More than half of Americans have less than $1000 in savings

If you didn't get on the bitcoin train at the beginning....then you are riding a donkey.

Money is so 2001

originally posted by: olaru12
If you didn't get on the bitcoin train at the beginning....then you are riding a donkey.

Money is so 2001

Is this bitcoin good then? i took a look at the site once but i thought 'is this another scam'

originally posted by: TruthxIsxInxThexMist

originally posted by: olaru12
If you didn't get on the bitcoin train at the beginning....then you are riding a donkey.

Money is so 2001

Is this bitcoin good then? i took a look at the site once but i thought 'is this another scam'

So far, so good...but let's be honest, investing in anything can bite you in the ass. Cyber dough is no different.
What attracted me was that it isn't controlled by the elite banking community that determines the value of everything money can buy.

It's all a gamble....currently I'm runnin like a Kenyan at the holdem table.

originally posted by: Realtruth
When the people that invented the fiat currency can pull money, out of thin air, for their causes, and come up with mortgages for us idiots to buy houses we typically can't afford, it makes for a legal slave system.

Mortgages existed even when there was commoditized currency, you don't need a fiat currency for that.

originally posted by: AugustusMasonicus

originally posted by: Realtruth
When the people that invented the fiat currency can pull money, out of thin air, for their causes, and come up with mortgages for us idiots to buy houses we typically can't afford, it makes for a legal slave system.

Mortgages existed even when there was commoditized currency, you don't need a fiat currency for that.

True, but the banks can justify countless mortgages when they float trillions of BS dollars. We saw that in the housing crash of 2008.

Mortgages used to be called Indentures, in fact, I have some from England and the US from the 17 and 1800's.

How are people supposed to put money into savings?

Standard rent for a 1 bedroom for most of the country is 600-900 a month.

Car payments are 100-350 usually

Phone bills are 50 to 100

Insurance 100-150

Gas.. Electric.. 150

Food $400 a month at least

Internet.. 50..

That right there is 2100 right off the bat.. not including any student loan bills or recreational money

Most Americansmake exactly that or.right around it. Not kuch room for savings.

a reply to: Lucidparadox

Where is rent for a 1 bedroom 600-900? My house mortgage payment is 750 a month for 1800 sq ft.
============

In general though we have a culture of buy buy buy, get the newest cell phone on day 1, newest car because the TV says so etc.

Is it really any surprise that not many are saving money when many Americans seem pathologically incapable of living within our means.

originally posted by: Realtruth
True, but the banks can justify countless mortgages when they float trillions of BS dollars. We saw that in the housing crash of 2008.

Mortgages used to be called Indentures, in fact, I have some from England and the US from the 17 and 1800's.

And? Someone twisting your arm to take one out?

originally posted by: Irishhaf
a reply to: Lucidparadox

Where is rent for a 1 bedroom 600-900? My house mortgage payment is 750 a month for 1800 sq ft.
============

In general though we have a culture of buy buy buy, get the newest cell phone on day 1, newest car because the TV says so etc.

Is it really any surprise that not many are saving money when many Americans seem pathologically incapable of living within our means.

Rent is always more expensive than a mortagage.

Im from cleveland, a standard 1 bedroom apt is about 600-700 dollars.

I libe in Phoenix now where a standard 1 bedroom apt is about 900-1200 dollars.

Mortgages are cheap.. but who has the money for a down payment and the credit/income yo get approved?

It isnt easy.

originally posted by: olaru12
If you didn't get on the bitcoin train at the beginning....then you are riding a donkey.

Money is so 2001

Im 1 step ahead of you.

You forget, the house always wins.

I have 20,350 Ripple XRP

Im on the Ripple train

originally posted by: AugustusMasonicus
a reply to: nOraKat


Does that take into account people like myself who don't have a savings account because a savings account is a joke when it comes to investing?

Good question. I would never let my savings account have $1,000 sitting idle like that.

a reply to: carewemust


I haven't been able to find confirmation if they are including people such as us or excluding us.

originally posted by: AugustusMasonicus

originally posted by: Realtruth
True, but the banks can justify countless mortgages when they float trillions of BS dollars. We saw that in the housing crash of 2008.

Mortgages used to be called Indentures, in fact, I have some from England and the US from the 17 and 1800's.

And? Someone twisting your arm to take one out?

That is a very good point. No one forced these people to take out these loans. But what about the spill over to people that are trying to purchase a home through a conventional loan? When lending standards are relaxed so much that banks are handing out interests only mortgages and NINJA loans again like candy, doesn't that have an impact on everyone else?

Wasn't that one of the main reasons for the 2007/2008 collapse? Unsound lending practices?

After we bailed out these to big to fail banks for their erroneous lending that imploded on them, they are still sitting good. These asset backed securities are only worth pennies on the dollar but no problem, we will just eliminate mark to market. Wouldn't society be better served if housing was actually affordable again?

a reply to: ClovenSky

Caveat emptor?

I could never understand why anyone would think an interest only, variable rate mortgage loan would be a good way to buy a home.

originally posted by: AugustusMasonicus

originally posted by: Realtruth
True, but the banks can justify countless mortgages when they float trillions of BS dollars. We saw that in the housing crash of 2008.

Mortgages used to be called Indentures, in fact, I have some from England and the US from the 17 and 1800's.

And? Someone twisting your arm to take one out?

That's why I said stupid people in my original post. People get into situations they cannot afford. Even if people own their homes outright many times with large homes the taxes, upkeep, and insurance costs will bury them in a bad economy.

Another thing people don't understand is a home is not an investment, if it's not producing income it's a liability, no matter how much equity the home has in it.

The only time I enter into mortgages is for investment properties, that produce monthly rent and cover the costs, and the properties have to make at least 25% after costs.

If I were just starting out, and had very little I'd be seriously looking into tiny homes, they are efficient affordable, on all levels, and allow people to save a bit while paying off their house, in a short time-frame.

originally posted by: Phage
a reply to: ClovenSky

Caveat emptor?

I could never understand why anyone would think an interest only, variable rate mortgage loan would be a good way to buy a home.

Jump in the water is fine, Mr. Jones down the street says so.

originally posted by: ClovenSky
Wasn't that one of the main reasons for the 2007/2008 collapse? Unsound lending practices?

It was, did you participate in it and get burned?

Wouldn't society be better served if housing was actually affordable again?

Define 'affordable'. As a home owner I want my property to continually increase in value, that's one of the reasons why I purchased it.

originally posted by: Realtruth
The only time I enter into mortgages is for investment properties, that produce monthly rent and cover the costs, and the properties have to make at least 25% after costs.

So banks are bad when they issue mortgages, except of course when you take one out to make money. Am I missing something here?

a reply to: Phage

What a perfect term to describe this situation. Now if I could only pronounce it.

But it is interesting situation. When people are allowed to purchase way beyond their means, it impacts us all. The available pool of housing for responsible borrowers is depleted and the price on the remaining housing stock is inflated. The sensible equation of purchasing a house for 3x annual income or less is thrown out the window. With the increase in housing costs, rental costs also increase so there really is nowhere to turn unless you enjoy a tent.

Didn't we have sensible lending practices in the before time? Maybe when banks issue a loan, they should be forced to keep it on their books instead of bundling it off to another pool of suckers.

With these stories of low savings rates (however they compute the data) and people just struggling to get by, we should be seeing deflation take hold.

double post