this post was submitted on 25 Jan 2024
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When faced with an unexpected $1,000 expense, more than one-third of Americans would borrow the money, according to a new Bankrate survey. That may include tapping their credit cards, seeking money from friends or family or taking out a personal loan.

Most would not turn to cash savings because they don’t have it, the personal finance website found.

Fewer than half of Americans, 44%, say they can afford to pay a $1,000 emergency expense from their savings, according to Bankrate’s survey of more than 1,000 respondents conducted in December.

That is up from 43% in 2023, yet level when compared to 2022.

“We’re just not wired to save,” said Brad Klontz, a certified financial planner and expert in financial psychology and behavioral finance. Our brains are instead programmed to focus on our immediate needs.

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[–] [email protected] 70 points 9 months ago (3 children)

"Not wired to save" ... Mother fucker is completely out of touch with systemic pressures squeezing every last ounce out of people.

Friends of ours busted their asses to raise kids and simultaneously go to college for accounting. The other parent rose up to management in a factory.

They still can't afford a basic house and are endlessly caught in a loop as renters where they get fucked even more.

My wife and I were lucky in the timing of getting our home and lucky to just know a realtor in our family. Luck, luck, luck. I'm not working half as hard as they are if I'm honest and they are getting fucked by a system that doesn't give a shit about them, all the while the rich get richer then turn around and tell all the plebs to blame the poor immigrants seeking a better life.

[–] thisisnotgoingwell 9 points 9 months ago

You gotta make 100-150k to live comfortably (not luxuriously) in most major cities... Has not much to do with not being "wired to save", agreed

[–] [email protected] 9 points 9 months ago

I got injured overseas and after some years got a pension. I held a job down for a while and bought a house as it fell through. Couple years later I got bumped to a conditional 100% with the va. (a LA your point, alot of luck - most people fight for years to get close to the 70% I got out the gate)

My benefit payment (basically $45k as of this year) is more than people I know in their late 30s with college degree jobs and skilled labor jobs with years under their belts. My mortgage is under $500. (again, luck, got alot of house for the price at the time) Granted, I do live in a pretty "economically depressed" rural city, but my house I paid 75k for ~8 years ago now spitballs for 190k for reference.

[–] [email protected] 4 points 9 months ago (1 children)

But why have children if you can't or struggle to afford them? Save for longer...then have kids.

[–] [email protected] 3 points 9 months ago* (last edited 9 months ago)

Even if they didn't, it would make little difference.

But (and I don't know in their case) unplanned kids or not aside, now you're saying they should wait for this magical time where they might be able to afford owning a home (when in reality they probably did at the time feel they could when prices were lower), versus the fact that you can't just magically have kids whenever. The older you get, the more risks and complications versus the challenge of simply raising kids when you're older in general.

The point is there was a time when this sort of calculated planning wasn't necessary; yet the squeeze from the rich now makes it so we have to literally postpone fucking life because of how rigged the real estate market and the broader wealth gap is.

The point is there are only dilemmas and no good options while societal pressures continue to increase for the poor and middle-class. Besides that, there's a lot of tolerance and room for forgiveness when you're rich. Not so much when you're poor. Make one mistake and you're fucked. And no, this is not a meritocracy.