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Thread: Middle & Upper Class only 36% of population

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    Default Middle & Upper Class only 36% of population

    I ran across a very disturbing article. Sorry if it's been posted before.

    http://www.mybudget360.com/middle-cl...-1000-dollars/

    The disturbing part is this graph
    Click image for larger version. 

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    Apparently only 36% of polled Americans have enough in savings to handle an unexpected $1,000 expense.

    I'd like to state for the record that if you don't have a grand in savings you can tap then your NOT in the
    frickin middle or upper class of society. Sorry. You Fail. Try again. I don't care if you have a Porsche in the
    driveway. If you don't have any liquidity then you are at the mercy of external events and that is what being
    poor IS and the poor are 64% of the U.S.

    What really sucks is this party is only just getting started. We ain't seen nuthin yet.

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    Default Re: Middle & Upper Class only 36% of population

    A good t shirt this chart would make !


    I'm a jeenyus, and i approve this massage.

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    Default Re: Middle & Upper Class only 36% of population

    Wow, that's sort of disturbing. 64% can not come up with $1k It's sorta funny though, that they can come with tens of thousands of borrowed dollars. I mean, if you need a new fridge and you don't have $1k saved to pay cash, then you finance it, right? And end up paying about $1500 for that fridge. But if you have cash, you pay $1,000. Penury is a bank's best friend lol.
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    Default Re: Middle & Upper Class only 36% of population

    Quote Originally Posted by Brio View Post
    Wow, that's sort of disturbing. 64% can not come up with $1k It's sorta funny though, that they can come with tens of thousands of borrowed dollars. I mean, if you need a new fridge and you don't have $1k saved to pay cash, then you finance it, right? And end up paying about $1500 for that fridge. But if you have cash, you pay $1,000. Penury is a bank's best friend lol.
    nah, home d epot is offering "no interest for 12 months" financing. So see, there really is no need to have cash.

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    Default Re: Middle & Upper Class only 36% of population

    Quote Originally Posted by earplugs View Post
    nah, home d epot is offering "no interest for 12 months" financing. So see, there really is no need to have cash.
    What are the chances that someone who doesn't have $1k saved already is going to come up with it in 1 year to pay off the fridge?

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    Default Re: Middle & Upper Class only 36% of population

    Sad thing is the more money you earn, the higher the standard of living you get use to. Therefore, while $1,000.00 might be an appropriate emergency fund for a family earning $25,000/yr, every emergency for someone earning $250,000.00/yr seems to cost $5,000.00. The air goes out in your home when you are use to living on $25,000/yr, then you have to spend $500.00 getting a new window unit. The air goes out in your home when you are use to living on $250,000.00/yr, then you spend $5,000.00 getting a new HVAC unit installed. In other words, it's all relative to what you are use to spending.

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    Default Re: Middle & Upper Class only 36% of population

    Again, standard operating procedure when some busybody (known or unknown) inquires about my financial condition is to respond " I have no money! I'm hanging on by my friggin finger nails!" I'm sure plenty of other people do the same when responding to polls.

    If I were polled by this polling company I would have answered "borrow the money from friends or family", just to throw the data off.

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    Default Re: Middle & Upper Class only 36% of population

    Another state-sponsored "study" showing how much people need the "state" and the banks.

    You do not save in a bank.
    You save at home.

    What banks call savings, is really just a loan, by you, to the bank.

    But, of course, banks don't want you to know that you are really lending to the bank. It makes it harder for them to steal from you. So, instead, they call it savings, like the bank is doing you a favor.

    Then, this "study" says people who sell or pawn assets are bad. That is the definition of savings. If you have something, you saved form consumption, that is the definition of savings. Of course, the banks don't want this. They want your last dime to be lent to them, in the form of savings, so they can protect you.

    Look who did this "study"... National Foundation for Credit Counseling.

    We read state-sponsored propaganda, that tells us to support the state-protected banks, to live a state-sanctioned life.

    Isn't it great to be free!

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    Default Re: Middle & Upper Class only 36% of population

    Quote Originally Posted by Brio View Post
    Wow, that's sort of disturbing. 64% can not come up with $1k It's sorta funny though, that they can come with tens of thousands of borrowed dollars. I mean, if you need a new fridge and you don't have $1k saved to pay cash, then you finance it, right? And end up paying about $1500 for that fridge. But if you have cash, you pay $1,000. Penury is a bank's best friend lol.
    The headline by the OP is slightly misleading. Just because you can't come up with $1,000 doesn't mean you're not middle or upper class. It just means you have too much in liabilities relative to your income. You can make $250,000 a year (Obama's standard for the "rich") but if your expenses total $275,000 a year, you're screwed.
    Coffee diem: Seize Juan Valdez!

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    Default Re: Middle & Upper Class only 36% of population

    Quote Originally Posted by Casimir Effect View Post
    What are the chances that someone who doesn't have $1k saved already is going to come up with it in 1 year to pay off the fridge?
    Most of them could come up with 85 bucks a month. If you can't do that hang yourself.

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    Default Re: Middle & Upper Class only 36% of population

    I once read about a surgeon, who made $500,000/year, having such a bad narcotics problem (heroin, fentanyl, cocaine, etc) that he was thinking about taking his television to the street to sell it for one more hit, and he had to borrow money to have his car repaired!!!

    I guess he wasn't middle or upper class, based upon his behavior related problems.

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    Default Re: Middle & Upper Class only 36% of population

    Quote Originally Posted by Nickelless View Post
    The headline by the OP is slightly misleading. Just because you can't come up with $1,000 doesn't mean you're not middle or upper class. It just means you have too much in liabilities relative to your income. You can make $250,000 a year (Obama's standard for the "rich") but if your expenses total $275,000 a year, you're screwed.

    You have a point Nickelless. Perhaps its philosophical. I feel that the difference between rich and poor is the ability to maneuver and weather the storms of misfortune. There is a school of thought that even if your in debt up to your eyeballs and the creditors are pounding on your door it doesn't matter so long as your standard of living is *currently* in the upper bracket.

    Under your scenario the U.S.A is doing just fine.

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    Default Re: Middle & Upper Class only 36% of population

    Quote Originally Posted by Argentsum View Post
    You have a point Nickelless. Perhaps its philosophical. I feel that the difference between rich and poor is the ability to maneuver and weather the storms of misfortune. There is a school of thought that even if your in debt up to your eyeballs and the creditors are pounding on your door it doesn't matter so long as your standard of living is *currently* in the upper bracket.

    Under your scenario the U.S.A is doing just fine.
    I'm not so sure about that, pilgrim. If you have to hock Grandpa's silver coin collection at face value to make a mortgage payment because you burned through all your FRNs on stupid stuff, you're not doing so fine.
    Coffee diem: Seize Juan Valdez!

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    Default Re: Middle & Upper Class only 36% of population

    Quote Originally Posted by Nickelless View Post
    I'm not so sure about that, pilgrim. If you have to hock Grandpa's silver coin collection at face value to make a mortgage payment because you burned through all your FRNs on stupid stuff, you're not doing so fine.
    WHat about those who burned through all their FRNs on PMs?

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    Default Re: Middle & Upper Class only 36% of population

    Quote Originally Posted by Nickelless View Post
    I'm not so sure about that, pilgrim. If you have to hock Grandpa's silver coin collection at face value to make a mortgage payment because you burned through all your FRNs on stupid stuff, you're not doing so fine.
    Yup, I"m very much in agreement.

    There's a lot of people who think they are in the middle class who have no savings, no reserves they can deploy against economic misfortune.

    So long as nothing bad happens they are okay. The thing is, bad things are happening.

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    Default Re: Middle & Upper Class only 36% of population

    Quote Originally Posted by Usc96 View Post
    WHat about those who burned through all their FRNs on PMs?
    Then there was that boating accident on Silver Lake...
    Coffee diem: Seize Juan Valdez!

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    Post Re: Middle & Upper Class only 36% of population

    Quote Originally Posted by Casimir Effect View Post
    What are the chances that someone who doesn't have $1k saved already is going to come up with it in 1 year to pay off the fridge?
    Most will, to avoid penalty, but they rely on the ones that don't. In those sort of loan schemes they will penalise them another 20% of the total amount. Free money as far as finance companies are concerned, and if worst comes to worse, they'll repo the goods, at which point most people would try and pay up.
    "I believe that a simple and unassuming manner of life is best for everyone, best both for the body and the mind." - Albert Einstein (German born American Physicist who developed the special and general theories of relativity. Nobel Prize for Physics in 1921. 1879-1955)

    Stay Frosty Gentlemen!
    --------------------------------------

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    Post Re: Middle & Upper Class only 36% of population

    What would be more interesting is this:-

    1. What does Middle Class now mean? Has the standard of living, and reliance on debt increased for the so-called Middle Class over the past 60 years. How much has the Middle Class declined, both in overall wealth, happiness and in terms of a percentage.

    2. How much have the Upper Class or truly Rich, gained at everyone else's expense? What have they contributed to society in order to do so?

    3. How many ex-Middle Class have now fallen into the Poor category?

    4.What does the Poor Class now mean, how low does your salary have to be to qualify as Poor? What is the increase in the Poor over the last 60 years.
    "I believe that a simple and unassuming manner of life is best for everyone, best both for the body and the mind." - Albert Einstein (German born American Physicist who developed the special and general theories of relativity. Nobel Prize for Physics in 1921. 1879-1955)

    Stay Frosty Gentlemen!
    --------------------------------------

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    Default Re: Middle & Upper Class only 36% of population

    credit cards are like heroin....so TPTB spread them far & wide knowing that most would overspend & at over 20% interest legal loan sharks. anticipated & calculated demise .
    IF YA CANT DAZZLE THEM WITH BRILLIANCE BAFFLE THEM WITH BULLsh!t.

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    Default Re: Middle & Upper Class only 36% of population

    Here is an interesting anecdotal example of 'more money than sense': http://jabez2010.wordpress.com/2010/...-house-rental/

    Would $100 Million have made a difference in this guy's case?

    Rags, To Riches, To Rags!!!
    Attached Thumbnails Attached Thumbnails Jerk1.jpg   The Jerk 2.jpg  

    Jerk3.jpg  
    Last edited by TemplarX; 08-20-2011 at 04:48 PM.

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    Default Re: Middle & Upper Class only 36% of population

    About 3 to 4 years ago, there was a news item on ABC News, about how people with pricey SUV's could not afford to fill the SUV up at the gas station.

    These "financially challenged" SUV owners still filled up the SUV's with fuel, because they charged the fuel on their credit card.

    IMHO, if you cannot afford to pay cash to fuel up your pricey SUV, you overbought what type of vehicle you are driving.

    I have seen where some true financial experts, have recommended that we have a minimum of 6 months of cash on hand, for emergencies (layoff, sickness, etc.)

    When the wolves are at the doorstep at certain peoples homes, I cannot feel sorry for them. If they want to live a high lifestyle above their income means, they will eventually have a pack of wolves at their doorstep.
    The US Government was designed to prevent people from killing and stealing our property.

    But today, the government kills and takes our property.

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    Default Re: Middle & Upper Class only 36% of population

    I know two "upper middle class" (LOL) families that are having continued trouble funding their "lifestyle." One's had to take from their adult daughter's savings to maintain their lifestyle (she didn't have a choice: allow it, or move out). In realistic terms, they're "upper middle class" on paper alone.

    I imagine that the number of people who could come up with even $1000 quickly is less than 36%.

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    Default Re: Middle & Upper Class only 36% of population

    We have a couple friends married in their early 50's who were 6 days from their next paycheck,and needed groceries, but bought pot and alcohol instead of food. Not preppers, not sure how they ate for the next week.

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    Default Re: Middle & Upper Class only 36% of population

    Friends of ours had the submersible pump in the well die, had to buy a new one. Not enough credit left after their spending, she had to get a 4 week advance on her paycheck.
    The meaning of Life is to give Life meaning.

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