There are tons of recent articles with the same story that 46-60% (or so) Americans can't deal with an unexpected 400 dollar bill. So if they need a car repaired it sits. To pay this unexpected bill, people would have to borrow money or sell something to cover the 400.



http://www.washingtonexaminer.com/f...th-emergency-400-expense/article/2592269

I wouldn't be surprised if that were true.

Dont they say that around 50% of the population is on the gov. tit? If so, it wouldnt surprise me, either.

I could deal with a $400 bill. I just couldn't deal with that pic of Whoopie Goldberg that they're going to put on the fuggin' thing.

Always better to just look broke, than actually be broke.

Voted best post of 5/27/2016

Words to live by>

yep

Know lots of folks with decent incomes that live check to check. Most are hip deep in loans to acquire their toys, and as soon as something is paid off they go into debt for a new one.

Debt free for years and absolutely love it. If the house burned tonight, I could write a check for a new one in the morning.

I've been a huge fan of Dave Ramsey (financial guy with a radio program, "debt is dumb" is his tagline, and he likes guns).

I'd encourage everyone to live within their financial means and become debt free.

Poole

I second the nomination.

But it sure beats a stack of Harriet Tubmans or a sack of Sacagaweas.

Good advice, Sam!

(But most folks dont believe it.)

We paid off the last bill about 7 years ago. My retirement income isn't great but with no bills, its very livable.

A lot of younger people can't get it through their heads that an extra mortgage payment early in the term will multiply the saving at the end of it. If you make a $1000 extra payment on the principle, assuming 4% interest, each year you save $40 in interest. After 25 years, you've saved $1000 in interest so that 1 single early payment has cut your end-of-term debt by $2000. There are some good interactive amortization tables available online that will show you what happens if you can make that same payment every year. It's amazing how much money it will save you.

Wife and I are lucky. I can't remember when we didn't buy anything with cash.

I'm sure our credit rating sucks though.

Have never paid a dime in CC interest either.

Don't live fancy or have tons stashed away either, but sure feel better never having payments...

ROFLMAO Made my day.

True.

I also agree with the statement above about folks having to buy the latest toys...and ALL on credit. Paying cash seems foreign to them. They also seem to go for the longest term possible on loans to keep the payments down, all so they can 'afford' more crap. I did the same when I was younger, but experience (coupled with Suze Orman and Dave Ramsey) put me on a better path. I'm far from perfect when it comes to financial matters but I'm comfortable with the spot I'm in.

I had a client working in the oilfields making over $200k a year. He ga e me his card number and told me to take $1k out to cover a bill. It kept getting rejected for lack of funds. It finally worked at $600. So this guy was making more money than 90% of the people out there and he didn't have a spare thousand dollars.

Before the housing crash, people were doing some idiotic things with houses. They'd buy way over their heads thinking about all the money they'd make when they sold it 5 or 10 years later. They didn't think about how much they'd lose to interest in the meantime. Some friends of my brother did that. They were using thrift store furniture in a high dollar house because they couldn't afford decent stuff. They got hurt pretty bad in the crash.

My wife and I got married in '08. 2 years before she'd bought an old house to renovate and resell. It would have been a good idea if the crash hadn't happened. We sold it for slightly more than what she owed on it so we didn't have to go with a short sale but she lost quite a bit of the cash she'd spend on the renovation. The market there still hasn't come up 8 years later so keeping it would have cost us more yet.

I think the philosophy is to live hard die young and leave a pile of bills for someone else to deal with. Pretty narsistic. But look at our government and how they spend. Not a good leadership example.

kwg

Good one. And I can't remember the last time I had a problem with a vehicle and got away with only a $400 bill.

people always talk about avoiding CCs , but that just seems silly to me. (unless you have no impulse control, I guess).

I have several I never use and one (an Amazon Visa) that pays back 1-3% depending on the purchase.

I put everything I can on it (maybe $4-5K a month on average) and get literally thousands of $$ of free stuff every year....

Same here Matt but I do believe I spend more than when I had to pull cash out of the wallet


Big fan of Dave Ramsey here but never heard of him till I was already debt free

So I'm a bigger fan of my grandparents that taught me by example

Truly thankful & blessed for the resources we have at our disposal

We've been fortunate

But you obviously have the discipline to pay it off every month so you don't pay interest. 99% of Americans don't and that's the whole problem. The banks get rich on fools' money.

If you are an employer, you see it every pay period. People that make a decent wage coming in with sob stories that their electricity is going to be turned off so they need a draw.

The amount of interest, fees, penalties and punitive interest rates people pay boggles the mind.

One of the most amazing ones is the "buy now, pay no interest for two years" promotions. Apparently, less than 20 % of the contracts get paid off according to the offer. The rest all miss a payment or are late, and are hit retro-actively with huge interest rates for the whole shebang.

People are financial babes in the woods.

That's the other side of this study, or a similar one. The authors estimated the typical major car repair, or unexpected trip at $2,000, and 60% couldn't come up with 2k in 30 days, even through borrowing and the selling of assets. So, they don't have $400 in cash, and can't find $1700 worth of stuff to sell to make up the difference.

I imagine half the folks here could come up with 2k in just primers and .22 ammo.

They'll get my 22 ammo when they pry it out of my cold dead fingers.

I was one of those that had to learn the hard way. I got so deep into credit card debt the only way I could pay it off without filing bankruptcy was to move into an old abandoned house on a ranch in Colorado for three years. No running water or electricity for the first couple of years, but I got myself out of debt and except for a mortgage haven't been in debt since. I use my credit cards all the time but would go hungry before I failed to pay them off every month. On a side note, if I could relive any time in my life, it would be those 3 years in the old abandoned house

I have two credit cards. One we use only for travel, and I put all my daily expenses on the other one. I pay both in full every month and have not had a dime of CC interest in years. Claudia manages her own daily expenses on a different card so we can avoid confusion over who bought what.

Both of my cards give airline miles, on different airlines. We fly for free on most trips.

We have no mortgage, one small car loan and a nearly-paid home equity loan which I keep active because it has an extremely low interest rate. As of this morning, my Experian credit rating is 823.

So many hope and pray for prosperity but so few can really withstand prosperity!

There are lots of folks around here that live paycheck to paycheck, couldn't afford an unexpected 400.00 bill and don't have any luxury toys/payments. The median annual income for males here is less than 30,000 per year and the median household income is less than 40,000. It's rural so you have to keep a dependable vehicle on the road as the average distance traveled for work is 23 miles. Between the purchase price, repairs, maintenance, insurance and gas there goes 6,000 - 7,000.00 of your income right there. And that's only if your buying/driving older used vehicles. Add another 7,000- 8000.00 per year for housing {average rent for a 2 bedroom apt. is 600 -700.00 per month} top those off with utilities and groceries and it's no wonder folks are broke. The wife and I make more than 50% over the median income for this area. We have no payments/loans other than a very modest mortgage, we don't take vacations or go on out of state hunts and it's about all we can do to make ends meet.

There is an excellent article in "The Atlantic" magazine (April?) on this. The author of the article is in this position.

I have seen people make 5 times the local median income and live check to check. Spending never satisfies their false needs.

Some years ago someone did an extensive survey on how much more money people thought they needed to live comfortably. It was 'enlightening'. From the poor people up to the 6 figured ones, they all said they needed 10% more. Very few were comfortable with what they already had.

According to economic studies, money can buy happiness, up to a point. Generally, after about 80k-90k the effects of more money on happiness begins to diminish. As I recall, after about 150k more money didn't make a real difference.

With 60% of working Americans making less than 20.00 an hour {WAY less than 80k} it's no wonder folks aren't happy.

Factor in a devalued dollar and rising government caused health care costs and a torpid economy - I'm stuck until I can retire and sell.

My wife complains that I don't take her out and it's true. She cooks better than any restaurant I can afford. I can't afford the air conditioner repair so it is another summer of fans and wifely gripes. Luckily the kids are young enough to enjoy running through the sprinkler. I indulged in a "bucket list" hunting trip this year, the first real vacation in over ten years but I paid for it in advance. Now I must save up for the oldest child's braces.

I know that I am lucky as I have a job, a mortgage instead of rent, and we are not going hungry. But I can't wait until the National nightmare is over and the economy picks up again. I have become the penny pincher my parents were.

My sister and her husband were worth over $1,000,000 eight years ago. But their main customers have gone out of business or retired with less than expected incomes. So now my sister has not received, though she still works, any income in over three months. They did not expect the recession to last so long. And no, they do not have toys or vacations. I have taken up their role in taking care of the rest of the family. I hope instill the proper work ethic and common sense frugality in my kids.

I recently gave that amount to the Salvation Army,
I'm sure they get enough requests for help from legit people who need the help.
Glad I can do it.

Average salary around here is about 12-14 bucks an hour. You will be damned hard pressed to find a 2 bedroom house for under 100,000

Christ at the largest lumber mill in the county, I know guys who have been there for 20 plus years and are only making 14 bucks an hour

The factories are, for the most part, hiring temp workers.

Yep...... they're likely doing it to beat the health care issue. It's a growing trend around here for LE jobs as well.

George

No George they have been going that route for the past 15 yeaRs or so. Hiring from temp services aND promising full time employment after 90 days, laying them off on day 89


Housing prices skyrocketed when the gas boom hit, 2 bedroom houses were being rented for 2500 a month, 2 bedroom apartment rents went from 3-400 to 900 a month, people were evicted so owners could get oilfield tenants and more money.

The boom is over and those tenants still think they can get that much rent.

2 bedroom ranch styles. On a half acre lot in town started selling for 190,000

Since I left, my old dept has gone through 7 full time officers

[bleep] me runnin'..........

I guess there's a reason to be happy we never had a "boom" of any sort.

George

By f'king design.

This has become a huge standard practice around here also, most likely related to taxes and healthcare.

It's all about less people doing more work, someone retires quits or is fired, no replacement is hired untill temps are needed to fill peak demands.

The people being crushed, and the companys know this, are the senior workers with 10-20 years in, and a bunch of benefits including vacation.

I know of a few people in this situation working up to a mandated 60 hours a week.

Obamunism at work.

Folks will never realize the emotional stress of debt until they don't have any. Being able to pay bills doesn't mean schit. Not having to pay bills is a whole different enchilada.

I can only chuckle when I see people discussing this as if it's something new.

Last job I had I worked as a "temp" for 7 years. The layoffs were everpresent and once they had the audacity to administer a 6% pay cut across the board. Don't even think about getting a raise. The only reason I had a job at *all* is because the Chinese suck at toolmakin'.

The company I worked for did the R&D here, then had the product manufactured in China.

One day I decided to join the legions of the working class in America who just said "fuggit".

Let the Chinese figure it out. I'll not manufacture another damn thing for any damn body in the world.

It was a boon to the area, lots of new businesses opened, and many still thriving

Housing is coming down

Around here it started long before Obama

Granted the one factory in particular simply makes press board cabnetry. I wouldn't expect that to be a great paying gig.

We have a couple other plants that don't hire temps but are very, very tough to get into.

One is running on a skeleton crew as they make a lot of munitions for the military and have been struggling with the cuts in military spending

I don't need more money but I'd like more money, we'd like a bigger house especially with the new one on the way. After the rezoning of where we live now our house is worth a fraction of what it should be. But we don't have a whole lot of debt. Vehicle and boat payment. Mortgage, she has student loans. But we still.manage to out a couple hundred bucks a week into the savings account

You're doing good to put some away. Good luck with the new addition on the way!

We put away what we can, I have another account that have some money put in every week for play money.

Some weeks are better than others, and I max out my 401k

Aside from gas and about 50 bucks worth of groceries for lunches I only spend about 25 bucks a week

The place I work is steadily hiring for almost all positions, both production and maintenance. They are paying a bonus for maintenance hire-ins and also for referrals. And ~29$ hourly plus benefits for mechanical maintenance guys.
Any body wants a maintenance job, I can net them and me a cool thou for signing on and staying 6 months.

And in the town I live near there are 2 facilities with signs out looking to hire full time workers. I believe them both to pay ~$20-25 hourly...

A lotta guys torpedo themselves with a new truck as soon as they get 3 checks under their belt. Then they're miserable working at a job that they can't walk away from without losing their truck or motorcycle.

In know a guy who's 52 years old and been working an 80K job for 12 years. He has a house payment, 2 vehicle payments and owes more on CC than his house and vehicles are worth. Never started his 401K as he didn't think he could live without the money on his check. And this in spite of the fact that his firm matches his first 6%, dollar for dollar.
Has to work to maintain his debt, but misses work due to depression over his debt.
If he'd started a 401K 12 years ago he'd have more than he owes...

If a bullfrog had wings, he wouldn't bump his ass when he jumps.

Look, I may never have "much" by some folks' standards, but I'll make sure my kids are ahead of the game further than where I started or finished. Any SOB that doesn't do likewise is, to me, failing in his duty as a parent.

I have one credit card it has like an 8 grand limit. I keep about 40 bucks on it, for the simple fact that carrying a little balance and letting them.make a bit of interest boosts my credit score up

Aside from boat and pick up gas I don't ever use it

I work with guys that can't survive without working 70 hours a week
They all bought big trucks and new big ride Harleys


I just sort of laugh at them

It's all about lifestyle and priorities.




And predicting when you're gonna die.

A relative who believes in the "End of Days" is almost upon us, thinks that debt will be uncollectible and "things" will be worth more than money.
Mortgaged to the hilt, 60 grand in CC debt, bunker, huge food stockpile, hand well, guns and ammo by the ton, 2 Mules + more.
What if he's right ?

I know lots of paycheck to paycheck broke folks. It always comes down to 1 thing... They spend money. Pop, chips, eating out often, eating expensive foods, drinking beer, smoking, every gadget known to man, big screen tv, latest Iphone, dvds all over the place they watch maybe twice, ect..

But, when you talk to them they are the biggest victims on planet earth.

Post your budget down to the dime. There is no way you could live in a trailer in a rural area and barely make ends meet if you are doing what you say you do.

I believe it. Too many people can live with poor choices because the safety net is there to ensure that they will eat, have a place to live, own a cell phone and get medical attention.

50% of kids today are born with no father in the home. I wonder why?

It doesn't suck to be poor anymore. It should. That way people would make better choices.

People like me and many other people who supported Cruz, have to understand that even in the GOP, "EBT Accepted Here" is not an unwelcome sign by all within the party. The idea of dissolving social security for younger people is history. My dream of a dramatically smaller govt for the purpose of enhancing liberty probably will not happen in my lifetime. Unless there is a total collapse. Which is bad for all.

I have saved a lot for my entire adult lifetime. I believe that if you count on anybody else or govt for your liberty or prosperity, you are destined for failure. But now, I feel that there is a small target on my back for my sacrices and efforts.

Both parties have abandoned a smaller and limited govt. That concept scares too many people because the security of entitlements is something too good to give up. Even with the deficit near equalling the GDP. People rather to ignore it. Or tax successful people more.

We are almost at, "Every man for himself". It is a damn shame. There is so much that could have been accomplished.

If Trump announces reducing entitlements, he will lose. He knows that, which is why he hasn't touched it. Most people vote for a living now.

A damn shame. The Great Society is proving to be the worst thing that ever happened to America.

RAS

Including republicans.

An unexpected thousand dollar bill can put a decent dent in my finances right now. But I've been totally remodeling an old farm house out of pocket and my wife just quit her part time job have our second child in june.

I feel pretty safe in general, but I have had some projects derailed to handle priorities. No long term remodeling loan and having my wife stay home will be worth it in the long run.

Post my budget down to the dime indeed. GFY you worthless POS. I'm about sick of being called a liar by sanctimonious scum like you. Go back to diddlin' those young boys you "take care of" and STFU. Pervert.

See, you are a liar and got called out on it. Now you are all in a tissy. You can somewhat fool the fans, but you aren't going to fool the players. Keep up with your victim routine. It fits you well.

It always is. One of the better investments you can make is keeping momma home with the kids.

You're a liar and a sick pervert. Wait till you get some health issues that require constant medication and see how fast your money goes. Azzhole.

sanctimonious assehole as usual always the same.

Post your budget, assuming you have one. Until then you are full of [bleep].

Specifics of my finances are none of your goddam business you child molesting prick.

Then stop B!tching every chance you get.

BTW, if you'd ever make that accusation to my face, you would get a beating you'd never forget. Easy though to let stuff roll off your back though when it comes from a confirmed loser on the internet.

I reckon I'll do as I damn well please. Unless of course you want to waddle on down here and try to stop me. In which case I'll bitcch slap you so hard your dick will pop right out of that kids azz.

You are a cursed individual, that is certain. You get to wake up with yourself every day for the rest of your life.

When I was married, we earned right about twice as much money as I take home now, and we were always, completely, utterly broke.

After the big D and with the new and improved model, we live like kings, and always have money left over in the budget. Even after making extra payments on the mortgage. We pay for the cars with cash, no loans of any kind other than the mortgage, and it will be paid off in four years.

Still have money to take European vacations and such every other year, and are helping my daughter go to grad school.

We do have a budget, down to the penny, and keep to it. Even with over $4,500 in unexpected medical bills in the last six months, we're on track. Exactly.

In your fuggin' dreams scooter. I've seen your picture and you ain't got a prayer unless you've got an 8th degree black belt in tai chi and tai kwon do. Otherwise I'll beat you like a rented mule and enjoy every minute of it. I ain't puny like you.

Big dreams from a guy sitting in his trailer...

Post a pic of yourself. This will be really good!

Still waiting for the broke "tough guy" in his trailer to post a pic.

Making threats to someone you've never seen and don't know anything about is about as retarded as it gets. Your lack of intelligence is showing like a 10 lb zit in the middle of your forehead. Dumbazz.

I have read the subject doom and gloom here for ten years at least but have always wondered what the same folks were doing to see that their children do not suffer the same "fate". Best I can tell, nothing. They just continue bitchin' and ordering the latest Brux barreled McM stocked wonder 7... F'in disgusting.

Good call on not posting the pic, as it would ruin this tough guy persona you have here on the campfire that most can see right through. Have a good night. I'm sure this will continue the next time you post crap you need to be called on.

You tell yourself whatever you gotta to live with yourself. It ain't no concern of mine.

Funny how many here assume they know others life situations and are quick to blame with out knowing the facts.

Average people are having a harder time than ever. Thanks to our politicians and bankers.

Two guys on this thread need to get a room. Americans have terrible spending habits. I married a proud tightwad and it's been worth it.