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$3,600 is a little less than 25% of $15,000, and it's about 3.5% of $100,000. If a person spent as much as they earned in a year and had no savings, $3,600 a y
by michaeldhopkins 13y ago
$3,600 is a little less than 25% of $15,000, and it's about 3.5% of $100,000.
If a person spent as much as they earned in a year and had no savings, $3,600 a year would accumulate $15,000 in savings after five years. A couple, spending as much as they earned, who wanted to save $100,000 before starting a family, each receiving $3,600 and investing it moderately, would save $100,000 after 10-12 years.
However, poverty is usually defined as an income level and not a level of savings.
- mrottenkolber 13y agoSo what you are saying is?
- michaeldhopkins 13y agoYou said that $3,600 was nothing. I explained its relation to $15,000 and $100,000, two numbers you apparently thought were significant, and how an extra $3,600 per year can turn into those numbers. You also quoted savings amounts in response to someone talking about income, so I explained that poverty is usually measured by income. I am not saying anything beyond explaining those things to you.
- mrottenkolber 13y agoI don't think anybody was confused about the numbers and their relations. That being said, I think in a system where everybody has a basic income, it is probably less important to save money, versus what we do right now where you have to save up for job-hopping.