47% of Americans aren't good for $400!!!!
Poll: 47% of Americans aren't good for $400!!!!
Total Members Polled: 190
Discussion
So I saw this.
Vid on Youtube
47% of Americans, apparently, could not stand an unexpected bill of $400.
So. As a Brit. Do you financially sail close to the wind, or maintain a buffer, or do you require sufficient liquid assets to weather any problem?
Do you feel you have a choice in the matter?
No right or wrong answers here. No judgement implied at all.
Vid on Youtube
47% of Americans, apparently, could not stand an unexpected bill of $400.
So. As a Brit. Do you financially sail close to the wind, or maintain a buffer, or do you require sufficient liquid assets to weather any problem?
Do you feel you have a choice in the matter?
No right or wrong answers here. No judgement implied at all.
Don said:
So I saw this.
Vid on Youtube
47% of Americans, apparently, could not stand an unexpected bill of $400.
So. As a Brit. Do you financially sail close to the wind, or maintain a buffer, or do you require sufficient liquid assets to weather any problem?
Do you feel you have a choice in the matter?
No right or wrong answers here. No judgement implied at all.
America is vast and there are - despite the image - an incredible amount of poor people living in it. Vid on Youtube
47% of Americans, apparently, could not stand an unexpected bill of $400.
So. As a Brit. Do you financially sail close to the wind, or maintain a buffer, or do you require sufficient liquid assets to weather any problem?
Do you feel you have a choice in the matter?
No right or wrong answers here. No judgement implied at all.
That statistic doesnt surprise me.
I think if you're living in squallor and no job then advising "simply maintain a buffer" or "maintain liquid assets" could be a touch wide of the mark.
https://en.wikipedia.org/wiki/Poverty_in_the_Unite...
Edited by Deep Thought on Sunday 19th August 16:47
Deep Thought said:
America is vast and there are - despite the image - an incredible amount of poor people living in it.
That statistic doesnt surprise me.
I think if you're living in squallor and no job then advising "simply maintain a buffer" or "maintain liquid assets" could be a touch wide of the mark.
https://en.wikipedia.org/wiki/Poverty_in_the_Unite...
I think what I found surprising is that the main interviewee in the piece is clearly highly asset rich. A house on Long Island is no mean achievement regardless of its state of repair...That statistic doesnt surprise me.
I think if you're living in squallor and no job then advising "simply maintain a buffer" or "maintain liquid assets" could be a touch wide of the mark.
https://en.wikipedia.org/wiki/Poverty_in_the_Unite...
Don said:
Deep Thought said:
America is vast and there are - despite the image - an incredible amount of poor people living in it.
That statistic doesnt surprise me.
I think if you're living in squallor and no job then advising "simply maintain a buffer" or "maintain liquid assets" could be a touch wide of the mark.
https://en.wikipedia.org/wiki/Poverty_in_the_Unite...
I think what I found surprising is that the main interviewee in the piece is clearly highly asset rich. A house on Long Island is no mean achievement regardless of its state of repair...That statistic doesnt surprise me.
I think if you're living in squallor and no job then advising "simply maintain a buffer" or "maintain liquid assets" could be a touch wide of the mark.
https://en.wikipedia.org/wiki/Poverty_in_the_Unite...
We aren't doing much better.
70% of working British people are 'Chronically broke'.
41% have savings of less than £1000.
37% of British families are less than one months pay away from losing their home.
https://www.theguardian.com/money/2018/jan/25/uk-w...
Without going into too much detail, If myself and the other half became unemployed tomorrow, we would be fine for around 12 months or so before we had to worry too much about money. Credit to the determination and money skills of the Mrs that has got us into this position.
No loans or debts, decent savings, no mortgages, cars all paid for etc.
We are in our late 30's.
70% of working British people are 'Chronically broke'.
41% have savings of less than £1000.
37% of British families are less than one months pay away from losing their home.
https://www.theguardian.com/money/2018/jan/25/uk-w...
Without going into too much detail, If myself and the other half became unemployed tomorrow, we would be fine for around 12 months or so before we had to worry too much about money. Credit to the determination and money skills of the Mrs that has got us into this position.
No loans or debts, decent savings, no mortgages, cars all paid for etc.
We are in our late 30's.
Edited by anonymous-user on Sunday 19th August 18:17
Currently have 18 months of expenses in savings, enough equity in the house to buy a basic small terrace locally if things came to that. I also have income protection insurance that will pay enough to cover all monthly expenses plus about £300 a month until I'm 55 if I'm unable to work (currently 28).
I've worked since I was 16 and Im very much on the side of having buffers and trying to make life easier as I get older rather than having to work as hard to maintain the same standard. Saving comes before fun but only to a point, I tend to have a couple of sensible months and then a month where I don't save anything.
The key obviously is how much you earn, on minimum wage it's very hard to develop any kind of financial security without consistent sacrifices.
I've worked since I was 16 and Im very much on the side of having buffers and trying to make life easier as I get older rather than having to work as hard to maintain the same standard. Saving comes before fun but only to a point, I tend to have a couple of sensible months and then a month where I don't save anything.
The key obviously is how much you earn, on minimum wage it's very hard to develop any kind of financial security without consistent sacrifices.
I’ve only had £200 in cash savings for several years now, but a secure job (NHS) and 12 months sick pay mean I don’t really need to bother. Spare cash goes to the mortgage instead.
Anything urgent that comes up can be met with credit cards until the following month, or a low interest personal loan longer term (never needed that).
So statistics are meaningless without the detail behind them.
Anything urgent that comes up can be met with credit cards until the following month, or a low interest personal loan longer term (never needed that).
So statistics are meaningless without the detail behind them.
Thanks for the responses. Illuminating.
The wife recently lost her job.
We're OK because we are both very, very prudent people who have also been moderately fortunate in our careers. I'm grateful for that because, right now, it matters. Hopefully soon it won't again. Fingers crossed...
The wife recently lost her job.
We're OK because we are both very, very prudent people who have also been moderately fortunate in our careers. I'm grateful for that because, right now, it matters. Hopefully soon it won't again. Fingers crossed...
rossub said:
I’ve only had £200 in cash savings for several years now, but a secure job (NHS) and 12 months sick pay mean I don’t really need to bother. Spare cash goes to the mortgage instead.
This is completely logical. Especially given cash savings make nothing in interest, and mortgage interest costs you money.I don't think I could do it. Too stressful for me. Given my particular circumstances. I see how it works as a strategy though. Investing in bricks and mortar assets, rather than cash.
Lord Marylebone said:
We aren't doing much better.
70% of working British people are 'Chronically broke'.
41% have savings of less than £1000.
37% of British families are less than one months pay away from losing their home.
https://www.theguardian.com/money/2018/jan/25/uk-w...
Without going into too much detail, If myself and the other half became unemployed tomorrow, we would be fine for around 12 months or so before we had to worry too much about money. Credit to the determination and money skills of Lady Marylebone that has got us into this position.
I question just how accurate these figures are. Take the 37% that are 1 months pay away from losing their home. If the rent it takes longer than a month to evict someone plus I’m sure they could fob off a landlord for a good few weeks before proceedings even start. Likewise if they have a mortgage you could probably live in a house payment free for several months before anything happened your not going to lose your home over night. 70% of working British people are 'Chronically broke'.
41% have savings of less than £1000.
37% of British families are less than one months pay away from losing their home.
https://www.theguardian.com/money/2018/jan/25/uk-w...
Without going into too much detail, If myself and the other half became unemployed tomorrow, we would be fine for around 12 months or so before we had to worry too much about money. Credit to the determination and money skills of Lady Marylebone that has got us into this position.
Edited by Lord Marylebone on Sunday 19th August 17:10
BoRED S2upid said:
Lord Marylebone said:
We aren't doing much better.
70% of working British people are 'Chronically broke'.
41% have savings of less than £1000.
37% of British families are less than one months pay away from losing their home.
https://www.theguardian.com/money/2018/jan/25/uk-w...
Without going into too much detail, If myself and the other half became unemployed tomorrow, we would be fine for around 12 months or so before we had to worry too much about money. Credit to the determination and money skills of Lady Marylebone that has got us into this position.
I question just how accurate these figures are. Take the 37% that are 1 months pay away from losing their home. If the rent it takes longer than a month to evict someone plus I’m sure they could fob off a landlord for a good few weeks before proceedings even start. Likewise if they have a mortgage you could probably live in a house payment free for several months before anything happened your not going to lose your home over night. 70% of working British people are 'Chronically broke'.
41% have savings of less than £1000.
37% of British families are less than one months pay away from losing their home.
https://www.theguardian.com/money/2018/jan/25/uk-w...
Without going into too much detail, If myself and the other half became unemployed tomorrow, we would be fine for around 12 months or so before we had to worry too much about money. Credit to the determination and money skills of Lady Marylebone that has got us into this position.
Edited by Lord Marylebone on Sunday 19th August 17:10
Edited by Deep Thought on Sunday 19th August 18:12
BoRED S2upid said:
Lord Marylebone said:
We aren't doing much better.
70% of working British people are 'Chronically broke'.
41% have savings of less than £1000.
37% of British families are less than one months pay away from losing their home.
https://www.theguardian.com/money/2018/jan/25/uk-w...
Without going into too much detail, If myself and the other half became unemployed tomorrow, we would be fine for around 12 months or so before we had to worry too much about money. Credit to the determination and money skills of Lady Marylebone that has got us into this position.
I question just how accurate these figures are. Take the 37% that are 1 months pay away from losing their home. If the rent it takes longer than a month to evict someone plus I’m sure they could fob off a landlord for a good few weeks before proceedings even start. Likewise if they have a mortgage you could probably live in a house payment free for several months before anything happened your not going to lose your home over night. 70% of working British people are 'Chronically broke'.
41% have savings of less than £1000.
37% of British families are less than one months pay away from losing their home.
https://www.theguardian.com/money/2018/jan/25/uk-w...
Without going into too much detail, If myself and the other half became unemployed tomorrow, we would be fine for around 12 months or so before we had to worry too much about money. Credit to the determination and money skills of Lady Marylebone that has got us into this position.
Edited by anonymous-user on Sunday 19th August 17:10
Anyone can attempt to string out not paying for something as long as they want, but that doesn't make it a legitimate method of remaining in a property or leased car for example.
I've been around plenty of America. There's a lot of broke ass people there just the same as here. And that goes for people who have shiny cars and houses too. It wouldn't take much for many of them to falter badly.
As for me, I've never had any debt and I've always had more than enough put away. Most things I own can be sold for a profit apart from the rags I wear and they might as well if they right buyer comes along.
As for me, I've never had any debt and I've always had more than enough put away. Most things I own can be sold for a profit apart from the rags I wear and they might as well if they right buyer comes along.
Lord Marylebone said:
BoRED S2upid said:
Lord Marylebone said:
We aren't doing much better.
70% of working British people are 'Chronically broke'.
41% have savings of less than £1000.
37% of British families are less than one months pay away from losing their home.
https://www.theguardian.com/money/2018/jan/25/uk-w...
Without going into too much detail, If myself and the other half became unemployed tomorrow, we would be fine for around 12 months or so before we had to worry too much about money. Credit to the determination and money skills of Lady Marylebone that has got us into this position.
I question just how accurate these figures are. Take the 37% that are 1 months pay away from losing their home. If the rent it takes longer than a month to evict someone plus I’m sure they could fob off a landlord for a good few weeks before proceedings even start. Likewise if they have a mortgage you could probably live in a house payment free for several months before anything happened your not going to lose your home over night. 70% of working British people are 'Chronically broke'.
41% have savings of less than £1000.
37% of British families are less than one months pay away from losing their home.
https://www.theguardian.com/money/2018/jan/25/uk-w...
Without going into too much detail, If myself and the other half became unemployed tomorrow, we would be fine for around 12 months or so before we had to worry too much about money. Credit to the determination and money skills of Lady Marylebone that has got us into this position.
Edited by Lord Marylebone on Sunday 19th August 17:10
Anyone can attempt to string out not paying for something as long as they want, but that doesn't make it a legitimate method of remaining in a property or leased car for example.
I dont think a big percentage of people would cope very well if all their household income suddenly stopped permanently in a months time.
The reality is if the main breadwinner gets made redundant, the household tightens its belt until such times as there is income coming in again. Happens all the time.
bloomen said:
I've been around plenty of America. There's a lot of broke ass people there just the same as here. And that goes for people who have shiny cars and houses too. It wouldn't take much for many of them to falter badly.
Indeed.I have family over there, and I am familiar with how they fund their lifestyles.
Whilst over there, you often wonder how an 'average Joe' can own a decent sized house, several cars, jet skis, quad bikes, a powerboat, and a couple of motorbikes.
They will gleefully tell you that absolutely nothing is paid for and their 'Paycheck' goes out as soon as it comes in every month.
Deep Thought said:
So sensationalist click bait then?
I dont think a big percentage of people would cope very well if all their household income suddenly stopped permanently in a months time.
The reality is if the main breadwinner gets made redundant, the household tightens its belt until such times as there is income coming in again. Happens all the time.
I wouldn't label an article that gives factual information on the financial status of UK citizens as 'sensationalist click bait'.I dont think a big percentage of people would cope very well if all their household income suddenly stopped permanently in a months time.
The reality is if the main breadwinner gets made redundant, the household tightens its belt until such times as there is income coming in again. Happens all the time.
It is merely stating the figures. You can interpret those as you see fit.
I see them as utterly horrendous and shocking. If I was in the position where I had only approximately 1 months household income in the bank, I wouldn't sleep at nights.
You are free to view the figures as 'Meh' if you want to.
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