Why are Americans so poor?

Not living with their parents with zero bills.

inflationary economy discourages savings and make people spend the money they have senselessly on stuff they don't need so they are forced to work more and product more stuff other people will buy and won't need, thus increase the gdp

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heh. 69

>2018
>having a savings account

oh yeah love me some 1% interest baby! What a fucking joke

>you must be at least 18 years old to browse Jow Forums
reported

Not everyone keeps excess money in a savings account. Smart thing to do is have a line of credit.

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Not really, the truth is that most people have no restraint so they just buy useless shit. If people were logically thinking about inflation they would be investing, not buying things they don't need.

global rule #7, section 2, enjoy

its partly this
i'm guilty of it to an extent but there are people that literally save 0% of their income to buy endless Nike and Apple shit

that, combined with fast food addiction, health care costs and overall low wages

I setup a line of credit with bank in Austria, and have a huge debt with bank in Cyprus that I used to hide crypto gains.

I have these payments to make but as long as i hit them the interest is

why do they always ask it like this? Why not ask what your net worth is? If people read it literally it'll hardly be an accurate reflection of anything meaningful.

>smart thing to do is to be in debt
lmao

net worth, excluding mortgage debt, for example.

having debt is objectively better than no debt if properly managed.

>prefers liabilities to assets
let me guess you're american

You pay it off monthly and have your excess money in investments. The "Emergency Fund" meme is a lie started by the banks so they can use your deposits.

No it's because I understand economics. If you can take out a loan and pay 5% interest but you know a way to get 10% return, it would be foolish to not take on debt.

>what is time value of money

or you could just make returns on money you actually have and pay interest to no one
or you invest it or use it to buy real estate
>what is choosing to be free of the bank's cock in your mouth

just buy less and save more

those are just the non-whites & rednecks

the average white american is richer than the average white europeon

Hey if you want to pass up free money just because you don't like jews that's your choice. But it's not economically rational.

>he doesn't mention risk in his analysis
Not gonna make it.

>free money
theres your problem jimbo

I'm obviously aware of risk. I just condensed it all under "knowing a way to get x% return" to make it easier to understand. apparently it was still not clear enough for some people.

Then why not just take out infinite amounts of loans, if it's so easy to get higher returns doing some mystery activity than the current interest rate.

that's actually the logical thing to do if you are certain you can get higher returns.

also I never said it was easy. Such situations are pretty rare.

>certain you can get higher returns
if you are certain you can get higher returns then you must be smarter than warren fucking buffet because not even he would be so arrogant to say something like that

>certain
therein lies the rub, nothing that beats interest rates can have 0% risk

>Everything here is freaking expensive.

I bet you've never traveled outside the US. Almost everywhere in the world besides third world shitholes is even more expensive

just for you because your USD is so devalued from hyperinflation

How am i doing lads?

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I have $0 in my savings. All my money is in crypto because I'm a poor law student.

Are you 80?

no im 30. i also have like 70k in crypto. im waiting for marketcap to get in the 200 bill range and il go in heavy.

Logically, if they weren't buying shit they don't need the consumer economy would collapse.
Certainly, most of them aren't smart enough or just don't care enough to think these things through, but they're all betting on the government taking care of them later in life as justification for the exorbitant taxes and inflation they're dealing with now.

why do you have so much cash sitting around doing nothing
you could be making at least 5% safely, probably more

>you could be making at least 5% safely,
where?

t. man who has 350k in cash awaiting the global stock market crash

Average wealthy retard who didn’t earn it

i dont want to keep my money tied up and have to pay a penalty when i want to withdraw it. plus im waiting for the housing market and current crypto market to really crash so i can scoop both up for cheap but 120k isnt that much tbqh

>1%

It's not even close to that now.

lmao wtf download robinhood and invest it for 10%+ annual gains in safe ETFs with no fees

This
Savings accounts are basically petty cash for spending, everyone uses checking for their real savings, and even then has most of their net worth in investments (at least beyond the youth years).
Also I wonder about these people who say they have $0 in their savings accounts. Are they kids? Are they people without such accounts? I have literally $10 in my savings to keep it open. The rest is in checking.
If they’d have stopped at “how much money do you have saved?” The answers would be different.
Nigger, it is supposed to encourage investment which achieves both economic growth and giving you a shield from inflation, plus a little extra return.
But you’re not wrong about the consumer culture.

lol wtf are you talking about
why do you need $126,000 in a chequing account
do you shop for designer clothes on a daily basis?

il look into senpai. whats a good etf

>Then why not just take out infinite amounts of loans

There's this thing called a credit history...Nobody will loan to you at a certain point.

anything MSCI World based with low fees

its retarded having $100k in a checking account inflating away

Stupid about our spending habits

keep missing the gains zerohedgetard

>the consumer economy would collapse

And a far better economy would take its place.

>housing market collapse

Probably not going to happen anytime soon in US. Canada however is just starting theirs.

where do you get that figure? I need to see the books

honestly im waiting for crypto to crash about 50% then im going to buy
lol no. i havent bought clothes in years. i get t shirts for free from work and i wear the same pants everyday.

>it’s same pants every day guy
Pic related, $10 you’ll have 10 pants

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Jesus Christ... its never going to 4000 again. The bounce from 6400 to 8000 should have clued you in. You MIGHT be able to get 8600 but no promises. Although I am not convinced its going to 20K the rebound seems really weak. I wonder if shorting and futures will keep it from ever having a weeklong gain spree.

Honestly, just between you and me I'd buy Twitter stock that shit is going to the fucking moon and its way safer of an investment rn.

Hmm thanks
Appreciate the tip. Il look into it

>Why are Americans so poor?

Zero practical financial education. Literally end up leaving compulsory high school and accept absurd debt instruments amid of bunch of lies about their future earning prospects

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I get 1.5% from my Ally savings

I have less than ten grand in it because most of my money is invested, 150K in the stock market, 75K in bonds, ~1 million in crypto

but I guess I have "only" 8K in savings so I'm not even in the top according to OP's chart

1 in 20 americans is a millionaire btw.

just shows how dumb most neets are..

fug, thats actually correct

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there's no reason why public schools don't teach basic finance and money management.

Because they don't want you to know it.

>The rest is in checking
I hope you're getting good features from your bank for that? I like the 1.5% apy feature of a money market

>savings account
My net worth is 300k and I never considered putting money in a savings account. They are scams.

>there's no reason why public schools don't teach basic finance and money management.

No reason, because reason and logic was abandoned as the basis of education.

Logic was considered basic curriculum for children around the world and in America until approximately the 1960s. Some of the explanations for its disappearance included:

1.Logic is hard. (esp. for people who were never brought up to think using it)

2. Most of its students were men, and teaching is dominated by females.

3. People who knew logic were hired by high paying jobs such as cryptography, which eventually brought us Bitcoin, blockchain, https, and the modern internet.

Logic's importance to straightforward rational analysis made governments and religions nervous; many philosophy departments around the world were shut down by religious AND secular administrations, for example, across much of the muslim world, and by governments, among much of the capitalist and communist regimes, throughout the 20th century.

At any rate this created a generation called "X" and later, "Millennials" whose common life experience would be emerging from their education completely incapable of reasoning and in the delusion that the facts which they were taught to memorize had no relation to the reality they faced.

So why would you teach a kid who you don't respect enough to teach how to think, and instead, force them into a sorting system for social status placement, punish them for struggling with mathematics, torture them with uninteresting so-called facts, and reward them for memorization. There is nothing about "school" which is good; it is all tyranny and control perpetrated against the weakest and most vulnerable. They teach you to be a slave and prepare you to serve a master.

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I don't have 1k in savings. I have all of it in stocks, mutual funds, etf, wealth simple, crypto, gold and real estate.

Savings account gives around the rate of inflation. Waste of time. It's not like boomers time where savings was around 10% per year.

What books would you recommend for beginner logic/reasoning?

People feel the need to rent a 400k house and lease a 5 series on 50k a year

we spend all of our money on monthly fees to maintain our massively superior overall quality of life, dirtworlder.

Because a few people have almost all the money. If you're rich the US is a great country, if you're poor it's a shit hole.

>Has 130k in checking
wtf

pretty much this.

Cheapest / easiest is probably an older textbook.

Its forgotten black arts. Kahane is good. A decent library will probably have some deep in the stacks.

amazon.com/Logic-Philosophy-Introduction-Alan-Hausman/dp/113305000X

... but I wouldn't pay those prices

It will appear at first as a sort of language mathematics. The practice of it requires solving proofs. Through practice you develop a feel for it.

im partially retarded. checkem

Central banking.

Abolish it now!

i have $0 in savings accounts, but about $1m in other types of accounts

Pro tip: use the name of the book and filetype:pdf in a google search to get it free

Capitalism. All money flows upwards in a pyramid direction to the smartest and best money makers until they have all the money and everyone else is left with nothing.

Fake and guy fuck off Americans are ballers

whoa buddy, pay those debts

Next you'll tell him to eat less and move more to lose weight. Let's be realistic.

I have 0 in savings too. I have a checking account and crypto is my savings.

kek

The public schools near me are full of gangs. The school system can barely get half of kids to pass state mandated exams in English, Math and Biology. I'm not against personal finance being taught in schools, because in all honestly you're completely right, but there are way more serious issues at hand that should be addressed first.

Freedom ain't free. Gotta spend the big bucks to get enough freedom food to gorge on my freedom, mmkay. Gotta make sure my freedom tenement is paid for.

>tfw top 15%
>tfw living with parents accomplished this
It's a mixed feel.

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>t. trust-fund kid

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I can never build my savings, but I started investing like a madman into crypto and I started some pretty good 401k contributions too, and I won't be touching either one no matter how bad I think things are

literally not an option

I can't get my savings account over $200, I always find a reason to spend it and I say "oh it's no problem I'll get that and then some back in there eventually..." but crypto? unashamedly dumped $4300 into it since December and cashing out is not an option