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

a reply to: AugustusMasonicus

On the other hand, it is liquid. Which, if you're saving for that rainy day, can be important.

I have probably more than I should in a Money Market account. But it feels snuggly.

a reply to: annoyedpharmacist

Bernie Sanders wanted to double the amount Social Security paid out. I'm voting for Sander's type candidates!

originally posted by: nOraKat
I think "savings" means not a savings account, but money saved regardless of the account.

But to be fair, prob 24% of the population is under 18 so its not as bad if that is the case.

The first three links specifically says 'savings' while the last one says 'money in the bank' which to me are to vastly different things. I try not to keep too much in my checking either as that is a total waste as well.

originally posted by: Phage
On the other hand, it is liquid. Which, if you're saving for that rainy day, can be important.

I have probably more than I should in a Money Market account. But it feels snuggly.

Much of what I have is quickly convertible, I don't like to keep too much in the bank, all I'm doing is giving them an interest free loan at that point.

originally posted by: dfnj2015
a reply to: annoyedpharmacist

Bernie Sanders wanted to double the amount Social Security paid out. I'm voting for Sander's type candidates!

Another topic for another day, and that sure sounds swell.....but who is going to pay for It?

originally posted by: annoyedpharmacist

originally posted by: rickymouse
Well, We do have some money in the bank, and we do have social security income. But all of that can dissappear if we were to have a depression. We could eventually get the money from the savings account, and understand we need some cash all the time to tide us through till things get back in line. As far as Social Security, if the economy collapsed, so does our social security for a while.

Going to retire in 25 years or so, and at that time social security will probably be gone as we currently know it. I am trying to plan as if it just won't be there.

I predict the economy will have crashed miserably within twenty years and actually be starting it's climb back up pretty much by the twenty five year mark. My kids could have a very troublesome life. Stocks can drop one hundred percent during a big depression, most people can lose that investment.

originally posted by: annoyedpharmacist
Another topic for another day, and that sure sounds swell.....but who is going to pay for It?

We are, obviously. We are just going to write another IOU to ourselves and buy more T-Bills with it.

originally posted by: rickymouse
Stocks can drop one hundred percent during a big depression, most people can lose that investment.

Stocks can become valueless at any time and the ones that lose are the ones that sell. People who did not sell their issues during the 2008 recession saw huge gains over the last decade at the expense of people who did sell.

Savings? What's savings?

its a rough look into the future for sure
i have a checking
no investments
no 401k
no money market # and right now i have $200 in the bank.

that $200 i will be pulling from until i get paid on the 7th.
its like that every month

some months are better than others

originally posted by: nOraKat
a reply to: AugustusMasonicus

I don't know how anyone survives without one. Do you hide money under your bed?

Almost yes!
Why?

I feel better when my stuff is not in foreign hands! More than ever if it´s money and these foreign hands are making THEIR profits with MY money, but demand to be payed for the fact that i lend them my money, so they are able to make more money out of it.

How stupid do i need to be to trust such criminals?

And i know that my money tomorrow still is there if it´s not at a bank account(just 0´s and 1´s) but at a safe place at home.

And if i want more than 5.000 of my own money, nobody can tell me:
"For YOUR "own security" you only can get 5000 Euros per day from your own money, so WE can be sure that you are not a terrorist or criminal..."

If i want to fund terrorists/freedom fighters(depending on which side you prefer) or do criminal business with MY money, who is the one i lend my money to tell me what i have to do and what not, with my own money?
And isn´t it fact that banks are used to launder money for criminals, to help them dodging taxes and to support terrorists(terrorists use bank accounts, and the banks make huge profits)? So these criminals are worried for "MY" security?

I decline this kind of "care with thanks!

Banks are just another big brother surveillance tool of the rich ruling class!
So that the "rabble" makes no nonsense with it´s own money, but the banks can make more and more profits with the "rabbles" money, without giving anything back to the "rabble"!

Did banks do anything to make us trust them?
How could i feel fine when i need to trust such beings? I rather would give my money to my neighbour, to take care of it, because i know i can trust him! How should i know i can trust banks/banksters? I don´t know the people working there personally!

And everything i learned in my life about banks and banksters, and what this kind of people can cause for a chaos(for sure, not for themselves, but the average people) with their gambler mentality, everything tells me:

DON`T TRUST AND SUPPORT BANKS AND BANKSTERS!

originally posted by: AugustusMasonicus

originally posted by: queenofswords
Maybe people prefer to purchase real estate or other investment assets rather than stick it in a low-interest savings account where all it does is just sit there.

Exactly. You are never going to grow your investment with a 1.5% APY.

Is the interest rate for a regular savings account even that high?

www.money-rates.com...

a reply to: DontTreadOnMe

Generally, no.

My savings account is .10%

originally posted by: DontTreadOnMe
Is the interest rate for a regular savings account even that high?

www.money-rates.com...

No, I was being generous with some of the promotional rates that may be out there.

You might as well throw your money out a window.

originally posted by: denybedoomed
Savings? What's savings?

That is what they call the hairs all over the sink when you shave your beard.

a reply to: nOraKat

People that don't have any savings, first and foremost, find a mentor...

For the comments I read about having a large portion of holdings in a non interest yielding account, please learn to settle into reinvesting dividend paying low risk options. The power of compounding interest should be the forefront of all savings, and the stats provided to actual savings provide proof that compounding interest is either ignored or severely lacking in application.

Once the numerical figures of compounding interest started to set in, I began to save more and more. Saving money in the proper location is the key... rich people don't use banks for anything more than petty cash holdings. It ends up being a game of which we can pinch a few dollars in savings on what we consume now, or we can save now to spend off of what was compounded over time.

a reply to: Itisnowagain

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.

We bust our asses to make ends meet day-to-day, in jobs most people hate.

Trading our precious finite time for something that is basically produced, out of nothing, Money.

What's even more interesting is all that BS money can disappear in the blink of an eye, even if it's put into an annuity.

Our current MO is not sustainable, and will implode because people cannot live a lie for very long. Happiness and being able to spend time with loved ones is much more important.

shhhhh. dont tell them how much you have in bitcoin...

Banking system is a pyramid scheme, may it die a slow painful death.

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?

Its true what you say here. Hardly worth having a savings account. I have one but it's not growing at all. need like 10% p/a for it to grow a little amount and the banks aint going to give that.