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

a reply to: Lucidparadox

Ill happily keep living in my fly over state, I left an 1100 sq ft apt for 600 a month to get into my house (though this was almost 10 years ago).

originally posted by: AugustusMasonicus

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?

I didn't make the rules, and I can't change them, so I work around and within the system. Do I think their methods are right? Not at all.

They produce those mortgages out of their asses basically, with nothing to back them. The true value in a fiat currency is to get the maximum number of people working for their pyramid system, hence the only real value is sweat equity.

Here is a excellent breakdown of that farce we call our banking system, Edward G. Griffin has also written a factual book on the subject. I highly recommend it for people trying to wrap their heads around the Federal Reserve System.

a reply to: AugustusMasonicus

Negative ghostrider, I don't have the desire or energy to consider my house an investment. But that doesn't mean that I am blind to the effects it has on the people in my community. Looking at the median house price and income level even for this area, there is some major pain out there.

This has and will continue to affect my community. Just because I was able to escape the trap directly doesn't mean that it hasn't impacted me through other distortions in the local economy.

a reply to: Realtruth


I find it funny that you're grousing about how banks bilk people but you are using them to make money in a manner the average person depicted in the Original Post cannot. Kind of makes your complaining rather hollow in my opinion.

originally posted by: ClovenSky
Negative ghostrider, I don't have the desire or energy to consider my house an investment.

That is your prerogative. Mine has appreciated while simultaneously providing shelter.

originally posted by: AugustusMasonicus

originally posted by: nOraKat
I don't know how anyone survives without one. Do you hide money under your bed?

I have a checking account, not a savings account.

What you don't want your .01% interest rate return on your investment. LOL

a reply to: interupt42


I figured buying Beanie Babies would be a better investment.

a reply to: AugustusMasonicus

So because you are able to make money through this current scheme, it is just dandy? You have no concerns about how the loans are made? You have no concerns about the local community that perhaps you receive sustenance through?

Banks should just be able to create this money out of thin air and then offload it by tranching their product for suckers to buy. Would there be a possibility that the 700 billion + of taxpayer money that was gifted to the banks has an impact on you in some way?

I really hate to go down the road of virtue signaling but shouldn't there be some balance here? Would forcing the banks to keep these loans on their books be such a bad idea?

originally posted by: AugustusMasonicus
a reply to: Realtruth


I find it funny that you're grousing about how banks bilk people but you are using them to make money in a manner the average person depicted in the Original Post cannot. Kind of makes your complaining rather hollow in my opinion.

Everyone is playing this monopoly game, they invented the rules, in order to do business, unless we want to live in a grass hut we all need to follow them.

Can we complain, or dislike them? Sure, is it hypocritical or hollow complaining? perhaps

I'm sharing information for awareness, and many times people dislike the subjective truths within our current matrix.

We have choice, but they are limited to the how our system is structured, even powerful politicians and governments fall prey to these power cartel.

It matters not what we do in life, work, or play, because the cartel that invented the rules to our game are the bankers, like it or not.

And for the record, the only reason I went into rentals is because I lost everything, in a nasty divorce in 2008, I had no where to go but up, so I gambled on houses that no one wanted, and spent any and all of my free-time fixing them up.

a reply to: nOraKat

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

And chances are with Christmas on the horizon, that $1000 in savings will be gone after the 25th.

If this is progress one has to wonder if life in our first world nations is really all its cracked up to be???

originally posted by: ClovenSky
So because you are able to make money through this current scheme, it is just dandy? You have no concerns about how the loans are made? You have no concerns about the local community that perhaps you receive sustenance through?

What 'scheme'? That I took a mortgage with full knowledge of its parameters and didn't get burned by them? That scheme?

If so, I am more than dandy, I am elated. I have a valuable asset that appreciates.

As for the 'community', am I supposed to sit here and worry if my neighbors are making moronic financial transactions that were facilitated by imbecilic governmental policy?

Banks should just be able to create this money out of thin air and then offload it by tranching their product for suckers to buy.

Banks have been loaning money in this fashion since there were banks.

Would there be a possibility that the 700 billion + of taxpayer money that was gifted to the banks has an impact you in some way?

Here's the actual facts:

The Bailout Scorecard

Last update: Oct. 31, 2017

Altogether, accounting for both the TARP and the Fannie and Freddie bailout, $626B has gone out the door—invested, loaned, or paid out—while $390B has been returned.
The Treasury has been earning a return on most of the money invested or loaned. So far, it has earned $323B. When those revenues are taken into account, the government has realized a $87.7B profit as of Oct. 31, 2017. Source

I really hate to go down the road of virtue signaling but shouldn't there be some balance here? Would forcing the banks to keep these loans on their books be such a bad idea?

Talk to your elected representatives who opened the door to the comingling of commercial and investments banks and released the floodgates that allowed the foolish to over-extend themselves financially.

originally posted by: Realtruth
Can we complain, or dislike them? Sure, is it hypocritical or hollow complaining? perhaps

No perhaps about it.

originally posted by: andy06shake
a reply to: nOraKat

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

And chances are with Christmas on the horizon, that $1000 in savings will be gone after the 25th.

If this is progress one has to wonder if life in our first world nations is really all its cracked up to be???

I wonder that everyday myself, when I trade my precious time for the madness. lol

Sometimes I wish I just lived in a hut in paradise. It reminds me of this story I love.


Enjoy things as they are.

A tourist arrived in a small fishing village and walked along the beach, he noticed a fisherman pulling his boat to shore.

The tourist complimented the local fisherman on the quality of their fish and asked how long it took to catch them."Not very long" he answered."Why didn't you stay out longer and catch more?" asked the tourist

The fisherman explained that his small catches were sufficient to meet his needs." But what do you do with the rest of your time? "asked the tourist"

We sleep late ,fish a little ,play with our children, and take a siesta with our wives. In the evenings we go into the village to see our friends ,have a few drinks, play the guitar, sing a few songs. We have a full life" replied the fishermen

The tourist interrupted, "I have an MBA from Harvard and I can help you! You should start by fishing longer every day. You can then sell the extra fish you catch. With the extra revenue, you can buy a bigger boat."

"And after that, with the extra money the larger boat will bring, you can buy a second one and a third one and so on until you have an entire fleet of trawlers. Instead of selling your fish to a middle man, you can then negotiate directly with the processing plants and maybe even open your own plant.

You can then leave this little village and move to Mexico City, Los Angeles, or even New York City! From there you can direct your huge new enterprise."

"How long would that take?" Asked the Fisherman"Twenty, perhaps twenty-five years." replied the tourist.
"And after that?" Asked the Fisherman

"Afterwards? Well my friend, that's when it gets really interesting, "answered the tourist, laughing. "When your business gets really big, you can start buying and selling stocks and make millions!""Millions? Really? And after that?" asked the Fishermen.

"After that you'll be able to retire, live in a tiny village near the coast, sleep late, play with your children, catch a few fish, take a siesta with your wife and spend your evenings drinking and enjoying your friends."

"With all due respect señor but that's exactly what we are doing now. So what's the point of wasting twenty-five years?" asked the fishermen

And the moral of this story is:
Know where you're going in life . . . you may already be there!

Found this on the net somewhere a while back thought I would post it. Author unknown.

a reply to: AugustusMasonicus



It is always a pleasure Augustus. One of these days I will find the strategy that entices you to argue the entire concept/subject instead of the easy low hanging fruit.

a reply to: ClovenSky


What is the concept? I am now my neighbor's keeper? I need to worry about dumb s*** they do? I'd never leave the house at that point.

No one makes you take a mortgage, the damn things are a hundred pages long and you have an attorney of your chosing present when you sign or initial nearly every single page.

a reply to: nOraKat

People shouldn't live beyond their means.

I know things have gotten more expensive, and times have been hard, but I've managed to save a few pennies.

I know others who have as well.

*shrugs*

To each their own.

a reply to: AugustusMasonicus

Also, cash still exists. I havent had a working bank account in almost a year.

I sunk all my money into confederate statues and kneeling football player bobble-heads.

*cha-ching*

I keep maybe 5-10k in my savings. All the rest is in investments.

Savings account's are for losers.

According to that chart, it looks like people are doing better this year than they did last year. I have more than 1k saved, its not even hard to do it..