%

$700/mo 1 bed room apartment

$50/mo internet/cable

$60/mo car insurance

$75/mo electricity no summer AC, set to 65o over winter

$240/mo for 60 gallons of gas @ $4/gal

$240/mo for food

$1740 without healthcare, SS, or kids.

Tue, 09/25/2012 - 13:38 | Link to Comment edifice
edifice's picture

Not hate, it's recognizing the poor choices most "normal people" make, who are trying to live on such a small amount of money. They insist on having children, buying iCrap, etc. When the bill comes due, they expect the government (read "taxpayer") to offer "assistance."

Simple solution: If you're making $30k/year, don't complicate your life with liabilities that you can't possibly hope to afford. And, I understand it boils down to a lack of financial education, which perpetuates this cycle.

Tue, 09/25/2012 - 13:47 | Link to Comment fuu
fuu's picture

What is the minimum income required to be eligable to have children? Please adjust for inflation.

Tue, 09/25/2012 - 14:02 | Link to Comment edifice
edifice's picture

That's a loaded question, but I will say that the minimum income is whatever it takes to comfortably support yourself and your family--without government assistance.

For me, personally, that figure would have to be somewhere in the 6 digits. What figure sounds right, to you?

Tue, 09/25/2012 - 14:29 | Link to Comment fuu
fuu's picture

The question was only as loaded as your previous comment.

Tue, 09/25/2012 - 17:24 | Link to Comment ThisIsBob
ThisIsBob's picture

What's the minimum iq?

Tue, 09/25/2012 - 19:07 | Link to Comment fuu
fuu's picture

Does it even require IQ anymore?

Tue, 09/25/2012 - 13:12 | Link to Comment Dr. Engali
Dr. Engali's picture

Does my gold plated tungsten at the bottom of the lake count towards savings ?

Tue, 09/25/2012 - 13:05 | Link to Comment laomei
laomei's picture

Wow... that's just kinda.. iunno what to say.  Sucks to be them I guess.

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