The system is designed to keep minorities down

[Mainecat]

1 hour ago, Anler said:

Its designed to keep minorities down and working class people down. Healthcare and housing are the 2 biggest expenses for Americans. I would bet the majority of Americans are just 2 months away from bankruptcy.

Probably less. Look at the middle class savings rate. Its horrible.

[Capt.Storm]

5 minutes ago, Mainecat said:

Probably less. Look at the middle class savings rate. Its horrible.

no reason to save ..they have the dems who they know will bail them out silly.

[Zambroski]

7 minutes ago, Anler said:

Its designed to keep minorities down and working class people down. Healthcare and housing are the 2 biggest expenses for Americans. I would bet the majority of Americans are just 2 months away from bankruptcy.

I read somewhere a while back that in 2016, 75% of Americans are less than 2 paychecks away from financial disaster.  And I believe that's up from 40% in 2008 (or 2007?). Not 100% sure of the numbers and exact quotes though.....I'll try to find that exact article.  But those numbers fit in line with the rest of the financial and economic periodicals I read.

[Capt.Storm]

1 minute ago, Zambroski said:

I read somewhere a while back that in 2016, 75% of Americans are less than 2 paychecks away from financial disaster.  And I believe that's up from 40% in 2008 (or 2007?). Not 100% sure of the numbers and exact quotes though.....I'll try to find that exact article.  But those numbers fit in line with the rest of the financial and economic periodicals I read.

man i find that hard to believe ..the wife and i never had a income over 90k and we have no debt except the rv and if we could cash out on everything including stocks/bonds ,savings we could go for at east 6 or 7 years or more with no income...prolly double that if we really cut back...how can that be?

[Zambroski]

15 minutes ago, Capt.Storm said:

man i find that hard to believe ..the wife and i never had a income over 90k and we have no debt except the rv and if we could cash out on everything including stocks/bonds ,savings we could go for at east 6 or 7 years or more with no income...prolly double that if we really cut back...how can that be?

You do no represent the majority.  I do not either.  Nor does anybody else who is self sufficient and planned accordingly.  Now not everybody in that majority is a democrat.  A ton of people are still hurting from the recession whose careers and industry has not and probably will not recover under Hillary.  A lo of jobs that pay well are tied to real and aggressive economic growth.  Here's what is really scary though; household debt is eeking it's way back up again.  Ughhhhhh

Sad but true.

[Capt.Storm]

1 minute ago, Zambroski said:

You do no represent the majority.  I do not either.  Nor does anybody else who is self sufficient and planned accordingly.  Now not everybody in that majority is a democrat.  A ton of people are still hurting from the recession whose careers and industry has not and probably will not recover under Hillary.  A lo of jobs that pay well are tied to real and aggressive economic growth.  Here's what is really scary though; household debt is eeking it's way back up again.  Ughhhhhh

Sad but true.

well we always buy used cars for cash..never had a new sled..nothing new except the rv..wife allows 25/person for food and we eat pretty damn good..we might order pizza/wings twice a year..we eat out maybe once a month on avg.

Thing is how the hell could 60-70% be a paycheck or two away from bankruptcy ..maybe that's not counting investments or equity?

z you know something bout money..next year wife can retire ,she can take a lump sum of around 350k or get payments like forever i guess..would you take the lump sum and invest it? Pension is from a big hospital here.

 

[Highmark]

57 minutes ago, Anler said:

Its designed to keep minorities down and working class people down. Healthcare and housing are the 2 biggest expenses for Americans. I would bet the majority of Americans are just 2 months away from bankruptcy.

I'd say maybe even closer yet I hear example after example on Dave Ramsey's radio program people with very modest incomes digging themselves out of debt including a 6 mo rainy day fund.   Yes healthcare and housing are an issue but lets not downplay the addiction to spending on frivolous things that American's have as well.  Almost 60% of American's get some coverage thru their employer.  Pretty significant when you consider what % are actually working.

 

[Anler]

4 minutes ago, Highmark said:

I'd say maybe even closer yet I hear example after example on Dave Ramsey's radio program people with very modest incomes digging themselves out of debt including a 6 mo rainy day fund.   Yes healthcare and housing are an issue but lets not downplay the addiction to spending on frivolous things that American's have as well.  Almost 60% of American's get some coverage thru their employer.  Pretty significant when you consider what % are actually working.

 

Spending is facilitated by cheap easy credit. That is the only thing propping up our economy. take away the easy access to credit and we would be on a downward spiral like none before.

My wife and I are currently re-structuring our finances, IRA's, 401k's, life insurance blah blah. I have kinda been ignoring it for the last 10 years or so. We are actually looking pretty good but if me or her or one of the kids were to become really sick or injured things can change in a hurry. I dont take anything for granted anymore.

[Zambroski]

23 minutes ago, Capt.Storm said:

well we always buy used cars for cash..never had a new sled..nothing new except the rv..wife allows 25/person for food and we eat pretty damn good..we might order pizza/wings twice a year..we eat out maybe once a month on avg.

Thing is how the hell could 60-70% be a paycheck or two away from bankruptcy ..maybe that's not counting investments or equity?

z you know something bout money..next year wife can retire ,she can take a lump sum of around 350k or get payments like forever i guess..would you take the lump sum and invest it? Pension is from a big hospital here.

 

I don't give financial advice.  And if I did what you just gave me was nowhere near enough to make any recommendations on anyway.  But I can help make sure you are asking the right questions.  First off...who holds "the keys" to that pension fund?  PM me details and I'll help where I can..  

7 minutes ago, Highmark said:

I'd say maybe even closer yet I hear example after example on Dave Ramsey's radio program people with very modest incomes digging themselves out of debt including a 6 mo rainy day fund.   Yes healthcare and housing are an issue but lets not downplay the addiction to spending on frivolous things that American's have as well.  Almost 60% of American's get some coverage thru their employer.  Pretty significant when you consider what % are actually working.

 

YUP.  The man's got solid advice.  The one that got me is he actually has ZERO credit.  Not bad credit...just no credit.  If you don't have any debt and don't apply for any loans for 6-8 years, there is nothing on your credit report to report on. It's like being 18 all over again.  I'd be curious where mine is right now.  Short a a couple of credit cards we use for gas and convenience and pay them off every month...we are debt free.  We don't need any credit.  We are now among the perfect example of what banks and the government DO NOT WANT  Well, here's what I'd like to say about that....

[Capt.Storm]

yeah..we use credit cards the same way z...wife gets back money and miles depending on the diff cards...cool as hell.

I used to always keep a small loan on a used toy for maybe 100/month but have not even done that in a few years now ,but yeah that was just to keep my number around 820 or so... i don't give a fawk about that number anymore.

I'll get back to you later when i get more info from the wife.

[Highmark]

7 minutes ago, Zambroski said:

I don't give financial advice.  And if I did what you just gave me was nowhere near enough to make any recommendations on anyway.  But I can help make sure you are asking the right questions.  First off...who holds "the keys" to that pension fund?  PM me details and I'll help where I can..  

YUP.  The man's got solid advice.  The one that got me is he actually has ZERO credit.  Not bad credit...just no credit.  If you don't have any debt and don't apply for any loans for 6-8 years, there is nothing on your credit report to report on. It's like being 18 all over again.  I'd be curious where mine is right now.  Short a a couple of credit cards we use for gas and convenience and pay them off every month...we are debt free.  We don't need any credit.  We are now among the perfect example of what banks and the government DO NOT WANT  Well, here's what I'd like to say about that....

Not true.   He is ok with a mortgage but thats it.  

[Highmark]

18 minutes ago, Anler said:

Spending is facilitated by cheap easy credit. That is the only thing propping up our economy. take away the easy access to credit and we would be on a downward spiral like none before.

My wife and I are currently re-structuring our finances, IRA's, 401k's, life insurance blah blah. I have kinda been ignoring it for the last 10 years or so. We are actually looking pretty good but if me or her or one of the kids were to become really sick or injured things can change in a hurry. I dont take anything for granted anymore.

I agree to an extent but a person has to have self control no matter how easily credit is obtained.   Kind of like if drugs were legalized its no more an excuse to get hooked on them.  

I don't buy anything on CC that I don't pay off the same day.  Get $3500 off a new GM every 7 years and lots of free shit at Cabela's.   I don't travel enough to justify the miles programs.  

Edited September 1, 2016 by Highmark

[Zambroski]

2 minutes ago, Highmark said:

Not true.   He is ok with a mortgage but thats it.  

true. 

[Highmark]

Just now, Zambroski said:

true. 

He does suggest paying that off relatively quick.  

Bottom line is banks will let you bankrupt yourself.   If that fair?   Well that argument can be made with lots of things.   It comes down to personal responsibility.  It starts when kids see what mom and dad have and don't realize how long and/or the hard work it took to get there.   They get a college loan and its imprinted in them that you can always have something even if you don't have the money for it.  I've always said a Dave Ramsey type class should be a HS requirement.  Don't pass and you don't graduate.  

[Anler]

10 minutes ago, Highmark said:

I agree to an extent but a person has to have self control no matter how easily credit is obtained.   Kind of like if drugs were legalized its no more an excuse to get hooked on them.  

I don't buy anything on CC that I don't pay off the same day.  Get $3500 off a new GM every 7 years and lots of free shit at Cabela's.   I don't travel enough to justify the miles programs.  

I havent paid a dime in credit card interest in 20 years. I also have the GM card and have bought like 7 vehicles with the points.

[Jimmy Snacks]

I'm fucked but oh well. Daughter has a good college fund so that makes me feel better.

[Highmark]

2 minutes ago, Anler said:

I havent paid a dime in credit card interest in 20 years. I also have the GM card and have bought like 7 vehicles with the points.

CC's can be great if you have a bit of self discipline.  

[Rod]

Great thread OP

[Capt.Storm]

2 minutes ago, Sludgey said:

Great thread OP

[Doorider]

3 hours ago, Highmark said:

CC's can be great if you have a bit of self discipline.  

Just do what I do and get in the habit of paying it off every payday. I don't wait until the due date. This way the balance doesn't get real high since it's only 2 weeks between paying it off. 

 

With the points, it's like several hundred dollars of free money every year

[Highmark]

5 minutes ago, Doorider said:

Just do what I do and get in the habit of paying it off every payday. I don't wait until the due date. This way the balance doesn't get real high since it's only 2 weeks between paying it off. 

 

With the points, it's like several hundred dollars of free money every year

Thats what Anler and I have been saying we already do.    If I can't pay it off I don't buy it.  I use CC's like a checking account.  

Edited September 1, 2016 by Highmark

[Boered]

6 hours ago, Zambroski said:

I read somewhere a while back that in 2016, 75% of Americans are less than 2 paychecks away from financial disaster.  And I believe that's up from 40% in 2008 (or 2007?). Not 100% sure of the numbers and exact quotes though.....I'll try to find that exact article.  But those numbers fit in line with the rest of the financial and economic periodicals I read.

I think what you read is 75% have two weeks or less savings. They may however to go a very long time paying debt by borrowing more. In the end the house of cards falls, but not in two weeks.

[Zambroski]

3 minutes ago, Boered said:

I think what you read is 75% have two weeks or less savings. They may however to go a very long time paying debt by borrowing more. In the end the house of cards falls, but not in two weeks.

I'm sure it was something like that.  Not bankruptcy.  But some type of financial downfall.  

[Boered]

Just now, Zambroski said:

I'm sure it was something like that.  Not bankruptcy.  But some type of financial downfall.  

Ya, that is what I recall reading. Many could come through by borrowing to maintain and liquidating some assets. That then makes them even more vulnerable if they suffer another set back even if they made it through a job loss once. Even worse is the fact many rely upon both incomes just to get by. This is really our own doing. We all seem to want a bigger home, a better car, vacations, the latest phone, etc.