half of americans have no savings.

24 Apr

london 9.43am

47% of americans could not pay $400 emergency bill. it was from a survey. it surprises me. almost half  have no savings at all. one of them gave his story .

he is a writer. he made a series of bad mistakes ( he gave up a rent controlled flat in new york to buy another one… and then find he could not sell it later because the co-op management kept refusing his buyers).and choices that turned out to be trying to keep up with the jones. he said he don’t keep up with the jones, and then in the next breath says he wants his children to be like the others, and not feel left out… in other words, keeping up with the jones.

 he got two girls. they drained him of money.(firstly by making his wife give up her work and her income, and then pay for their private schooling,his choice… and later their university costs,  paid for by the parents but that means no inheritance from them when the parents died. ) and those girls turned out to be bad investments. they  didn’t earn enough later to pay him back. or never been told that they need to earn money to pay him back, because   he never told them he needed their money. and how would they ever know he is struggling, when he always gave them that impression; and  everything comes so easily to them. to the children their parents must be loaded. in his article he never mentioned asking the children to help pay his costs. why? nor do the children give him any money when they started earning… children wont give money to the parents if the parents give them the impression they are well off and dont need it. he said he had to borrow money from his daughters… why borrow? ask them to give him the money, for gawd’s sake!!

i think this viewpoint by another blogger practicalfrugaliving has a point. if he had a frugal mindset he would not be making all those choices that make him dig a deep hole of debt for himself.  to have half of the americans having no savings, and living like that writer , is astonishing to me.

i wonder whether here in uk, half dont have savings too. though we have the nhs, so any life sickness wont make us bankrupt as it can do in america. and most of us dont need to pay for private education. and university is not too expensive yet. 

Digital StillCamera

Digital StillCamera

found this pen in the library. rather nice looking pen.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: