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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%. 


And full survey results here.


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Tue, 09/25/2012 - 12:22 | 2828250 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 | 2828283 camaro68ss
camaro68ss's picture

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

No, for real....

Tue, 09/25/2012 - 12:38 | 2828329 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 | 2828342 AnonymousCitizen
AnonymousCitizen's picture

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

Tue, 09/25/2012 - 12:44 | 2828358 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 | 2828374 Ahmeexnal
Ahmeexnal's picture

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

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 | 2828479 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 | 2828554 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 | 2828570 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 | 2828604 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 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 | 2828625 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 | 2828803 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),1

and this from Naked Capitalism definitely a liberal enclave

Third Way Document Proves Democratic Party Supports Institutionalized Looting by Banks


Tue, 09/25/2012 - 17:06 | 2829649 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 | 2830055 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 | 2828641 Jethro
Jethro's picture

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

Tue, 09/25/2012 - 17:20 | 2829461 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 | 2828872 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 | 2828512 SafelyGraze
SafelyGraze's picture

fwiw .. data provided courtesy of "cashnet"


Tue, 09/25/2012 - 15:23 | 2829108 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 | 2828618 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 | 2828938 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 | 2829089 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 | 2829114 TraitorsHang
TraitorsHang's picture

Sell? Selling presumes that you own your kidney. The banks see things differently.

Tue, 09/25/2012 - 16:09 | 2829310 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 | 2829322 DosZap
DosZap's picture

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

Tue, 09/25/2012 - 18:51 | 2830054 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 | 2831514 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 | 2828336 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 | 2828486 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!


Tue, 09/25/2012 - 13:07 | 2828487 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 | 2828701 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 | 2828408 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 | 2828675 Mad Mohel
Mad Mohel's picture

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

Tue, 09/25/2012 - 15:21 | 2829101 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 | 2829225 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.



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 | 2830478 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 | 2828425 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 | 2828291 Cash2Riches
Cash2Riches's picture

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

Tue, 09/25/2012 - 12:38 | 2828327 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 | 2828633 tonyw
tonyw's picture

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

Tue, 09/25/2012 - 13:38 | 2828626 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 | 2828627 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 | 2828332 Tortfeasor
Tortfeasor's picture

Dave Ramsey will not be pleased.

Tue, 09/25/2012 - 12:39 | 2828340 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 | 2828363 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 | 2828927 hannah
hannah's picture

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

Tue, 09/25/2012 - 12:43 | 2828366 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 | 2828529 Miss Expectations
Miss Expectations's picture

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

Tue, 09/25/2012 - 13:45 | 2828647 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 | 2828922 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 | 2828573 centerline
centerline's picture

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

Tue, 09/25/2012 - 13:28 | 2828582 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 | 2828609 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 | 2828774 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 | 2829254 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 | 2828867 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 | 2828335 Dr. Richard Head
Dr. Richard Head's picture

No, this is sad.  Fucking drunks willing to fight over "their" football team, while the bankstatocracy rapes their arse.

Tue, 09/25/2012 - 15:30 | 2829149 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 | 2828352 FL_Conservative
FL_Conservative's picture

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

Tue, 09/25/2012 - 12:43 | 2828367 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 | 2828252 SilverRhino
SilverRhino's picture

Those income levels are way too low for the percentages.

Tue, 09/25/2012 - 12:29 | 2828284 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 | 2828302 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 | 2828369 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 | 2829112 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 | 2828382 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 | 2828793 toady
toady's picture

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

Tue, 09/25/2012 - 12:53 | 2828405 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 | 2830900 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 | 2828257 Badabing
Badabing's picture
Half Of Americans Making Under $30K Have Less Than $100 In Savings and $40,000 dept.




Tue, 09/25/2012 - 12:23 | 2828265 Darkness
Darkness's picture

Your picture is pathetic. 

Tue, 09/25/2012 - 12:42 | 2828357 curbyourrisk
curbyourrisk's picture

You mean "debt"....right?



Tue, 09/25/2012 - 12:59 | 2828435 Badabing
Badabing's picture

yes but dickness stomped me before i could edit

Tue, 09/25/2012 - 13:02 | 2828454 akak
akak's picture

I hate when that happens!

Tue, 09/25/2012 - 13:31 | 2828599 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 | 2828572 SafelyGraze
SafelyGraze's picture

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


Tue, 09/25/2012 - 13:32 | 2828602 Badabing
Badabing's picture

LOL but will it fit in the avatar space?

Tue, 09/25/2012 - 14:21 | 2828794 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 | 2829919 Darkness
Darkness's picture


Tue, 09/25/2012 - 12:22 | 2828259 Darkness
Darkness's picture

This is bullish. 

Tue, 09/25/2012 - 12:35 | 2828316 buzzsaw99
buzzsaw99's picture

for the cashnetusa ipo maybe

Tue, 09/25/2012 - 12:23 | 2828263 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 | 2828462 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 | 2828264 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 | 2828267 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 | 2828557 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 | 2828269 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 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 | 2828422 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 | 2829161 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 | 2830691 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 | 2828549 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 | 2828664 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 | 2828271 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 | 2828344 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 | 2828376 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 | 2828348 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 | 2828492 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 | 2828272 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 | 2828300 buzzsaw99
buzzsaw99's picture

the study was done by a payday loan company.

Tue, 09/25/2012 - 12:39 | 2828337 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 | 2828362 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 | 2829262 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 | 2828274 Aziz
Aziz's picture

My rainy day reserve is round and shiny.

Tue, 09/25/2012 - 12:30 | 2828295 shovelhead
shovelhead's picture

Amen brother...


Tue, 09/25/2012 - 13:01 | 2828451 s2man
s2man's picture

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

Tue, 09/25/2012 - 14:24 | 2828805 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 | 2830719 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 | 2829169 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 | 2828282 Seasmoke
Seasmoke's picture

That's what credit cards are for

Tue, 09/25/2012 - 13:19 | 2828286 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 | 2828293 Lost Wages
Lost Wages's picture

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

Tue, 09/25/2012 - 15:37 | 2829183 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 | 2828296 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 | 2828301 PUD
PUD's picture

Obama gunna pay ma mogage!!

Tue, 09/25/2012 - 13:46 | 2828655 tonyw
tonyw's picture

WTF, does anybody still pay their mogage??

Tue, 09/25/2012 - 12:33 | 2828306 aka Gil
aka Gil's picture

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

Tue, 09/25/2012 - 12:33 | 2828308 azengrcat
azengrcat's picture

We are all ninjas now

Tue, 09/25/2012 - 12:33 | 2828310 Intoxicologist
Intoxicologist's picture

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

Tue, 09/25/2012 - 12:34 | 2828314 LawsofPhysics
LawsofPhysics's picture

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


Tue, 09/25/2012 - 12:35 | 2828315 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 | 2828659 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 | 2828317 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 | 2828318 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 | 2828320 wcvarones
wcvarones's picture

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

Tue, 09/25/2012 - 12:37 | 2828328 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 | 2828738 RSBriggs
RSBriggs's picture

Not to mention wearing $300 Nikes...

Tue, 09/25/2012 - 12:41 | 2828330 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 | 2828333 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 | 2828343 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 | 2828355 Stuck on Zero
Stuck on Zero's picture

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


Tue, 09/25/2012 - 12:54 | 2828412 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 | 2828377 futboller04
futboller04's picture

You didn't Save that


Tue, 09/25/2012 - 12:46 | 2828380 Waterfallsparkles
Waterfallsparkles's picture

Real Estate Assets are Taxed.  Why not other assets?

Tue, 09/25/2012 - 12:49 | 2828395 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 | 2828411 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 | 2828414 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.

Tue, 09/25/2012 - 12:56 | 2828418 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.

Tue, 09/25/2012 - 12:56 | 2828419 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 | 2828608 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.

Tue, 09/25/2012 - 13:11 | 2828446 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 | 2828623 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 | 2828657 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 | 2828707 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 | 2828815 fuu
fuu's picture

The question was only as loaded as your previous comment.

Tue, 09/25/2012 - 17:24 | 2829748 ThisIsBob
ThisIsBob's picture

What's the minimum iq?

Tue, 09/25/2012 - 19:07 | 2830123 fuu
fuu's picture

Does it even require IQ anymore?

Tue, 09/25/2012 - 13:12 | 2828468 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 | 2828473 laomei
laomei's picture

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

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