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TelecomFreq
User Rank
Platinum
Re: A Long, Dark Tunnel
TelecomFreq   7/27/2012 10:11:56 AM
NO RATINGS
@Street Smart, I have to agree that the economy is a scary place, but not as scary as the way some people treat their savings. I am at an engineering conference this week and I was having a conversation the other night with a few other engineers, and one of them was telling me he lives pay check to pay check and has no savings and thene explained to me all the debt he is in. I just find it so crazy that he can be living on the edge money wise. I think a lot of these issues come down to spending, and more spending.

Street Smart
User Rank
Platinum
A Long, Dark Tunnel
Street Smart   7/27/2012 9:38:25 AM
NO RATINGS
@Noreen, these figures are truly depressing, though you've certainly done your best to bring some perspective and levity to the situation.

"Oh, and one more tidbit for your 'well, duh!' file" is a phrase I plan to borrow early and often!

But the whole economy just gets scarier by the day, doesn't it? And I for one, don't see any relief in sight from whichever of our "lesser of the evils" presidential candidates gets elected.

So, what to do?  Why add a couple more items to the "Well, Duh" file of course!

Well, Duh #1:  According to a CNN study, 64% of Americans lack the means to pay for a $1,000 emergency expense, but only 17% of survey respondents would be able to borrow the money from family or friends.  Only 12% have something they could sell or pawn.  That's not a razor-thin margin; that's NO margin.

http://digitaljournal.com/article/310235

Well, Duh #2:  "Just Keep Working" is the new retirement strategy.  In the last three years alone, the number of workers over 65 has increased by 22% according to the Retirement Fitness Mass Market Report conducted on behalf of Wells Fargo by Harris Interactive. Twenty-five per cent of wage earners making less than $100K per year say they'll have to work until age 80 to afford retirement.

http://www.benefitspro.com/2011/12/07/just-keep-working-the-new-retirement-strategy

On a positive note, it's Friday!  TGIF?  Well, duh...

 

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