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57% of Americans (179 million) LITERALLY do not have $500 saved in order to cover an unexpected expense 180 MILLION LITERALLY DON'T HAVE $500 IN CASH SAVINGS
2017 May 14, 5:19pm 8,549 views 26 comments
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"They should poll to see how much someone would have left if they had to pay all outstanding debts today. Guessing that 57% would look like a fairy tale if they did that though."
Not if they accounted for fair market value of the underlying assets.
NDrLoR
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2017 May 15, 11:27am
That 57% have the important things, though, the latest iphones for each family member and cable.
NDrLoR
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2017 May 15, 11:33am
Neil Gabler wrote a book about the subject. A writer, he and his wife chose to live in the Hamptons--despite the fact that writing is not the most remunerative of careers and the Hamptons one of the most expensive places to live--the 47% is now the 57% and it's now $500 instead of the $400 example he uses:
https://www.theatlantic.com/magazine/archive/2016/05/my-secret-shame/476415/
Strategist
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2017 May 15, 1:01pm
If I cared for every person who did not have $500 I would be a very miserable dude.
I therefore don't give a damn.
Strategist
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2017 May 15, 1:18pm
So what do we do? Give them $500 every day?
If they commit crimes let them go to prison
fdhfoiehfeoi
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2017 May 17, 5:16pm
Not if they accounted for fair market value of the underlying assets.
I'm guessing that's an assumption that housing will bail people out of their debt tidal waves? If so, I'm sure you accounted for housing cost after they sell to stay ahead, or do they just go camping at that point?
I'm guessing that's an assumption that housing will bail people out of their debt tidal waves? If so, I'm sure you accounted for housing cost after they sell to stay ahead, or do they just go camping at that point?
No, it's a reminder that while someone may have a debt of $300K, they also own an asset worth $350K so looking only at the debt is highly misleading.
Sometimes the only thing you can do is laugh.
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57% of Americans (179 million) do not have $500 saved in order to cover an unexpected expense, such as medical bill, car repair bill, etc.
http://www.cbsnews.com/news/most-americans-cant-afford-a-500-emergency-expense/
By AIMEE PICCHI MONEYWATCH January 12, 2017, 11:39 AM
A $500 surprise expense would put most Americans into debt
Most Americans nevertheless remain one misstep away from a financial crisis.Â
Fifty-seven percent of Americans don’t have enough cash to cover a $500 unexpected expense...
The NEXT FINANCIAL DOWNTURN (it's already begun - you can see it slowing SUV, pickup, auto sales, retail and restaurants slowing way down, and housing starting to decline in most areas) is going to hurt very much.
#HereComesThePainTrain