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Most americans cannot afford a $1000 emergency expense...

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californiagrown
Posts: 9794 - Karma: 2,014
I cannot believe this? Who isnt surprised by this?

http://money.cnn.com/2011/08/10/pf/emergency_fund/index.htm


On the brightside it makes me think i am great at managing my own money, i guess?
Sep 27 2012 12:32AM
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_Garagely_
Posts: 1948 - Karma: 3,249
Not very suprising
Sep 27 2012 12:34AM
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ihitchadsgap
Posts: 472 - Karma: 55
at all
Sep 27 2012 12:46AM
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scratchproteen
Posts: 5173 - Karma: 286
its not surprising at all....I barely can, I try to have 1g always available for an emergency...but some times it doesn't work out that way.
Sep 27 2012 12:55AM
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Aidan-G
Posts: 9415 - Karma: 10,861
I have 300 dollars
Sep 27 2012 12:56AM
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Backyard.Skier
Posts: 5397 - Karma: 1,497
lawl america...
Sep 27 2012 12:57AM
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californiagrown
Posts: 9794 - Karma: 2,014
you guys are all young. Im talking about the majority of americans who have families and office jobs- people i work with who wear suits to work every day. they dont have $1000 in a checking account?

I mean in the grand scheme of your life and finances, $1000 is not that much- its half a house payment, or 3 months of phone, internet, and cable.
Sep 27 2012 1:00AM
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Bill.Nye
Posts: 4060 - Karma: 2,109
I couldn't.

Well I mean, it'd put me about $900 into debt.
Sep 27 2012 1:01AM
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scratchproteen
Posts: 5173 - Karma: 286
im 23, single, and live on my own...money is tight but I make it work.
Sep 27 2012 1:03AM
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49566738265
Posts: 0 - Karma: 7,704
An emergency cash reserve should be a stash you can instantly access when the shit hits the fan. I have one that I don't touch, I just multiplied my monthly expenses by 6 and saved up. In theory, I could lose my job tomorrow and not care for at least 6 months.

I think it's the first thing you should save for.
Sep 27 2012 1:04AM
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skithesprings
Posts: 9086 - Karma: 1,349
I'm a college student and I have over 1k cash in my pocket right now, earned on my own, and I am by no means a stickler who saves every penny.

People suck.

/idontwanttoliveonthisplanetanymore
Sep 27 2012 1:05AM
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californiagrown
Posts: 9794 - Karma: 2,014
exactly. you are young and still building your life.


let me ask you a question. do you think, in 10 years, money will be just as tight? will you be able to afford a $1000 emergency?
Sep 27 2012 1:05AM
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Bill.Nye
Posts: 4060 - Karma: 2,109
Me in 10 years

Click for larger image
Sep 27 2012 1:07AM
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californiagrown
Posts: 9794 - Karma: 2,014
how are you going to make it happen?
Sep 27 2012 1:17AM
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JakeAssBeatClap
Posts: 6673 - Karma: 2,537
I AM THE ONE WHO KNOCKS!
Sep 27 2012 1:18AM
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BrewskiJr
Posts: 5738 - Karma: 1,478
HEY GUYZ! ITS K! OBAMA WILL JUST PAY IT FOR MEH
Sep 27 2012 1:19AM
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Bill.Nye
Posts: 4060 - Karma: 2,109
Click for larger image
Sep 27 2012 2:27AM
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Clark_Griswold
Posts: 1283 - Karma: 49
I'm 19 and a college student. I have $1500 just in case of an emergency. Though sometimes I try to justify to myself that getting skis is an emergency but have yet to go through with it because I know with my luck as soon as I spend it on something like skis I'll run into issues and need the money
Sep 27 2012 2:31AM
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XtRemE11
Posts: 5680 - Karma: 246
whatever man its cool, no need to use any intelligence when dealing with your own money, obamas got my back!
Sep 27 2012 2:50AM
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Hamster.
Posts: 1636 - Karma: 26
I'm only 18, studying abroad in Germany. I saved up 3 grand all on my own, well maybe about 400 was scholorship dollars, to live this year on. Especially with the exchange rate being basically 3 euros to 4 dollars, I'd say I'm doing mighty fine.
Sep 27 2012 3:03AM
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Hamster.
Posts: 1636 - Karma: 26
Sorry for the dub post. But not to mention that I had to buy both a American and German insurance plan, my parents paid for the plan ticket, that was about it. I had about 1500-2000 expensive before having the 3k that I have now. Again I'm 18 and saved this all up by myself, bought myself insurance already, and have enough in a backup fund. I have about 800 of that 3 grand in a saving account that I don't want to touch unless necessary.
Sep 27 2012 3:06AM
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grown-ninja
Posts: 3031 - Karma: 175
doesnt suprise me, things are really tough, i make what about the average american household income in the us is and i basically live paycheck to paycheck, and thats thanks to mr O keeping me under my parents insurance- couldnt even imagine another 150$ minimum a month less, i couldnt imagine having to pay for kids too, not sure how people do it
Sep 27 2012 7:33AM
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Mr.LemonPie
Posts: 4100 - Karma: 1,625
All my money and everything I own is less than 1000 dollars...But I'm travelling and 21, so I really don't care.
Sep 27 2012 7:51AM
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gotti
Posts: 4269 - Karma: 4,550
I have a few thousand stored away for when I get out of college that I have saved up. I feel like its going to go fast though once I'm done.
Sep 27 2012 9:07AM
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PhaedeD
Posts: 11499 - Karma: 342
I spent a g at the strip club last. It was an emergency.
Sep 27 2012 9:15AM
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stalefish.
Posts: 464 - Karma: 79
yeah well not all of us were born with a silver spoon in our mouths.
Sep 27 2012 9:20AM
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lands11
Posts: 1818 - Karma: 1,677
My mom is a elementary school teacher with my sister just out of college and me still in college. We he a nice house and she drives a nice car. She has an awesome retirement plan with plenty of money. Problem is, although that money can be accessed, it couldn't be immediately. I know for a fact that with all her bill , she could come up with $1000 cash in an EMERGENCY. If she had a few days it wouldn't be an issue. That's only speaking for her though, my step dad on the other hand is loaded and probably has triple that in his wallet, sooooooo it's not really an issues.
Sep 27 2012 9:24AM
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PhaedeD
Posts: 11499 - Karma: 342
Gold spoon platinum fork.
Sep 27 2012 9:24AM
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lands11
Posts: 1818 - Karma: 1,677
Typed that on mobile, full of mistakes, I meant she couldn't come up with 1000 cash in an emergency.
Sep 27 2012 9:26AM
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proZach
Posts: 7163 - Karma: 919
how the hell are you going to live for a year on 3 grand?
Sep 27 2012 9:28AM
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Hamster.
Posts: 1636 - Karma: 26
I'm living with a host family, so thats a lot of the costs. Meals and stuff are on me though, not going too bad so far.
Sep 27 2012 12:55PM
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Raptor.
Posts: 784 - Karma: 255
i'm in the exact same situation.
Sep 27 2012 5:44PM
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sniper_6
Posts: 1919 - Karma: 1,573
I have 33,000 in debt and 67,000 in the bank so I'm 34,000 in the black. I usually keep at least 2k in savings and 4k in checking so conservatively I should have a minimum of 3k liquid. Shouldnt have a problem getting 1000 dollars together. In the absolute worst month, i might have to sell some stocks and it would take a few days.
Sep 27 2012 6:09PM
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NotGhood
Posts: 2809 - Karma: 1,255
my level of care is surprisingly low
Sep 27 2012 6:13PM
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TijmenDal
Posts: 4849 - Karma: 1,295
Yeah, but who pays your tuition? Exactly. You're highly in debt. Either with the government or your parents.

That being said: I don't believe more than 2% of the people on NS can pay 1000$ legitimetaly out of their own pockets. Most of us are being helped by our parents (tuition, roof over our heads etc.).

And it doesn't surprise me at all. It would be fun to see how these numbers are for people over 30.
Sep 27 2012 6:42PM
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howlongcanausern
Posts: 4982 - Karma: 1,737
yeah that's a scary thought
Sep 27 2012 6:44PM
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californiagrown
Posts: 9794 - Karma: 2,014
im 24, been out of school and living on my own for two years. I will aggressivly be paying off college till i am 28, and in the last year i havnt once had less than $3000 in my checking account...and all it would take to summon many more thousands would be an online transfer from my savings account.

I live in the most expensive area in the nation outside of NYC, and make a pretty average salary. I have fun on the weekends and have a few toys(skis, mtb).

How can i have my shit together this well, and people waay more mature than me dont?
Sep 27 2012 9:52PM
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.travis.
Posts: 1737 - Karma: 46
I'm not going to call anyone out because I don't know anyone's situations but saying you have a bunch of money to your name doesn't mean much if you're not the one who pays your bills. I don't know a lot of 18 to 23 year olds that pay their own rent, cell phone, car payment, groceries, insurance, student loans and all other bills and can still have enough to fork out a grand in an emergency.

Having a bunch of money doesn't mean shit if you don't pay your own bills.
Sep 27 2012 10:20PM
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californiagrown
Posts: 9794 - Karma: 2,014
Once out of college, i dont know many that cant. the ones that cant seem to be the exception...which is why this stat was so appalling to me.
Sep 27 2012 10:25PM
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cornholio
Posts: 3952 - Karma: 3,057
i havent had a problem since college, have made many purchases since then. right now i could probably support myself a year with readily accessible funds, not counting whats put away in 401k for retirement. fwiw i don't consider myself very smart with my spending or handling of money
Sep 27 2012 10:30PM
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TijmenDal
Posts: 4849 - Karma: 1,295
That's pretty good, but then again, you're quite a bit older than most people on here claiming they can 'easily' pay that or whatever.

And I doubt you have an 'average' salary if you can afford all that and are paying of tuition and are living in the second most expensive part of the country. Nevertheless, you seem to got it figured out. Good for you!
Sep 27 2012 11:00PM
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DrZoidberg
Posts: 5675 - Karma: 4,269
I could. I know so many kids who have like no money to their name, or spend all of it as soon as they get paid. Never understood why people do that. Just doesn't seem like a good idea.
Sep 27 2012 11:18PM
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no_steeze
Posts: 23992 - Karma: 4,274
i have about $1800 for just that reason. i'll probably end up spending $800 of it
Sep 27 2012 11:19PM
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skiskate
Posts: 787 - Karma: 823
I have way more than a grand for any random occurance that comes up. And yes I pay every one of my own bills. Managing your money isnt as hard as people make it to be, judging from the people I know, if they learned to cook and didnt go to the bars everything would be alright.
Sep 28 2012 1:13AM
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Mr.LemonPie
Posts: 4100 - Karma: 1,625
kids.
Sep 28 2012 2:44AM
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cubber
Posts: 1933 - Karma: 638
I'm in college and have 400 bucks to my name. I make up for it by owning several 90s vehicles that don't run
Sep 28 2012 12:36PM
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powderdrunkie
Posts: 2034 - Karma: 976
just got mine in the mail a couple weeks ago.

$38,000

not cool
Sep 28 2012 1:07PM
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doitbig
Posts: 4818 - Karma: 315
Do what every American without insurance would...don't pay it
Sep 28 2012 1:24PM
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SkiBum.
Posts: 3604 - Karma: 3,971
And this is why I have full medical. I go to doctor. I pay $15.
Sep 28 2012 1:26PM
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Holte
Posts: 10742 - Karma: 7,819
.
Sep 28 2012 1:28PM
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