>the average American has less than $1000 in their bank account,

You forgot that brand new car on finance for 7 years.
Everyone I know on facebook as soon as they graduated and got their first pro job, first thing they do is buy a brand new car.
Shit I'll still be rocking my 2002 TDi until I die.

>>1874401
Every single American also owes...$61,342 in federal debt.

That's not a fucking typo.

I have 10 btc net worth basement dweller no friends because I am an ugly virgin. At least I am more financially accomplished than the average american albeit underdeveloped socially because of 10 yrs of 4chan autism

>>1874401
this is a good thing.. More people to pump the economy.. If everyone was a miser, there would be no one to make money off

100k in debt I can't even go out anymore work 50 hours a week to break even live with parents. Filing for bankruptcy monday

>>1874401
Schools don't teach basic personal finance and instead pick up bad habits from their parents. Instead they are blasted with ads saying they need a new car, they need to buy that $10,000 dollar ring or she won't love you, you need to pay interest on a credit card to build credit (which is wrong), etc.

All of which is awful advice and everyone has a keeping up with the Jones attitude and it's pretty easy to see why.

>>1874407
Holy shit are you me? A lot of my friends got jobs at GM right after graduating and got brand new chevrolet cars.

I'm still driving my ford ranger 2001 but that's just because the thing won't fucking die. The only check engines I get are from a sensor that gets disconnected from a broken plastic.

>>1874419
Yes that's our indentured servitude to boomers

>>1874401
>having more than $1000 in an investment that's guarenteed to lose 3% a year to inflation (your bank account)
Fucking idiots is right OP. That number should be 0.
>not having outstanding credit when your returns are higher than the interest rate
It's free fucking money.
Can't justify the high spending though, goddamn degenerates.

>>1874460
I want to hear this..
How did you get in to that situation?

>>1874467
It's really not that hard, my previous boss had 200k in debt because he used school loans to buy cars and pay rent.

>>1874468
Lmao someone I know used his loan to buy more Google and Amazon stock

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>>1874407
>not wasting 200k on a new car during the most financially vulnerable part of your life

Too much cool shit to buy over here. And the massive overload of advertising

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I don't even understand this shit. I make typical money for my field and I still can afford to pay my sister's way through med school while living my basic spartan life. But then I see peers who make the same or more than me struggling with debt and buying frivolous shit.

>>1874493
wut. How can they be that dumb?

>>1874458
If everyone were a miser, prices would drop and capital/industry/employment would shift from consumption to investment.

It would be, as the Silicon Valley types say, "disruptive" but if you can produce X + Y, not frivolously demanding X lets you produce 2Y.

>>1874622
If it was anything past last year, they had a positive roi

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>>1874401
We are living memes. I didn't think we were, I thought other countries in Europe are just as bad. But American normies are walking memes.

>>1875169
If you want to compare with other countries in Europe, you want the stats for white Americans.

The 20% who are Hispanic can be compared against South America. The 15% who are African Americans you can benchmark against Africa.

By that standard, the United States is Norway/Switzerland-level prosperous.

>>1874401
Also, you should have
>$0
in your savings account. Maybe a few hundred in checking. Savings accounts are literally for children to teach them about saving. Seriously, think of how useless a savings account actually is.
>oh lemme transfer money more than a few times this month from checking
>oh shit can't forgot about 9/11
>oh let me actually use this money
>oh shit I have to drive to the bank and withdraw
>oh let me not lose money due to inflation every year
>oh shit can't

>>1874401
All of these things apply to me.

Money exists to be spent and I like to have fun.

>>1875212

I have a savings account to prevent myself from doing dumb shit with my money lul

>>1874463
>>1874407

Many well accomplished multi millionaires that drove there same old Honda Accord like sedan well into their first few millions. It's easy to chase the nice car when you get some money, but hilarious the number that think it's a sound investment. It's depreciating before you get it off the lot.

Keep your car til it dies. Invest that car payment or save it for some propety.

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>>1874421
Nah, you just transferred your verbal social skills in hieroglyphics and memes. You're ahead of the curve, my man.

>>1874401
>what the fuck is wrong with these people
The better question is, what the fuck is wrong with you? I'd expect at least a little basic understanding of statistics from a /biz/-poster.

The savings are inflated by the rich, the credit card debt is inflated by the poor, the spending on a night out is heavily inflated by the rich and middle-class. Those are averages, fffs. In all likelyhood it's not the same people who have crippling CC debt that blow 100 bucks a night on drinks and food.

>>1874465
> Not having an emergency fund
> Not understanding that if a crisis happens all you'll have is debt
I'm surprised, I thought all you idiots already jumped off of skyscrapers

>>1875265
>emergency fund has to be stored in a savings acct

GOOD GOY

>>1874419
Federal debt is irrelevant.

>>1875284
Real question: whats the *safest vanguard fund to keep emergency fund in

>>1875329
Jnug

>>1875329
Up to $5500 a year in your Roth IRA's money market account, in case you're not already using that space.

Then you can withdraw the contributions in the event of an emergency or, as your earnings increase, convert the otherwise-wasted-space from your earlier years into stock.

The average German has 60000 EUR in personal liquid assets.
The German national debt is 25000 EUR per person.
We could pay off all of our national debt and the average person would still own 35000 EUR in liquid assets.
Our politicians talk big of how "we're in this all together" but if they really meant it, we'd be debt-free tomorrow.

>>1875385
Do you have breakdowns by actual German vs Gypsie vs Turkroach?

Similar to https://www.census.gov/people/wealth/data/disttables.html

>>1875418
Someone should give Slovenia a medal.

BIZ isn't average Americans, lots of us have our savings in a meme coin that will fly up in value soon, like milocoin for example

>>1875398
All I could find are statistics on monthly income and, unsurprisingly, immigrants tend to have low paying jobs.

>>1875375
What do you mean by Roth IRA's money market account? Are you saying put it into your Roth IRA and then invest in money market funds?

>>1875455
Yes. That way your $5,500 stays $5,500 (plus a little interest), is accessible any time, same as a savings account, but also reserves that tax advantaged space for later years.

>>1874462
I'd argue it's not the school's place to teach that, same as you shouldn't rely on a teacher to point out that drinking a half gallon of sugar water a day might be bad for you, or that sex can result in children. Parents these days are far too happy to delegate fairly basic life skills to already overworked educators. If an adult honestly doesn't understand that if you spend more than you earn, then you're fucked, that's their parents failing.

>>1875469
So it seems like slightly more risk than an FDIC protected savings account for not much advantage? what do I have wrong here?

>>1875169
I don't get it. They're both wearing belts. And theyve deliberately set the belts too loose. What the fuck is wrong with niggers.

>>1875511
Agreed that it's not the school's place, but

>"educators"
>overworked

Kek

>>1875537
>more risk
If you're banking at a small bank that goes under, yeah, the FDIC steps in and helps.

If a money market account dips under $1/share, the entire financial system is completely fucked anyway. That's called "breaking the buck" and averting it was one of the reasons for the 2008 bailouts & Fed intervention.

Again, the advantage is down the road you can buy an extra $5,500 of stock with tax free dividends and gains.

Also if you're a poorfag, claiming that $5,500 will earn you some of that retirement saver's tax credit.

>>1875557
By the way, if you're like "why don't more people do this or know about it?", the overlap between "people just saving up their emergency fund", "people not hitting their IRA limit", and "people who understand what money markets are" is essentially nil.

But hey, it's more interesting than hearing "pay off your credit cards lol" for the thousandth time.

>>1875455
if you contribute money to your Vanguard Brokerage IRA, you can put it directly into the settlement fund, which is the Vanguard Federal Money Market Fund, VMFXX.
The SEC yield for it, by the way, is 0.53%, which is worse than a typical high-yield savings account of 1.05%.

>>1874401

You ever think that people already know they're on a sinking ship and wanna yolo?

>>1875557
I like my I-bonds for my emergency fund. Variable rate is 2.76% APY right now and it looks to stay high due to inflation. 3 mo early withdrawal penalty means funds are very liquid. Earnings are tax deferred too...pretty sweet.

>>1875511
You just argued my point for me.

If parents are failing someone needs to pick up the slack or we get even more white trash and niggers.

>>1875385
Isn't German Central bank going to explode and fuck everything up soon?

>>1874460
Friendly reminder that bankruptcy does not wipe out student loan debt or even lower the rate.

>>1877781
Deutsche Bank is not the German central bank, it's just a bank. Common mistake.

(The central bank for the Euro is called, funny enough, the European Central Bank)

>>1877804
*half of the time

>>1874407
2002 Jeep Grand Cherokee checking in. I'll get a new car when the gas savings cover the monthly payment. I don't commute anymore because I WFH so that will probably never happen.

Maybe I'll buy one when it's 10% of my networth. If I want a 40k car I better have 400k in the invested. Probably not though, fuck cars, what a waste of fucking money.

plebs will be plebs. it's the natural way of things for good and bad. a society were everyone is very intelligent and rational wouldn't work out as well as you'd hope it will we're not worker ants

try to make big money so you could live with people who aren't complete morons

>>1874401
It's how we are conditioned. Surprisingly hard to break free from it also.

Fuck i cant wait to quit working...

>>1874462
Yup.

Living like broken white trash is hard when u break 70k bit is turning into one of the best ideas we ever had.

Gonna be rich soon anon!

>>1875236
Yap. Or never let it die. 1985 and counting. My old bigblock powered shitbox will spend the rest of our lives together god willing. Almost got an all roller blower motor built.

U wanna blow money like an autist get into hotrodding or racing.

Fml...

>>1874401
Source? I believe it, but I'd like to see what other tasty tidbits are in there that I can feel good about.

>>1877804

It is very difficult, but it can happen. I read a bankruptcy court decision discharging US student loan debt, but the lady had a chronic medical condition that prevented her from ever working full-time.

>>1878481
Do hard mode. Compare against the census wealth quintiles: >>1875398

>>1875542
>questioning nigger behaviour

>>1875212
You dumb nigga? You really should have at least 1 month of expenses immediately liquid/available (as in, NOT a 5-day ACH away).

I personally keep $3k in a savings account linked to my checking, have a couple grand of float in my checking (varies, depends on when bills are due & when I get paid, etc.), and have an auto-withdraw of $1500/mo that goes to my investment accounts (spread between my 401k, ROTH IRA and my taxable account).

Then again, I probably make significantly more money than you, so my spending/saving/emergency fund habits would necessarily be different.

>>1875375
>Roth IRA's money market account
What's the point of investing $5500 a year if you're just going to leave it in a money market account?

Requesting the flowchart that shows in what order you should be saving, investing, etc. Seen it posted on biz the other day, can't find it now. Thanks anons

>>1878532

All of my checking account plus most of my credit limit (via direct deposit) is in mETH right now.

I make 32k and my parents make jack shit and I live alone.

Check your privilege.

(I'm currently at a 60% ROI with mETH, which is more money than I've ever made at once in my life. I'm nearly 23.)

>>1875179
>The 20% who are Hispanic can be compared against South America. The 15% who are African Americans you can benchmark against Africa.

>if we use mud hut and slums as our benchmark for 35% of our population - we come out on top!


Great thinking braah

>>1874463
>A lot of my friends got jobs at GM right after graduating and got brand new chevrolet cars

They must have gotten shitty jobs there. Exec jobs get you a lease car for pennies.

I cant help but feel bad for the people who are hundreds of thousands of dollars in debt due to unfortunate accidents or diseases they are born with. Its really fucked up.

>>1878546
So that in later years, when you're contributing your $5,500 a year (or whatever) to the Roth IRA and still have money to invest, you can 1) put that extra money into a normalfag savings account then 2) switch an equal amount of your Roth money market into Roth stocks.

Hence "reserving tax free space".

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>>1878658
This one? Spoilers: it's from reddit.

>>1878751
I mean, if we throw in the net worth of dogs and cats, our numbers would look even shittier. But it wouldn't tell us how well /biz/raelis should do in the various economies or which culture encourages wealth building more.

>>1878751
>>1880485
Of course, The Atlantic reminds us we shouldn't be too harsh: https://www.theatlantic.com/business/archive/2017/03/shapiro-racial-wealth/520098/

>>1874407
>2002 Tdi
These things are tanks, they never die

>>1875310
It is because of inflation.

>>1874407
My housemate is like this and doesn't even realise. Gives shit to my friend who just bought a $16k car on finance (I agree, stupid) yet he is looking at $40k cars to buy as soon as he graduates. Probably why I have more money stacked away than him even though he works a lot more

>>1880614
That being said the average net worth of my 5 closest friends all of whom are students with normal parents is about $20k

Im 250,000 in debt.... so

Saving while 18-25 is a meme. Your first real job will make more in a one year than all the penny pinching compound interest will. That said you shouldn't get in debt either

>>1880773
>denying the 8th wonder of the world
Leave this board and never return

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>>1878658
Here you go lad.

>>1874407
1999 honda civic master race reporting in

>>1874407
>>1874463
>>1875236
I still drive my mom's old car that she didn't want anymore even though I'm now making about $80k a year. Shit runs fine and it's not a bad car. 05 Sebring, wouldn't of ever bought it with my own money but shit feels good not paying 300-500 bucks a month on a car payment like most of my colleagues do.

One buddy of mine got a fucking brand new dodge charger valued at $40k and that mother fucker only been working at his professional job for like 3 or 4 months. Even though he had an old pontiac that still ran fine.

I'll get a nice car when mine dies, it's still got another 100k miles in it probably so I'll just keep investing my money until it happens then probably still buy a used car because fuck losing 25% value of a new car right off the lot.

>>1880838
So for someone with no current living expenses besides a vehicle payment who has a 3-6 month emergency fund I should

>max my employer retirement account match limit
>pay off vehicle payment
>use extra money for investments

Or should I use extra money for another retirement account and invest the remaining not essential expenses?

>>1880876
Always match their match is free money
What's your interest rate on your car loan?

>>1880900
Like 4%. It's not crazy high.

>>1880876
ALWAYS match that shit to the max limit. It's foolish not to.
>>1880941
I would pay off any debts unless you are confident you can make more with the money by investing in stocks or trading forex or something.

I make well over that monthly with my stock and forex trading but I also invest a lot of time into researching the market and reading charts to see what's going on and sometimes do some risky things that more than often end up paying off for me because of how much time I invest into it.

Also, long term loans can be beneficial to leave open if you need to improve your credit score. It's different than paying off your cc bill, which you should always pay in full each month.

Though 4% seems kind of high in my opinion. I can get a car loan through my credit union for less than 2%.

>>1880985
I can probably refinance this year to 2% but I didn't have crazy good credit. Not bad but not great. I'm not great at investing and currently only play around with a few bucks on robinhood so I won't be making more from that. I do have good money saving habits since I have no living expenses and don't buy needless shit I save like 50-60% of my income and don't know what to do with it.

>>1881022
>Saving 50-60%
Noice. Focus on income and index funds (Vanguard Target Date Funds to start) and you can retire in like 15 years.

>>1881032
I don't want to retire in 10-15 years though. I do want to be a millionaire by retirement though so that's my long term goal.

>>1880838
Thanks anon.

>>1875418
Fuck in glad im an Australian

>>1874401
>>the average American has less than $1000 in their bank account, over $900 in outstanding credit card debt, spends an average of $80-$90 on a single night out, and goes out two nights a week

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>>1874401
>>the average American has less than $1000 in their bank account, over $900 in outstanding credit card debt, spends an average of $80-$90 on a single night out, and goes out two nights a week

gotta get muh hair did

>>1881080
What's with the insanely high debt level?

Is there some banter-filled game where you bid up your mortgages or something?

>>1881022
>>1881032
Nah fuck vanguard funds. Put more in robinhood and get you some winners. CARA is about to take off once they release data later this week or next week. Look at what happened to NKTR today and that is what is about to happen with CARA. I got in at $14.50 and it's up to around $16 now but that shit will hit $22-$25 dollars by the end of the week or month and probably be well into the $30's not long after.

The execs in the company offered a huge employee option program a few weeks back with options exercise-able at 17.40. They know they have good data to release and the rocket is about to take off.

Another one to look at is DPW, they had a pretty good day today but it's going to keep going up over time and the best part is it's only around a dollar a share with like a 6-7 million dollar market cap.

They just got a purchase order worth $50 million over the next 3 years and they were already profitable/breakeven before that happened. It went up a good bit today but if you can get in at or around $1 a share it could easily triple or quadruple in value over the next few months.

I'm up about $750 today and those are the only two stocks in my portfolio on robin hood right now, (500 shares of CARA and 1000 shares of DPW) but I'm long on both of them and think they both have a ton of room to grow.

Also looking at a few others that I might want to get in on if they dip again. KTOS, ASX, MU, NAK and AMD all still have great potential to keep moving up. Had them in my portfolio and sold them earlier than I probably should have to pick up more shares of CARA when it dipped hard last week and get in a position on DPW when it fell back down from 1.75 to .80. No regrets there though.

Bad things could happen, stop losses are important but there are plenty of opportunities out there to make some serious gains if you do you DD and don't listen to random anons on the internet. Except me, I'm trustworthy.

>>1874407
>2002 tdi
god tier taste anon
>tfw my 2002 gti will stop running in my lifetime

>>1881120
Stop pump dumping on this board
>>1881022
Get VOO or something related. No one can beat the market and anyone saying otherwise is a dirty liar

>>1881270
Pump dumping on a board where likely less than 50 people will read that post and maybe even one person would actually take the advice.

Seems logical. It's solid advice if did your own DD on the stocks themselves instead of writing me off as some manipulative pump and dump schemer.

Obviously there's risk involved but it's solid advice, especially if the guy has that much sitting around, why not throw a few grand on a good opportunity? It's not like I'm shilling DRYS or some shit.

>>1874401
They're morons.

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Canadian fag here

>21 still live with mom
>I am currently working at 17 maple bucks/h shitty phone IT job
>previously had 0$ in my bank account because my previous jobs were 10$/h part time
>Had my job for almost a year
>will keep this job until december 2017 max, goal is to get to 10k+ in my bank account
>will go back to school to study porgramming once I reach my goal, cegep here is like 300$ max/session
>no debt
>already have a shitty 2002 car

what should I do to increase my money once I go back to school without having to work the the same time

>inb4 10k is nothing

>>1880985
>ALWAYS match that shit to the max limit. It's foolish not to.
Unless you have credit card debt compounding at ~20%+ APR... It's better to take more income and pay down the debt.

>>1882105
>without having to work the the same time

Other than finding a roommate and living in a cheap place within reasonable distance of campus, work is probably your best bet.

Note that since you're majoring in programming you should be able to land some paid internships or co-ops over the summer. Almost definitely more than 17 maple bucks an hour.

Beyond that, just focus on increasing your expenses slower than your salary. Fight that lifestyle inflation and you'll be golden.

>>1882105
You should be able to get more than 10k in your bank by December, 15-20k would be good. Consider making some smart investments (I will not shill)

>>1875385
Shut commie fuck boy

>>1874401
>Im 250,000 in debt.... so
How did u fuck up so bad

>>1882105
Dont go pay to study programming please
If you are going to just pay like 250-300 on treehouse or lynda
Here in qld we get lynda free thnx to big papa governement and ive used it to learn python
Dont pay much for programming anon

>>1875418
Lol greece

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>>1885120
They have to have been swapped with Denmark.

>>1875418
Surely that can not be true.