Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#1
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How much does the Average person have in the bank???
Percentile of Income Average Usual Annual Income
90% $245,400 80% $153,100 60% $91,900 50% $73,400 40% $59,500 20% $34,600 For 2022, those in the 90th percentile made about $245,400 on average. Percentile of Income Average Bank Account Balance 90% to 100% $111,600 80% to 89% $33,800 60% to 79% $15,760 40% to 59% $7,400 20% to 39% $2,550 Less than 20% $900 Source: Federal Reserve Survey of Consumer Finances.
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Identifying as Mr. Helpful |
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#2
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So no investment, just straight up savings interest.
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#3
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Wrong question. Most wealthy people don't keep money in banks. That is one of the worst places to store your wealth.
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#4
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Correct answer is, not enough.
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#5
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Agreed
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#6
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i told my kids ,i dont have $10 in the bank. and thats the truth
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#7
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For instance, I had Sun Trust during the housing crises, and sat on it for a year, as it slowly imploded (along with Phillip-Morris, Enron, etc, etc). I stupidly believed their balance sheet, which said they had enough cash in the vault to cover all those high-risk mortgages. I don't know if they did or not -- I suspect all balance sheets are just the lies for the rubes. But in the end it made no difference. The day I opened my 401K and realized that I no longer had enough money left to pay off my own mortgage, the scales fell from my eyes. I went to cash, increased my savings rate to 20%, and retired a millionaire 10 years later, just from the money I DIDN'T lose in the Wall Street Casino. If anybody actually knew how to make money in the stock market, you would be able to buy an annuity from the "experts" at any 100-year-old insurance company (having survived countless recessions), that would guarantee the stock market's average 10% return, in exchange for a cut of whatever you have left when you die. Know anybody offering that deal? Me neither. Some folks can make a living in a casino. They're not called "winners", they're called "dealers". |
#8
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The question is how much the AVERAGE person has in the bank. I worked with average people for years and they were one paycheck away from bankruptcy and eviction. The experience here is not average across the nation.
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#9
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Apparently average people are not willing to spend 5 minutes and buy 4-week Treasury Bills to meet their emergency spending needs or credit card bills.
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#10
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Though it's interesting, I'm not sure what the initial topic suggests.
I see it as safety vs returns, which you choose depends on your needs. Banks are not the only safe place to store your funds. At the end of the day each individual has to decide what is the best path forward. My suggestion is to sit down and do your homework. |
#11
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#12
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There was always money in the banana stand
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#13
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#14
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#15
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You have to get a life!
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Closed Thread |
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