63% of US workers unable to pay a $500 emergency expense, survey finds ( www.cnbc.com )

SocialMediaRefugee , 10 months ago

I still see LOTS of people with massive trucks, muscle cars and SUVs though.

CADmonkey , 10 months ago

Next time you see one of the fancy lifted “brodozer” trucks, pay attention to the tires. Often times they’re in bad shape, nearly worn out.

That’s because they bought this thing for $700 per month and never took into account that the fancy tires are $300+ each.

bob_wiley , 10 months ago

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dfc09 , 10 months ago

True, financial literacy is pretty lacking, but that’s more of an education issue than “their fault”

Most dealerships and banks will happily approve a loan that’s too high to be realistic. It’s predatory, I make $20/hr and got approved for up to $300k for a mortgage. I bought a house worth half that and it’s still a lot. Just feel like banks really shouldn’t let people sign loans worth 80% of their monthly income

escapesamsara , 10 months ago

Financially illiteracy is a point; but it’s not a point for 50+% of the US. Median wage is $50k/year, which is far too low to ever purchase a home, so they’re affected by the median rent being $1,383. which is half their net income.

socsa , 10 months ago

Yeah 63% seems way too high. The median wage in the US is like $50k. That’s not a ton of money, but half the population should definitely be able to find $500 in an emergency.