Half of Americans are saving next to nothing

[GandD 5,966]

Why not give it to me? Problem solved.

[Póg mo 1,749]

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

Americans never financially poop their beds? We are told that socialism makes people reliant on the government, yet people in socialist countries save more, which implies that they have more to save, and not as reliant on using expensive credit to fiance their lifestyles. People in the US rely too heavily on credit, which is why many people able to save squat. Don't blame interest rates, blame a system forces everyone into debt.

[VOL 425]

Who want's to save money when the interest rate is so so so so low.

It is time to invest in houses, We will never see rates this low in our lifetime.

[JohnR! 5,495]

IMHO the main difference is that Europeans - with the exception of the Brits perhaps - have grown used to living below their means and planning their expenses accordingly. You'll be hard pressed to find Europeans buying things they can't afford on credit. There isn't also a culture of buying something just for kicks, which is one of the reasons WalMart and other super club stores didn't flourish as wildly overseas as they did in the US. I had hoped that after the last economic kerfuffle our kids would learn how to better manage their money and to some extent that seems to be proving true. The economy is picking up again slowly mainly because people are less prone to spend tons of money they don't have to buy something they don't need right now. Buying songs or apps on iTunes seem to be the new model for instant gratification.

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

[Póg mo 1,749]

Okay Mods, why was my user name changed? How many people here could it possibly of offended?

[JohnR! 5,495]

To be sure, we all know real estate prices never go down, as proven by recent history...

The problem with mortgages is that people max out their budgets on their mortgages and never plan for a rainy day. If you lose your job and you don't have at least a year's salary in savings, chances are you'll lose your home too. Banks are willing to lend you money based on a monthly payment you can afford today. They never think you might want to go on vacation or buy a new car during the 30 years your mortgage will be active.

Who want's to save money when the interest rate is so so so so low.

It is time to invest in houses, We will never see rates this low in our lifetime.

[CowBoE 429]

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Yeah...I was surprised to find that average middle income US family has less savings

than average middle income family in China.

But I'm sure we own more stuff...big house, big car, lots of latest electronics,

lots of clothes, lots of shoes, lots of bags... etc...

We are definitely spend now and worry later country.

[decocker 7,198]

http://inequalityforall.com/

my favorite movie on the subject.

But I'm sure we own more stuff...big house, big car, lots of latest electronics,

lots of clothes, lots of shoes, lots of bags... etc...

but do we actually own the stuff or does the bank own the stuff?

[mars lander 0]

Obama wants USA to be poor while he golfs and take vacations every month.

[decocker 7,198]

Obama wants USA to be poor while he golfs and take vacations every month.

yet he's not on this list, so weird.

http://www.techscio.com/richest-people-in-america/

[JohnR! 5,495]

Is that good or bad?

Obama wants USA to be poor while he golfs and take vacations every month.

[decocker 7,198]

Is that good or bad?

american presidents have a long, time-honored tradition of never ever vacationing and maintaining a strict level of poverty to show solidarity with american peasants.

[mars lander 0]

Two separate Air Force planes used for trips.

[decocker 7,198]

Two separate Air Force planes used for trips.

terrible isn't it. i hear he lives in the white house too. RENT FREE.

[Teddy B 17,252]

Okay Mods, why was my user name changed? How many people here could it possibly of offended?

I was surprised it lasted as long as it did. I thought it was funny, but still a TOS violation me thinks. Someone must've reported it.