Over 25% of Americans have no savings, not even change.

[bubba]

The 25 percent may be people who do not have a savings in the bank.  I personally have 5 dollar sin my savings in the bank.  I think more people now do not trust the banks like they once did.  I have my money tied up in other ways umm cash.  I have a good paying job and a good education. I paid for both my kids college and can still spend the rest of my life in the bahamas any time I want.  Just because I do not show any money in the bank does not mean I have no money.  I prefer mine with me not in a bank that can close it's doors anytime.  I invested some in silly things like ammo guns and supplies.  So when the banks close, notice I said when not if, at least I can burn my money in the wood stove to keep warm.  I wonder how many accounts the govt looked in to gather their information.

[45-70.gov]

If you are able to live on 90% of minimum wage I tip my hat to you partner. Furthermore if you can do it for 35 years you, my friend are a serious moocher. You cannot feed and house a cat working a  minimum wage job.
 
I understand the point of saving though. 5% - 10% of nothing is even adding up in your example.

So   blue   collar    workers   are   moochers  .   Dont   go   down    to   the   local    bar   talking   that   trash.

i bet the crew at the bar  exeeds that 25% by far

[R.W.Dale]

If you are able to live on 90% of minimum wage I tip my hat to you partner. Furthermore if you can do it for 35 years you, my friend are a serious moocher. You cannot feed and house a cat working a  minimum wage job.
 
I understand the point of saving though. 5% - 10% of nothing is even adding up in your example.

I agree. I make several times minimum wage and we could only make it work with my wife being a stay at home mom for a short time. If you only make minimum wage SOMEONE else is paying for your housing and food for you to get by in the 21'st century.

Minimum wage doesn't even buy FOOD for a family nowadays.


 I'm not broke but I couldn't for example buy a new transmission for one of the vehicles right now. I'm not too concerned though as I'm insuranced up and am pretty resourcefull

And for the record I'm probably more blue collar than anyone else here.

[R.W.Dale]

If you are able to live on 90% of minimum wage I tip my hat to you partner. Furthermore if you can do it for 35 years you, my friend are a serious moocher. You cannot feed and house a cat working a  minimum wage job.
 
I understand the point of saving though. 5% - 10% of nothing is even adding up in your example.

So   blue   collar    workers   are   moochers  .   Dont   go   down    to   the   local    bar   talking   that   trash.

I would suggest you don't go around to a bunch of folks like me suggesting that what we're working our lives and youth away doing can be easily achieved by any Burger flipper or pizza boy.

Your claim mcbammer is far more insulting to guys like me whose entire life reads like a Merle Haggard song

[Empty Quiver]

If you are able to live on 90% of minimum wage I tip my hat to you partner. Furthermore if you can do it for 35 years you, my friend are a serious moocher. You cannot feed and house a cat working a  minimum wage job.
 
I understand the point of saving though. 5% - 10% of nothing is even adding up in your example.

So   blue   collar    workers   are   moochers  .   Dont   go   down    to   the   local    bar   talking   that   trash.

If you have lived on minimum wage for 35 years you ARE a moocher or possibly of diminished capacity. Either way you are not earning your keep in this society.
 
You have no tax liability, I am paying for your use of library, roads, sewers, very likely housing, utility subsidy, school lunches for your kids, medical bills, you get the idea.
 
Not only do you have no tax liability you receive an income tax refund over and beyond what was taken from your paycheck.
 
Here's the thing, if you are in this situation, and are trying, God bless you  you're welcome. On the other hand if you are a lazy ass who thinks he is a fool to work when the man will support him and his family then I can only wish a pox on you and your house.
 
Do not lecture me on blue collar work, you have no idea the sort of labor I do. I wear out a pair of leather gloves every two weeks picking up boxes and resole a pair of Redwings every year. Driving a truck 3000 miles a week is the least of my labors, that is a pansies job as far as I'm concerned. I'm sure there are those working harder.  In sixteen years at this employer I have never encountered a new hire who thought the job was easier than what they used to do, never.

[mcbammer]

If you are able to live on 90% of minimum wage I tip my hat to you partner. Furthermore if you can do it for 35 years you, my friend are a serious moocher. You cannot feed and house a cat working a  minimum wage job.
 
I understand the point of saving though. 5% - 10% of nothing is even adding up in your example.

So   blue   collar    workers   are   moochers  .   Dont   go   down    to   the   local    bar   talking   that   trash.

If you have lived on minimum wage for 35 years you ARE a moocher or possibly of diminished capacity. Either way you are not earning your keep in this society.
 
You have no tax liability, I am paying for your use of library, roads, sewers, very likely housing, utility subsidy, school lunches for your kids, medical bills, you get the idea.
 
Not only do you have no tax liability you receive an income tax refund over and beyond what was taken from your paycheck.
 
Here's the thing, if you are in this situation, and are trying, God bless you  you're welcome. On the other hand if you are a lazy ass who thinks he is a fool to work when the man will support him and his family then I can only wish a pox on you and your house.
 
Do not lecture me on blue collar work, you have no idea the sort of labor I do. I wear out a pair of leather gloves every two weeks picking up boxes and resole a pair of Redwings every year. Driving a truck 3000 miles a week is the least of my labors, that is a pansies job as far as I'm concerned. I'm sure there are those working harder.  In sixteen years at this employer I have never encountered a new hire who thought the job was easier than what they used to do, never.

I  dont   know   where   we   got   our  wires   crossed  ,  I  never  mentioned   working   minmum   wage ,you   suggested   I  be   a   moocher .  Im   a   retired   pipeliner  who   has  worked   running   the   roads   making  a   living  .I   merely   post   a   thread   you   undoutably    read   something   else   into.  I  stated   a   woulda  coulda   shouda   finacial   decision   I   missed   in   my    youth   .   

[jlwilliams]

This is definitely a topic that has people a bit defensive.
 
  Myself, I got something different from the post about 10% of minimum wage adding up to a million than some of you did.  I didn't think that the poster was saying that minimum wage workers will be millionaires or that there is anything wrong with blue collar workers.  I think some people are reading an insult into something that isn't.  What I saw was an example of the power of compounding interest.  I thought he was reacting to the statement that the low interest rates made saving less attractive.  His counterpoint being that even a small percentage of a small wage (less than you can feed a cat on) adds up and compounds out to real money.  Point being, yes saving is worth while even with a low 'return'.  Taking that to mean that people without savings and who can't find the money to save are somehow lesser people is a miss read and sounds like overly defensive backlash.  Relax, don't take offense.  I really don't think it's a slam against you for not having a million dollars worth of change in your seat cushions.  I know I don't.
 
  Another example I have heard about the power of compounding interest.  We have all heard that the Indians were cheated out of Manhattan Island when they traded it for some beads, balnkets and mirrors.  The actual items traded aren't the important part.  The total value was something like $150 worth of barter at the value of the items at that time in the dollar value of that time.  Anyway, if the value of the trade had been put in a bank account at that time with interest (I don't remember the rate or the compounding interval given in the example, but it was realistic) the value of that account today would be something like three times the total real estate value of all the square footage of all the real estate in Manhattan.  Considering the cost of NY real estate and how many floors up it goes in some places, that is staggering.  The example came from one of Robert Kiosaki's books.  I'd really have to dig to find it, but you get the idea.
 
  I also wish like heck that I had started saving in a structured, disciplined way years ago.  I'm looking at a real storm coming my way and the addage about life beeing a poop sandwich comes to mind.  The more bread you have, the less poop you eat.  I wish I had set aside more bread years ago.

[Dixie Dude]

I was just showing my kids by my spreadsheet how savings can add up over time.  Now, two people working minimum wage which is around $16 an hour together CAN make a living.  Sure, they would have to live in a small apartment or in a mobile home, but it can be done.  With dicipline, they can save.  Dicipline isn't taught anymore in America.  The average Japanese saves 25% of their income as they don't have social security therefore save for retirement.  Dicipline may take eating a lot of beans and rice.  It may take forfeiting vacations.  It may take having a backyard vegetable garden, or vegetables in containers.  It may take no pets.  It may take no cell phones, no television.  It can be done.  I worked at double minimum wage and my wife didn't work for several years.  My income gradually increased to more than minimum wage.  We had a huge backyard garden, I hunted and fished, drove used car and truck, did without cable TV and this was before cell phones.  Remember the Jimmy Carter years.  We did fine.  Had plenty of good food.  Never on welfare or food stamps.  Even had a little to take cheap vacations.  I was also able to pay my way through college going part time.  When not in school, I drew house plans for extra income.  Wife stayed home raising small children. 
 
All I am saying, with hard work and dicipline a couple making minimum wage can make it.  They just have to give up some things and live frugaly.  They might not be able to do it in the big cities, but in a small town or rural area, a couple can make it by supplementing their megar income by hunting, fishing, gardening, bartering work, and doing odd jobs on the side.  Too many people living off the dole, when they can actually acquire wealth over time with dicipline.  During my early days, I was able to acquire tools, guns, stainless steel cookware, cast iron cookware, furniture, etc that in some cases I still have, just by working hard and SAVING for them.   

[gypsyman]

Just to make a few of you think, when you say you have savings, do you mean money in the bank, or hard assets? Since this country no longer goes on a gold standard, your paper money, therefore ''money in the bank'', as far as I'm concerned, can, and will be, one day usless. The only reason paper money still gets you something, is the faith of the people. As soon as the populace realize's, that the only differance between a one dollar bill, and a twenty dollar bill, is the ink on the paper, we're in deep trouble. I used what was my retirement to pay off my house earlier this year. I wish I didn't think this way, but, I believe in our lifetime, the next couple years,(I really thought it would have happened by now,especially with Obama in office), a fifth of whiskey will get you a couple gallons of gas, where a 5 dollar bill, won't even make good toilet paper. gypsyman

[Dixie Dude]

Yep, today one should invest in prepping, food, toilet paper, bullets, etc. 

[45-70.gov]

i worked all my life as an un-educated carpenter


i retired 4 years ago  at 53....


its not how much you make  its how you spend  it is the biggest variable


i used to save money....then  jimmy carter tought me a lesson in  inflation
so many years ago  i spend  all i could saving real estate


so  in cash  i have less tan a few thousand
my saving are in real estate


as a union carpenter for $12 years..
.i told them where to stick it over supporting  clinton and the democraps


tho  i made  over minimum  wage.....carpenters  don't make alot
if  i can make  it any one can.....[dipspite 3 kids and x-wife with a lawer]

[tobster]

I think the government discourages saving money. They give tax breaks for interest charged on some debts and mortgages,yet want to tax interest income. Now the talk is "means testing" for social security- in other words if you live responsibly and save a few bucks,you're out of luck. Spend all the money you make and you'll be eligible for s.s.

[jlwilliams]

I think the government discourages saving money. They give tax breaks for interest charged on some debts and mortgages,yet want to tax interest income. Now the talk is "means testing" for social security- in other words if you live responsibly and save a few bucks,you're out of luck. Spend all the money you make and you'll be eligible for s.s.

  That is true.  The government does discourage saving and any other means of self reliance.  They make it much more attractive to have nothing that to have any assets that will be 'counted against' you.  They do this in big ways like taxation and in small ways like offering you low prices on school lunch for your kids, if you 'qualify'.  So may things cost way more out of pocket than they do at the reduced rates given to those with no assets.  It started as helping poeple who needed help (or so it seemed) but has most definitely turned into state sponsored dependancy.  Used to be embarassing to get a hand out, now it's not seen that way.  People arrange their lives in such a way that they don't show more income than a certain amount.  Some are working side jobs for cash too, but once they bite the hook and get in line the gov owns them.  They are stuck in the rutt.

[Dixie Dude]

Just because someone doesn't have a savings account doesn't mean they aren't saving something.  My grandparents didn't trust banks.  They paid cash for everything their entire life.  They drove cars 8-12 years old.  They paid cash for their land.  They built their house one room at a time paying cash for the materials.  They acquired things without going into debt.  Today it can be the same.  I drive a 13 year old vehicle and my wifes is 7 years old.  Bought hers new.  Good quality household items will last for years or even a lifetime.  Same with tools.  Doesn't require a lot of money, just manage it well. 

[briarpatch]

I went back and changed the way I approched this. I removed lazy bums which paints with a broad brush without knowing someones circumstance. What I do say is "those not financialy responsible are a big cause of non savings.

[45-70.gov]

good call


i know  many hard working  folks that a broke


and   i wonder   why?

[Victor3]

 Shortly after I married my Wife, her Mother came into some financial trouble and sent letters to family members detailing her situation and asking for help.
 
 I was talking to my Mom about my M-I-L, saying I might send some money to help out. My Mom asked "Vic, is she a poor person?" I responded, "Uhhh.... Well, she's got no money, so yeah, I guess she qualifies."
 
 Mom expanded on her definition of "poor person" as opposed to someone who falls temporarily on tough times but bounces back. A poor person she said, is someone who never consistently has enough money to live on, no matter how much they may come into.
 
 A little investigation proved that my M-I-L is indeed a "poor person." She'd been receiving money from my Wife's family and friends for decades (even though she mostly had pretty good paying jobs), and even came into a ~$300K inheritance once. She now lives in HUD housing, is on permanent disability, and still asks for money. $10 or $10,000 flies out of her hand in roughly the same amount of time.
 
 My Wife and I offered to send her grocery store gift certificates to buy food and she wrote back "Your offer of gift certificates instead of cash hit me like a punch in the stomach. I'm not a child."
 
 Alrighty then. Bubye...

[45-70.gov]

Victor  was raised by a wise woman

[stimpylu32]

I have my own savings account as does my wife , I have 1 low dollar ( 1K limit ) credit card just for the O-Sxxt type of things , while my wife has 4 with gold or platinum levels . Why , its because she says that I'm financially irresponsible    , by that she means that if I have $1000 on me and need to pay $700 worth of bills BUT just happen to find a gun store with a $500 deal = Its Mine , and then I have to figger out how to come up with the bill money ! 
 
I'm not nearly as bad as I used to be , yet she keeps me on a short leash just in case . 
 
stimpy