money.cnn.com — If you have less than 25k saved you're in good company, or at least, there are lots of you. 50% of workers 35 to 44 have less than that amount saved. 1/3 of those aged 45 and over did too. 25% of people surveyed had no savings at all. No savings account. No retirement account. No investments. Nothing. Zero. Bad Idea.
Apr 14, 2007 View in Crawl 4
tepidpondApr 15, 2007
There are people who, if they better managed their money, would be much better off. But for every person living in a box who owns a gold-plated Hummer, there are 100 who live paycheck to paycheck stretching Kraft mac&cheese with bargain-brand noodles, driving a hand-me-down sedan, and praying they don't get sick before they've earned enough vacation time.Life deals a lot of people a bad hand. It's what capitalism requires to keep the serfs in line and the lords in office over them. Don't like it? Well...most guns are still legal. Not that I'm suggesting armed revolt to bring some fairness to America, no sirree.
kelwayApr 15, 2007
@mancat, "many" minimum wage jobs don't provide you with a ROTH IRA plan... rather, by having any earned income, you're able to contribute to a ROTH IRA and your employer has nothing to do with it beyond paying you the money to invest.
1dogApr 15, 2007
I drive a 1993 Toyota that I bought cash in 1993. At the time it almost cleared my bank account. I've been saving ever since. I think the number one factor in my good financial health right now is my wife.What made her good with money was her mother. I always enjoyed her mother quite a bit. My wife always thought her mom was way overbearing. Always telling her what to do. Even when we first got together her mom was always telling her what to do. Her mom was a cheap penny pinching woman. Her mom was always cutting coupons. Even though we make over a 100,000 a year, every Sunday my wife is cutting coupons. The 1st of the month we go to Walgreen's to get free stuff. If it wasn't for my wife I would have bad credit. If it wasn't for her overbearing mother who knows.
Closed AccountApr 15, 2007
How is this possible? I started saving for retirement while working as a security guard putting myself through college. I have a hard time thinking that 25% of Americans are in more dire straits than that... I may be an assh**e for thinking this, but considering that we probably won't have social security to fall back on these people deserve what they are going to get
Closed AccountApr 16, 2007
So do I, but I consolidated when the rates were around 2.25%. Including the loans that I couldn't consolidate, my rate is 3.5%. $25k is not a lot in student loans, I know people who owe in the 100k neighborhood for BS degrees.
jpwebsitesApr 16, 2007
Unfortuntely, it will be everyone else who pays. When all these people get too old to work-- and can't retire-- the government will bail all these losers out. Everyone who played it SMART and followed all the rules will pay for their stupidity...
gomezfreakApr 18, 2007
The SOB's tax you on the refund you received due to the government over taxing you in the first place. No wonder my grandfather hid money in his attic. Sure you wont gain interest that way, and you'll lose some of the value due to inflation, but hell they tax you so much on earning interest, when you factor in inflation, its almost better just to sit on the cash. FWIT: We (my wife and I) are fiscally responsible.
bacon_skodaApr 18, 2007
that's 60k in savings not a year.