Growing Number of Households Have Little in Savings or Assets, Scorecard Finds | PND | Foundation Center

Kind of hard to save very much money at all these days. My wife and I do fairly well as a couple but still are strapped when it comes to having enough money to save a decent amount. I'm starting to think that the American Dream isn't so much about living a good life with a family, house and decent job but having those and still not having to work for the rest of your life.

I agree its hard to save that amount these days but its mainly because americans are fat and lazy and believe they are entitled to that new home and bmw like their neighbor or family member.

we have fallen for the corporations telling us that we need to have credit...carry debt...so that we can buy more.

debt is the problem here...if you had no bills it would be easy to save 2000.

so the problem is us.

Everyone doesn't have credit cards, whether people just didn't qualify or simply didn't want credit cards. These days, just keeping your head above water with paying the mortgage/rent, electricity/gas, phone, groceries, basic essentials like toilet tissue, cleaning supplies, thrift store shoes, etc., you get my meaning are making it hard to save.

The price of gas has gone up. Yesterday, the lowest price in my area was $3.49 a gallon. The prices at the pump and in the grocerty store a tremendous drain on finances. A head of lettuce at my local grocery store is $1.69 and I can hold it in the palm of my hand and practically wrap my fingers around it.

Not all of us are fat and lazy, nor do we feel 'entitled'. We're simply on survival mode.

First the word 'liberal' was turned into a dirty word, even a slur and now it seems everyone is claiming that we all feel 'entitled', I guess that's the next dirty word/slur coming down the pike. Give it a rest, willya?

so the problem is us.

Speak for yourself. I work hard 6 days a week, have zero debt other than 2 car loans and a mortgage, don't have an endless amount of unnecessary bills and still have trouble saving enough to have a "nest egg" of any type, including small. To paint the entire country as fat and lazy is just an obtuse view of America these days. Hate to tell you but stagnant wages have been a problem now for about 25-30 years, it didn't just start because this generation is all fat and lazy.

Not all of us are fat and lazy, nor do we feel 'entitled'. We're simply on survival mode.

First the word 'liberal' was turned into a dirty word, even a slur and now it seems everyone is claiming that we all feel 'entitled', I guess that's the next dirty word/slur coming down the pike. Give it a rest, willya?

Exactly

Well said Shelby.

The groceries I buy haven't changed much... in fact with my daughter away at college I should see lower bills. I am not. Heads of lettuce, cuccumbers... all have tripled in price in my neighborhood. Gas has also gone up. It is crazy.

E

ps.. had a head to toe health exam a few months ago, and doc says I am not overweight either.. :) healthy body mass index etc... so don't be calling me fat either! (that comment was directed at Marshall)

Rodney... I remember that seed you did back then. General concensus was, as you said, very few could have come up with the money. Doesn't look much more optimistic now. but we can only hope.

I remember that article as well. That article began my practice of "family budgeting" in one of my classes. I was astonished to learn (from them) many young adults have no clue how to get started or steer clear of financial problems.

Well stated.

It is the concept of "consumerism" and perpetual spending that drives the US economy.

Free market capitalism is a short term "pipe dream" that thrives within a specific country before increasing standards of living and wages forces manufacturing overseas to exploit cheap labor.

There is a Better Way

If Americans started saving at the necessary rate to promote\support a comfortable retirement then the nations economy would decline.

If Americans started saving at the necessary rate

If peoples wages were increased to the necessary rates then perhaps saving some would be an option for more people? This "extra" money put into savings accounts or other financial vehicles would in fact bolster the economy and protect it from the short lived downturns and unemployment spikes.

Currently 30% of people who are eligible for a 401k, do not save using one. In most cases those 401ks include a contribution by the employer. That is walking away from free money. If you put in $5 and the business puts in $5, you are waling away from a 100% return on your money even if you put the savings in a government bond paying some minuscule return.

BUT some of those who didn't open a 401k also didn't take a 40% loss when the market tanked. It will happen again without a doubt and I don't want to be investing a bunch of money for my retirement and then lose 40% of it right before my retirement without enough time to gain back what I lost. Also I only wish corporate matching would match a 401k dollar for dollar hell I'd be happy if they just matched $0.75 to the dollar but that is few and far between. A 401k isn't the only way you can save for retirement. In fact I have never participated in the 401k because I don't like others doing group investments with my money. I like to be able to control what my money is invested in and not some catch all low return stock. You're better off investing on your own, choosing multiple risk level stocks, diversifying, and also get an IRA or 2 to pad any possible losses you might have to deal with along the way. A 401k is a good start to investing if you aren't the investment type but if you follow the market or have good advice about investments you would probably do better without it. Hey you can always diversify and get a 401k going if it bothers you to not have one but most companies now have such a low match rate that you might as well save it all by yourself.

BUT some of those who didn't open a 401k also didn't take a 40% loss when the market tanked. It will happen again without a doubt and I don't want to be investing a bunch of money for my retirement and then lose 40% of it right before my retirement without enough time to gain back what I lost.

That's a totally false argument, for most. You do not have to invest in the stock market unless you want to. You can invest, in most plans, 100% in government bonds. Your money is as safe as the government but the return is often very low. So you get to choose.

Also I only wish corporate matching would match a 401k dollar for dollar hell I'd be happy if they just matched $0.75 to the dollar

I've worked for some that only match 66% of what you put in, but from your stand point, it's still free money, instant growth in your nest egg.

I like to be able to control what my money is invested

I understand that for a few, they don't really have options, in that case, use the 401k, then when legal, move it to your own IRA. No penalties, and you can control it.

That's a totally false argument, for most.

Exactly. for most, not all.

My point in saying "for most", comes down to your last point. But it is legal to move your money out of a company controlled 401k and into a personal IRA, I think it's after 3 years. So if you keep doing that, then you have the control after the initial 3 years.

But then again, it may have just been an option in my plans.