7% of Americans would have trouble finding 0 for an emergency
04-24-2016, 12:20 PM
The reality is that there's two factors that make up the problem.
On one hand, the cost of living in America has gone up, the 1% are getting more wealthy, and and the average American is getting less wealthy.
On the other hand, our evolving culture is leading people to feel entitled to things they can't afford, living the opposite of a minimalist lifestyle, and overall making shitty financial decisions that end up fucking them over.
People need to learn good saving habits early on in their life. I have literally been saving money since I was in Kindergarten getting fifty cents allowance a week, and it's just stuck with me throughout my life. It's like a hobby for me at this point ("collecting money", if you will), and now I now have thousands saved up being only twenty. Unlike my brother who has had the same financial handouts as me throughout his life and has always lived paycheck to paycheck. He always thinks short-term; He spends rather than saves (like most Americans), and he faces the consequences.
Lucky for him, our parents are generous. He has to borrow money constantly from them (being almost 24). If anything out of the ordinary happens like having to lay down $100 for a car repair, he has to call up mommy and daddy for help. The money he borrows helps to pay off these payments, sure, but in all reality it just enables him to live his irresponsible lifestyle.
It actually got to the point where he couldn't pay off his last loan from them, so they're making him come over on the weekends now to help around the house to pay it off. Sad.
It all comes down to responsibility, really.
Tl;dr From a macro point of view, the financial system of America is crooked, but from a micro point of view that's just an excuse. Almost everyone has the power to thrive nonetheless.
On one hand, the cost of living in America has gone up, the 1% are getting more wealthy, and and the average American is getting less wealthy.
On the other hand, our evolving culture is leading people to feel entitled to things they can't afford, living the opposite of a minimalist lifestyle, and overall making shitty financial decisions that end up fucking them over.
People need to learn good saving habits early on in their life. I have literally been saving money since I was in Kindergarten getting fifty cents allowance a week, and it's just stuck with me throughout my life. It's like a hobby for me at this point ("collecting money", if you will), and now I now have thousands saved up being only twenty. Unlike my brother who has had the same financial handouts as me throughout his life and has always lived paycheck to paycheck. He always thinks short-term; He spends rather than saves (like most Americans), and he faces the consequences.
Lucky for him, our parents are generous. He has to borrow money constantly from them (being almost 24). If anything out of the ordinary happens like having to lay down $100 for a car repair, he has to call up mommy and daddy for help. The money he borrows helps to pay off these payments, sure, but in all reality it just enables him to live his irresponsible lifestyle.
It actually got to the point where he couldn't pay off his last loan from them, so they're making him come over on the weekends now to help around the house to pay it off. Sad.
It all comes down to responsibility, really.
Tl;dr From a macro point of view, the financial system of America is crooked, but from a micro point of view that's just an excuse. Almost everyone has the power to thrive nonetheless.