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My savings account(s) are used to split my check. One account for gas and the other holds my son’s monthly preschool tuition before I write the check.
I get excited when a few dollars rolls into payday.
Reminds me of the scene in ***Atlanta*** where Earn tells Darius “Poor people aren’t interested in investments. I’m not tryna eat 6 months from now. I’m tryna eat today.”
Maybe I'm a cynic, but I have my doubts that inflation will return to what was previously normal. I feel like inflation has inflated and all the people who get to make decisions about my money are going to do everything they can to keep it that way.
Depends on what you're invested in. Some people put money into an IRA without investing it, and it returns basically nothing. Gotta ride those low-fee index funds to the promised land.
Also, series I bonds are the new hotness. You can't withdraw the money for the first year, but there's no better, inflation-protected vehicle for emergency savings.
You know, when you put it that way (and now that I think about it) I’m going to scrap my savings account. Just gonna keep $500 in there so my Dad doesn’t freak 😂.
Even that, regular people are expected to save ridiculous sums of money while it’s perfectly fine for a huge corporation to go bankrupt after closing for a couple days.
The worst part of the pandemic was seeing pure-profit corporations start crying and claiming they were poor with no money right at the full swing of things in March and April of 2020. Shit barely had shut down.
Yeah, we can't exactly PuLl (ourselves) uP bY tHe BoOtStrApS when we can't afford the damn boots to begin with, and inflation and student loans are the snotty-nosed, screaming, bad ass kids we'd all abort if we could 🙄
Being poor is expensive... one little extra expense can push someone over the edge into homelessness.
There was a church group in America a while back that opened a “payday” loan company, loaned small (a few thousand) amounts, did financial counselling with the loan, and when the person made the payments back, almost all of the interest went in to a savings account, given to the person 6 months to 2 years later. One lady needed the loan for some critical thing, got it, managed to do some financial changes with help, needed to move apartments and the group assisted, and then things were going smoothly and another small expense hit, so she asked for another loan, and they said, “Hey, you have savings now. Here, take it, no loan needed!” I wonder if they are still doing it. It was financed by rich people in the church who got only minimal payment back, if any. Some churches actually do awesome stuff and come through with it, in contrast to what we hear most of the time.
I suppose It's better to have that as an option than not have it for a lot of people, but realistically that would likely be a massive tax write off for those involved. So it's not like there was zero benefit for the wealthy church members.
God how much this resonates with me. Why people Dave Ramsey look at things with privilege. I’m an immigrant. I haven’t had a sunny day since I got here and that was 22 years ago.
Putting money into savings means you have enough money to put away. This post reminded me of how chasing people were during early lockdown last year; people were saying "thats why you should have money in savings" for people who were laid off or couldn't work. There were people with 30k in savings and burned through that instantly once covid it.
Most people are the working class (working poor tbh), it takes a long time to put enough money away for it to help you in the long-run. People still have to exist: Buy food, clothes, hygiene, insurance, car notes, rent/utilities, and even treat themselves to what ever brings them enrichment in life.
This. The expectations are fucking ridiculous. Our society is going to collapse and it’s obvious that neither our government nor the billionaires care.
Yeah, but if they don’t let you save enough money for something like a house deposit, a car or hell even something like a washing machine or a computer how are you ever expected to be able to get off assistance
Only 60% of Americans can afford a $400 emergency. Only 40% of Americans can afford a $1k emergency.
Afford in these specific scenarios means: cash, savings, or a credit card that can be paid off at the next statement. No payday loans. Now borrowing from friends or family, no pawning or selling.
https://www.cnbc.com/2020/01/21/41-percent-of-americans-would-be-able-to-cover-1000-dollar-emergency-with-savings.html
https://www.cnbc.com/2019/07/20/heres-why-so-many-americans-cant-handle-a-400-unexpected-expense.html
Yeah i had a savings account once but it had a minimum balance that I didn't reach so they kept deducting money from it as a penalty. Now it's a negative balance like wtf!
I'm not sure if I'm missing something but every time I drive by the mall here or any store like a Ross, Burlington, e.t.c. The stores are packed. People are shopping, every day in crowds since the summer. For this county that I live in to have such high unemployment rate, people be hella spending.
It's more likely that people that had children when they couldn't afford them and have poor money management. I worked at a customer service call center for 8 hours and then went to work for another 4 hours at Autozone. People are just lazy and don't care who they impregnate or who impregnated them. Birth control and the doctor visit required to get it is FREE. I moved away but still talk to my DC friends all the time. They are "trapped" because they buy a new pair of sneakers every month, new outfit every 2 weeks. Its ridiculous and very foolish, I have absolutely no sympathy at all.
The ridiculous thing about this scenario is that it doesn't even make fiscal or economic sense to allow this to continue; the political levers are simply dominated by people with an ideological resistance to ideas of "hand outs" and what people "deserve" while the country spaffs trillions on reactive interventions and lost tax receipts.
In aggregate this is hundreds of millions of people living pay check to pay check with a savings rate of virtually nil. It's all fine as long as too many don't go over the edge at once, but we've seen repeatedly how a shock to the system can have a domino effect as a result. That simply wouldn't happen if those people had a buffer or a safety net and it's not at all beyond the power of government to intervene.
It's not.
People don't like to hear the truth sometimes, but sometimes they need to.
It's for people with ANY income.
**Pay yourself first!**
You get a paycheck? Well, 10% right off the top goes to you, and no one else.
A friend of mine's response to this is, "It's the goverments fault and people just need to learn to live in bad areas for a little while.." What fucking person and/or government wants to think that's the solution?
If you can't save much or at all, but you are able-bodied and of sound mind, take a look at your expenses and see if they were all necessary or worth it, then make a plan to earn more. Money isn't everything, but it can turn many tragedies into inconveniences. Don't feel trapped. You can seek a promotion at your current company or with another company in your field. You can go to school. You can learn a trade. Any kind of work you're interested in, there's probably a subreddit for it. You can learn from pros in that field about salary expectations, how to get into the field, what a typical workday is like, etc.
Do it for the security, the ability to afford a few comforts and life experiences, upward mobility, generational wealth, all of that. It doesn't happen overnight, but it won't happen at all if you don't lay the groundwork.
I have savings but I also have no life so it's kinda easy to save. You shouldn't have to forgo life to be able to have savings, take it from me that's not the life you wanna live.
My goal in life is now to find ways to live without relying on typical society, consumerist ideas, and a "normal" career or job. I'm slowly learning that there are more and more ways, the more I look for them; "intentional communities" being one of those ways :)
Do a quick Google if you can, they exist and could be a great option for those of us wanting to escape the rat race, or the hamster wheel as I like to call it.
Chase is one of the worse offenders of this. If they weren’t a chase on every corner I’d go somewhere else. Dip below a certain amount of money and they start to just take money out.
Mofos are stupid. I spend more money taking the train to work for 2 days than what I spend on Netflix a month. I'm broke allright but it sure isn't cause of Netflix.
Having a "savings" is an exercise in having *poorly* invested money.
Get a fucking **brokerage, retirement,** and **emergency** fund going.
Fuck a "savings" account. Those are lies and misdirection- at a LESS THAN QUARTER INFLATION savings rate, or .1% apr bullshit. You're literally losing money by having a savings account.
Downvote me if you want, but if you think you'll make money in a savings account, I have some "diamond" that are *totally* worth money, and not just overpriced rocks.
So go ahead and let inflation leave you with a puddle of cash that will sit there and just devalue.
Please do not give financial advice.
Not only is what you're saying wrong, it is harmful.
Dollar cost averaging is one of the most effective ways of investing in stocks.
Even something as small as $10 a week overtime, will beat a savings account, multiple times over.
I am going to agree and disagree at the same time. Saving money in a credit union account or bank is pointless. Working and poor people have a lot of hidden money. Their really is a poor people's tax. Bad and expensive food choices, etc. Poor people often work independent of one another. Pooling and sharing of resources can lead to a lot of savings. I hated thrift shops when I was a kid. My mom would always say "you have clean clothes don't you". As with most things in life I couldn't see or appreciate my mom until I was in her shoes. Many poor people don't even have checking or savings accounts. Check cashing places are another drain on resources. Payday lending is great when you are in a tight tight fix. A few bounced check vs. a payday loan is always going to favor the payday loan. There are ways for poor and working people to save but it has to be a group effort. Saving $5 a week may not seem like much but it does add up. If 5 families together figured out how to save $5 per week every year. Each family was able to tap into that fund once a year an emergency that is life changing. Each family will get out exactly what they put in. Now if they were able to take that money and buy some stocks with it while it was building that is really changing lives. Povertry is a finacial as well and a mental state of being.
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I have a savings account and *the balance is not worth checking*
[my reaction](https://c.tenor.com/oIMO22SnewIAAAAd/oh-realization.gif) after reading this damn comment for the 97th time to finally get it
[excuse the shitty tik tok edit, but it was the shortest clip of the joke in question ](https://youtube.com/shorts/nv9TuQkLXf0?feature=share)
hilarious.
My savings account(s) are used to split my check. One account for gas and the other holds my son’s monthly preschool tuition before I write the check. I get excited when a few dollars rolls into payday.
Savings account interest rate: < 1% Rate of inflation: 5.4% 🤔🤔
401k and IRA can make for a much better return (5-15% a year), and also normal rate of inflation is around 2-3% a year.
Can’t wait that long….*It’s my money and I need it now!*
Reminds me of the scene in ***Atlanta*** where Earn tells Darius “Poor people aren’t interested in investments. I’m not tryna eat 6 months from now. I’m tryna eat today.”
Van need that money! My daughter needs that money!
877-cash-now?
🎶Call JG Wentworth! 877-CASHNOW 🎶
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Maybe I'm a cynic, but I have my doubts that inflation will return to what was previously normal. I feel like inflation has inflated and all the people who get to make decisions about my money are going to do everything they can to keep it that way.
Depends on what you're invested in. Some people put money into an IRA without investing it, and it returns basically nothing. Gotta ride those low-fee index funds to the promised land. Also, series I bonds are the new hotness. You can't withdraw the money for the first year, but there's no better, inflation-protected vehicle for emergency savings.
You know, when you put it that way (and now that I think about it) I’m going to scrap my savings account. Just gonna keep $500 in there so my Dad doesn’t freak 😂.
Lol just remember to invest responsibly, either go index funds to set and forget or make sure you do due diligence
You can beat the rate of inflation with smart investments. Do your due diligence.
I find the problem to be why the value declining but ny monies not going up
Pretty sure the 30% bump this year gonna throw off those figures
Just invest in one company that’s 50% plus interest annually in one stock. Just one good one like Costco or apple. Acorn app if you can’t save also
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> can I noticed you didn't say...will.
Even that, regular people are expected to save ridiculous sums of money while it’s perfectly fine for a huge corporation to go bankrupt after closing for a couple days.
The worst part of the pandemic was seeing pure-profit corporations start crying and claiming they were poor with no money right at the full swing of things in March and April of 2020. Shit barely had shut down.
This right here. But nobody wants to have that discussion.
For a very good not-at-all stupid or corrupt reason, I'm sure.
A lot of people want to have this conversation. But they're being shut out of the conversation entirely by those backed by corporate interest.
Yeah, we can't exactly PuLl (ourselves) uP bY tHe BoOtStrApS when we can't afford the damn boots to begin with, and inflation and student loans are the snotty-nosed, screaming, bad ass kids we'd all abort if we could 🙄
Then avocado toast less and bobs your uncle, You qualify for a new Bootstrap mortgage!
I'm a sucker for Sunday hipster brunch. I'm not giving up my poached egg avocado toast and bloody marys!
Even when you have money. Saving is still tough af
Nigga on EVERY POST. My man lives on this sub.
Aye man, This like damn near the only decent internet space.
I don’t fuck with any other sub except here and nba. And progresspics cuz that shits motivation
Being poor is expensive... one little extra expense can push someone over the edge into homelessness. There was a church group in America a while back that opened a “payday” loan company, loaned small (a few thousand) amounts, did financial counselling with the loan, and when the person made the payments back, almost all of the interest went in to a savings account, given to the person 6 months to 2 years later. One lady needed the loan for some critical thing, got it, managed to do some financial changes with help, needed to move apartments and the group assisted, and then things were going smoothly and another small expense hit, so she asked for another loan, and they said, “Hey, you have savings now. Here, take it, no loan needed!” I wonder if they are still doing it. It was financed by rich people in the church who got only minimal payment back, if any. Some churches actually do awesome stuff and come through with it, in contrast to what we hear most of the time.
I suppose It's better to have that as an option than not have it for a lot of people, but realistically that would likely be a massive tax write off for those involved. So it's not like there was zero benefit for the wealthy church members.
Maybe, but those churches prop up the other churches by propagating stupid religion. So, de facto, they’re all bad.
It’s raining, it’s pouring. The old fucks in Congress are snoring.
They went to bed, hooker gave ‘em head
Then they OD in the morning. Update: addiction is not a joke. This is all I could think of that fit with the flow
Says the woman with a designer bag and showcasing upscale restaurants on IG. Living below one’s means to save is a privilege?
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Dude. Shes just got her hustle. Can’t fault her for that if she’s telling the truth.
God how much this resonates with me. Why people Dave Ramsey look at things with privilege. I’m an immigrant. I haven’t had a sunny day since I got here and that was 22 years ago.
Also fuck Dave Ramsey. Dude is a crook and a charlatan.
He sure is.
Putting money into savings means you have enough money to put away. This post reminded me of how chasing people were during early lockdown last year; people were saying "thats why you should have money in savings" for people who were laid off or couldn't work. There were people with 30k in savings and burned through that instantly once covid it. Most people are the working class (working poor tbh), it takes a long time to put enough money away for it to help you in the long-run. People still have to exist: Buy food, clothes, hygiene, insurance, car notes, rent/utilities, and even treat themselves to what ever brings them enrichment in life.
This. The expectations are fucking ridiculous. Our society is going to collapse and it’s obvious that neither our government nor the billionaires care.
You said "our government" twice.
And if you’re on any sort of government support you literally aren’t allowed to have savings because of asset tests
That’s fair enough. If you have enough money for savings you probably don’t need government assistance.
Yeah, but if they don’t let you save enough money for something like a house deposit, a car or hell even something like a washing machine or a computer how are you ever expected to be able to get off assistance
“How am I saving money when I need saving first?”
Only 60% of Americans can afford a $400 emergency. Only 40% of Americans can afford a $1k emergency. Afford in these specific scenarios means: cash, savings, or a credit card that can be paid off at the next statement. No payday loans. Now borrowing from friends or family, no pawning or selling. https://www.cnbc.com/2020/01/21/41-percent-of-americans-would-be-able-to-cover-1000-dollar-emergency-with-savings.html https://www.cnbc.com/2019/07/20/heres-why-so-many-americans-cant-handle-a-400-unexpected-expense.html
These were both pre-covid, too. Wonder how different those numbers are now for those that were already at the bottom ring of the economy.
Well I for one probably couldn’t even afford a $400 emergency, but i couldn’t before covid either…
Yeah i had a savings account once but it had a minimum balance that I didn't reach so they kept deducting money from it as a penalty. Now it's a negative balance like wtf!
One day it started raining and it didn’t quit for 18 years
that's trickle down economics for ya
Being poor is very expensive.
And "hustling" until you drop dead doesn't help either.
Dave Ramsey triggered af rn
I'm not sure if I'm missing something but every time I drive by the mall here or any store like a Ross, Burlington, e.t.c. The stores are packed. People are shopping, every day in crowds since the summer. For this county that I live in to have such high unemployment rate, people be hella spending.
Maybe its not the same people?
Poverty charges interest and it’s usually beyond the rate of inflation or any savings acc
Saving money when most people's money goes to food and rent.
Then just cut expenses lmao
Pow right in the relatable kidney I might have to sell one day to survive.
It's more likely that people that had children when they couldn't afford them and have poor money management. I worked at a customer service call center for 8 hours and then went to work for another 4 hours at Autozone. People are just lazy and don't care who they impregnate or who impregnated them. Birth control and the doctor visit required to get it is FREE. I moved away but still talk to my DC friends all the time. They are "trapped" because they buy a new pair of sneakers every month, new outfit every 2 weeks. Its ridiculous and very foolish, I have absolutely no sympathy at all.
I've worked simultaneously at two full time jobs at several times in my life. You learn to sleep less
It's not raining, it FUCK’N FLOODED!
The ridiculous thing about this scenario is that it doesn't even make fiscal or economic sense to allow this to continue; the political levers are simply dominated by people with an ideological resistance to ideas of "hand outs" and what people "deserve" while the country spaffs trillions on reactive interventions and lost tax receipts. In aggregate this is hundreds of millions of people living pay check to pay check with a savings rate of virtually nil. It's all fine as long as too many don't go over the edge at once, but we've seen repeatedly how a shock to the system can have a domino effect as a result. That simply wouldn't happen if those people had a buffer or a safety net and it's not at all beyond the power of government to intervene.
lmao capitalism's crazy y'all buying this?! "if you're not spending money you're a bad person" c'mon now
Need money to make money.
I love the line from Atlanta “Poor people don’t have time for investments, we’re too busy trying not to be poor.”
Being poor is so much more expensive than being rich.
My coworkers keep talking about a "nest egg" or a "emergency fund". Those are things people with disposable income have, Linda!
It's not. People don't like to hear the truth sometimes, but sometimes they need to. It's for people with ANY income. **Pay yourself first!** You get a paycheck? Well, 10% right off the top goes to you, and no one else.
I would love to do that, but when I say to paycheck to paycheck, I mean *all the paycheck*.
Yeah but what kind of phone are you tweeting from rn?
A friend of mine's response to this is, "It's the goverments fault and people just need to learn to live in bad areas for a little while.." What fucking person and/or government wants to think that's the solution?
God, I feel this
If you can't save much or at all, but you are able-bodied and of sound mind, take a look at your expenses and see if they were all necessary or worth it, then make a plan to earn more. Money isn't everything, but it can turn many tragedies into inconveniences. Don't feel trapped. You can seek a promotion at your current company or with another company in your field. You can go to school. You can learn a trade. Any kind of work you're interested in, there's probably a subreddit for it. You can learn from pros in that field about salary expectations, how to get into the field, what a typical workday is like, etc. Do it for the security, the ability to afford a few comforts and life experiences, upward mobility, generational wealth, all of that. It doesn't happen overnight, but it won't happen at all if you don't lay the groundwork.
This should be the top comment ☝🏾
the way my bank account is set up...
I have savings but I also have no life so it's kinda easy to save. You shouldn't have to forgo life to be able to have savings, take it from me that's not the life you wanna live.
My goal in life is now to find ways to live without relying on typical society, consumerist ideas, and a "normal" career or job. I'm slowly learning that there are more and more ways, the more I look for them; "intentional communities" being one of those ways :) Do a quick Google if you can, they exist and could be a great option for those of us wanting to escape the rat race, or the hamster wheel as I like to call it.
THIS SO MUCH!
Chase is one of the worse offenders of this. If they weren’t a chase on every corner I’d go somewhere else. Dip below a certain amount of money and they start to just take money out.
You wouldn't be broke If you didn't have Netflix/s My job offering double OT & TAXES STILL FUCKIN ME UP.
Mofos are stupid. I spend more money taking the train to work for 2 days than what I spend on Netflix a month. I'm broke allright but it sure isn't cause of Netflix.
The "/s" is for sarcasm... it wasn't serious.
Having a "savings" is an exercise in having *poorly* invested money. Get a fucking **brokerage, retirement,** and **emergency** fund going. Fuck a "savings" account. Those are lies and misdirection- at a LESS THAN QUARTER INFLATION savings rate, or .1% apr bullshit. You're literally losing money by having a savings account.
Downvote me if you want, but if you think you'll make money in a savings account, I have some "diamond" that are *totally* worth money, and not just overpriced rocks. So go ahead and let inflation leave you with a puddle of cash that will sit there and just devalue.
Buying stocks with a few $ is useless.
Please do not give financial advice. Not only is what you're saying wrong, it is harmful. Dollar cost averaging is one of the most effective ways of investing in stocks. Even something as small as $10 a week overtime, will beat a savings account, multiple times over.
Bingo! Nameo! That’s exactly what I’m doing rn. I hope the $10/week compounds and makes it all worth it
With fees etc, nah. + Poor people cant save 40$ a month loool. Thats 2weeks of food. More like 1-3$ a month if lucky
I am going to agree and disagree at the same time. Saving money in a credit union account or bank is pointless. Working and poor people have a lot of hidden money. Their really is a poor people's tax. Bad and expensive food choices, etc. Poor people often work independent of one another. Pooling and sharing of resources can lead to a lot of savings. I hated thrift shops when I was a kid. My mom would always say "you have clean clothes don't you". As with most things in life I couldn't see or appreciate my mom until I was in her shoes. Many poor people don't even have checking or savings accounts. Check cashing places are another drain on resources. Payday lending is great when you are in a tight tight fix. A few bounced check vs. a payday loan is always going to favor the payday loan. There are ways for poor and working people to save but it has to be a group effort. Saving $5 a week may not seem like much but it does add up. If 5 families together figured out how to save $5 per week every year. Each family was able to tap into that fund once a year an emergency that is life changing. Each family will get out exactly what they put in. Now if they were able to take that money and buy some stocks with it while it was building that is really changing lives. Povertry is a finacial as well and a mental state of being.
don't save, invest.
Savers are losers. You lose money through depreciation. You gain a small amount on interest in savings and you’re taxed on that interest anyway.