Posted on 08/26/2014 3:51:12 PM PDT by SeekAndFind
Count yourself fortunate, or something, if you’re among the 48 percent of Americans who can cough up a spare $400 in emergency cash without having to beg, borrow or steal.
According to a Federal Reserve report on American households’ “economic well-being” in 2013, fewer than half of all Americans said they’d be able to come up with four Benjamins on short notice to deal with an unexpected expense.
The report, released last week by the Board of Governors of the Federal Reserve, indicates a disparity between how Americans view their financial situation and the reality of where their finances actually stand — a signal that the recession of the late 2000s fundamentally altered the concept of doing well for many, as well as an indication that the subsequent recovery may yet be more nominal than real.
Under a section titled “Savings,” the report notes that “[s]avings are depleted for many households after the recession,” and lists the following findings:
* Among those who had savings prior to 2008, 57 percent reported using up some or all of their savings in the Great Recession and its aftermath.
* 39 percent of respondents reported having a rainy day fund adequate to cover three months of expenses.
* Only 48 percent of respondents said that they would completely cover a hypothetical emergency expense costing $400 without selling something or borrowing money.
Obviously, an enormous financial gulf separates the 39 percent who can live for three months off their savings and the 48 percent who can’t even come up with an extra $400 on their own.
“Overall, the survey found that many household were faring well, but that sizable fractions of the population were at the same time displaying signs of financial stress,” the report observed.
(Excerpt) Read more at personalliberty.com ...
Unless that 6 banger was swapping holes with the pistons I would have turned up the radio and headed home. Just saying.
That sounds exactly like something I would say to my girlfriend just to see the look on her face!
“Call me if you have any trouble. Oh and uh, can you drop me off at the airport? My flight leaves in two hours...”
Max-where do you live?
Most of the welfare queens spend that much a month on hair and nail appointments.
True, but it can be even more expensive when you do!
And I just realized that I have never bought a refrigerator before. Mine is rather old. I hear the new ones connect to the Internet.
Maybe it was a rod knock and the poster mixed up the terminology?
I had a rod knock once. Figured I could coax it home. Maybe made it about ten miles from when the sound started to when the engine locked up. Fortunately I was able to coast downhill for another ten miles and then got a ride for the last five.
Yeah, rod knock would be another story, but the principle would still apply. If the engine’s toast, extract whatever miles remain to save money on yours and the car’s transportation home. You have nothing to lose.
I had one of those coasting experiences once. Lost a timing belt at the top of a long hill and coasted 12 miles to the first exit, then coasted to a stop 50 yards from the exit! Wanted to get it off the highway because the cops are more likely to tow if you’re on the highway. Go figure. Still worked out fine.
Perfect. Then they won’t be taking to the street, if say, the dollar collapses.
We had crushing medical bills...
Agreed. My wonderful wife has 2 chronic medical conditions and it's all we can do to keep up with that. Our only "extravagance" is sending our youngest to a parochial school. No vacations, no cable TV, etc. We could come up with $400 but it would put a dent into our budget.
I understand only too well.
On the 17th we had our back door kicked in and we were robbed (someone “watching our house, knowing we had ALL left) ..still reeling from that, but door must be replaced (along w/doorjam—damaged door is just “fixed” nailed—into place til new one is purchased). Due to the break in, nerves on edge here so we NEED a wireless (most affordable) alarm system (right now we are at about $800ish for door plus alarm) and we had to replace two Jeep front tires days later (another $380).
Bought tires; door to be purchased and picked up, installed by son in law next weekend; and oldest son has argued w/dad and INSISTS that he IS ordering the system and it will just show up. But w/o their help I would have to add in door delivery (sil has a pickup truck and is handy) and installation (another couple hundred).
It’s just stuns me how when it starts to rain, it can soon turn into the monsoon season. And those who have sun are really quick to judge those of us getting wet...
:-/
Feel need to clarify—we are buying the door; sil picking up at the store and installing. Hubbies and I are quit emotional over the help being sent our way.
I suspect that the mysterious “unexpected expense” in question is bail money.
“two weeks total in the hospital after a 100% blockage of his LAD “
Well. I know you might not feel this way, but you might want to count your blessings. That lesion is referred to in the ER and Cardiology as “ the Widow Maker”.....
Believe me...I DO know how blessed we have been. And I did give thanks for the amazing skill of the cardiologist (and his PA) who were staffing the Cath Lab (at a small suburban hospital) that i took my husband to.
The skills, knowledge, and stress level that those professionals work under to save lives daily DESERVES the high incomes they make (and then some)...and despite the BS claims of the left, at no time did any hospital staff stop and ask “how are going to be paying for this?”
I am 67 years old. Since I was 15 years old there has never been a time that I could not come up with $400.
Just now listening to an interview with Adam Fergusson who wrote a book called When Money Dies. It's about the Weimar Republic inflation. If the disaster comes in that way, you'd best have your 6 months savings in gold or chickens.
Last time I went fridge shopping, there was a huge range of prices. You can get a workable, small, fridge for a few hundred bucks, on up to many thousands for ridiculously fancy ones. You might check the want ads. People often sell their old refrigerators when they move into a new house and the wife wants all new appliances.
... the REAL WORST part was emptying out that frig... it was like science experiment gone bad in there
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Can identify with that! My fridge died March 31 this year. I’ve cleaned out part of it, but the odors on the freezer side are horrible. ...I guess I need to do what the detectives do on shows where they go in to view autoposies; put some mentholatum just below my nose and finish the job.
The fridge was large and bought in late ‘80s. I’ve been single for 19 years and will buy a smaller unit. ...Meanwhile, I just buy a couple of bags of ice and use a large Coleman ice chest to keep milk, drinks and a couple of food items cold, while eating more from fast food places and from canned goods.
I don’t believe that so many people don’t have $400 for an emergency expense. Their problem may be that they use credit cards for everything. They should cut up their cards! ...I use a credit card only for paying an annual subscription fee online and for my monthly ISP fee. Everything else I spend is by cash only, and that greatly reduces the chances of someone getting my numbers and wiping out my accounts.
what the heck is “piston slap”?....sounds perverted....
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