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Middle & Upper Class only 36% of population

Discussion in 'Topical Discussions (In Depth)' started by Argentsum, Aug 19, 2011.



  1. Argentsum

    Argentsum Gold Member Gold Chaser

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

    http://www.mybudget360.com/middle-class-annihilation-one-penny-at-a-time-income-debt-cash-advances-credit-card-1000-dollars/

    The disturbing part is this graph
    debt-access-for-unexpected-savings-spending.png

    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.
     
  2. GOLDZILLA

    GOLDZILLA Harvurd Koleej Jeenyus Midas Member

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    A good t shirt this chart would make !


    [​IMG]
     
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  3. Brio

    Brio Beer Babe! Midas Member

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    Wow, that's sort of disturbing. 64% can not come up with $1k :no_ma: 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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  4. earplugs

    earplugs Gold Member Gold Chaser

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    nah, home d epot is offering "no interest for 12 months" financing. So see, there really is no need to have cash.
     
  5. Casimir Effect

    Casimir Effect New Member

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    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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  6. Usc96

    Usc96 Gold Member Gold Chaser

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    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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  7. andial

    andial Sir Midas Member

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    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.
     
  8. goldmaster

    goldmaster Seeker Seeker

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    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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  9. Nickelless

    Nickelless If coffee is gold, I own Fort Knox Midas Member

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    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.
     
  10. lhslancers3270

    lhslancers3270 Banned

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    Most of them could come up with 85 bucks a month. If you can't do that hang yourself.
     
  11. TemplarX

    TemplarX Silver Member Silver Miner

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    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!!!:s13:

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

    Argentsum Gold Member Gold Chaser

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    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.
     
  13. Nickelless

    Nickelless If coffee is gold, I own Fort Knox Midas Member

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    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.
     
  14. Usc96

    Usc96 Gold Member Gold Chaser

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    WHat about those who burned through all their FRNs on PMs? :bear_w00t:
     
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  15. Argentsum

    Argentsum Gold Member Gold Chaser

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    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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  16. Nickelless

    Nickelless If coffee is gold, I own Fort Knox Midas Member

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    Then there was that boating accident on Silver Lake... :biggrin:
     
  17. shades

    shades Gold Member Gold Chaser

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    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.
     
  18. shades

    shades Gold Member Gold Chaser

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    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.
     
  19. honu5050

    honu5050 Mother Lode Found Mother Lode

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    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 .
     
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  20. TemplarX

    TemplarX Silver Member Silver Miner

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    Last edited: Aug 20, 2011
  21. Treasure Searcher

    Treasure Searcher Gold Member Gold Chaser

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    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.
     
  22. Not Sure

    Not Sure Banned

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    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%.
     
  23. gliddenralston

    gliddenralston Silver Member Silver Miner

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    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.
     
  24. Brio

    Brio Beer Babe! Midas Member

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    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.
     

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