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Interesting times we live in where nice shoes can cost $100-$200 and iPhones for $1000 yet 62% of Americans don't even have $1000 in savings.
by pkaye 8y ago
Interesting times we live in where nice shoes can cost $100-$200 and iPhones for $1000 yet 62% of Americans don't even have $1000 in savings.
- barrow-rider 8y agoThe only person who benefits if you save is you. Companies benefit when you spend. So start consuming!
- dragonwriter 8y agoSaving is investing (either directly or by, e.g., loaning to a bank to invest.) Companies benefit when you invest, too, not just when you spend.
- randomdata 8y agoThe study found that 62% of Americans have less than $1,000 in their savings account. Which is probably no big surprise as a savings account is a pretty horrible place to store any sizeable amount of money, with the near-zero interest rates usually offered on such accounts. At best it is a rainy day fund. $1,000 should easily cover most immediate rainy day needs. Anything more expensive generally gives you some notice to cash out other investments as necessary.
- pkaye 8y agoWhy do they always do these surveys on savings accounts instead of sum of all bank accounts to get a better picture?
- pkaye 8y agoOkay found some better information. https://www.valuepenguin.com/banking/average-checking-account-balance https://www.valuepenguin.com/banking/average-checking-accoun... Median checking account balance is $3400.