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High Income, Low Savings
Topic Started: Sep 21 2016, 04:14 AM (129 Views)
Axtremus
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HOLY CARP!!!
On a study showing a significant percentage of high income earners having very little socked away in bank savings accounts:

http://www.bloomberg.com/news/articles/2016-09-20/make-six-figures-there-s-a-decent-chance-you-ve-got-almost-nothing-in-the-bank

https://www.gobankingrates.com/personal-finance/data-americans-savings/

Not sure if it's really that bad because the study seems to only look at savings accounts, not checking, money market, retirement, brokerage accounts. Any one has any insight on how savings account balance generally correlates to checking/money market/brokerage account balances, please share.
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Larry
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Mmmmmmm, pie!
Why would anyone put their money into bank savings accounts?
Of the Pokatwat Tribe

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George K
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Finally
Larry
Sep 21 2016, 04:15 AM
Why would anyone put their money into bank savings accounts?
Because you don't have to flip it once a year like a mattress?
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Mikhailoh
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If you want trouble, find yourself a redhead
My shovel broke.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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Larry
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Mmmmmmm, pie!
I use a back hoe....
Of the Pokatwat Tribe

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Larry
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Mmmmmmm, pie!
And NO HO JOKES!!!!!! hahahaha
Of the Pokatwat Tribe

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jon-nyc
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Cheers
I have some money in a savings account. Not a huge amount, maybe a year's worth of expenses. It was earning 1.05% last time I checked.

In my defense, I was left unsupervised.
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Copper
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Shortstop
Yes, possibly for short-term expenses (maybe 6-12 months of cash) and FDIC insurance.

The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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Mikhailoh
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If you want trouble, find yourself a redhead
jon-nyc
Sep 21 2016, 05:34 AM
I have some money in a savings account. Not a huge amount, maybe a year's worth of expenses. It was earning 1.05% last time I checked.

Same here. It is important to have ready cash.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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