Obviously there's a lot of variables like whether you own a house, expensive car, how old you are, etc. But how much do you have saved up?
I have about 30k... I owe about half of that on my car loan
What's the point of saving so much money when you have an outstanding debt? Especially when you have twice the amount of the debt saved up.
I don't have much saved up, but mainly because I did the opposite of that. Blew through a large chunk of money eliminating a bunch of debts and paid things like insurance/rent months in advanced. Much more satisfying seeing how much money I make when a large portion of it isn't going to bills every month.
and I owe every penny I have saved towards paying off their mortgages
does that count?
Yes it does
Originally Posted by MightyWhitey
Why don't you pay off the loan then? Why keep debt when you don't have too?
Good question. The loan is about 5 months old and I have paid more than the minimums each month (I owe about $500/month, paid $1000+/month). I can pay it all off now, but I was also told that though my credit is strong, I don't have a history of carrying major debt and that this would help (anyone know about this?). Another reason I was hesitant to pay it all off is cause my savings are in an online account and I tried to avoid touching it as I have a hard time saving any of the money in my checking account (paychecks, etc). But yeah, I should probably consider paying it all off.
this survey is meaningless without details like age, job, level of schooling (and who paid for it), and number of dependents.
some of you high school dropouts may even have more than very recent med school grads (if they paid for their own shit).
but i was very surprised to learn that more than one-third of working american adults don't even have $1,000 in savings. 36% of people don't even got ONE THOUSAND DOLLARS. you kidding me?? those are Third World economic figures.