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this post was submitted on 02 Sep 2023
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What everyone in this comment section calling out "10k isn't much" are failing to understand is that over 60% of the USA live paycheck to paycheck and don't have any savings to speak of. Extend that to the world and you would go pale.
Check your privilege and get educated.
https://www.cbsnews.com/news/paycheck-to-paycheck-6-in-10-americans-lendingclub/
https://www.lendingtree.com/debt-consolidation/paycheck-to-paycheck-survey/
...everyone's point isn't "wow you suck for having only 10k in savings". Everyone calling out the OP is saying "in my country/area cost of living is very high and with 10K in savings I would be in a bit of a panic".
Also telling people to "get educated" while they react to the US cost of living being out of control just makes you sound like a dick.
There are people earning 10k/month who are living paycheck to paycheck, so for them 10k saving is just one month
Yes, exactly this
Bruh these people absolutely have the option to scale back, don't feel bad for them. They live paycheck to paycheck after their $80k car payments and $600k house mortgage. That's not the same.
Or maybe they have a family with kids, they live in an expensive part of town, but moving is not an option due to job constraints, or maybe the kids are going to school there and moving would be disruptive. Maybe that area didn't use to be so expensive 10 years ago. They need cars, not 80k cars, but large enough to haul said family around, cause maybe public transportation sucks where they live (ahem*LA*cough). Heck, maybe they bought those cars in cash, no payments, but gas, insurance & maintenance (maybe they're old cars) are killing them. Car prices are too expensive to get a new car, so they keep spending 1000s in repairs instead. Maybe a hurricane, strong winds or just normal wear and tear made their house roof leak, thats $20k right there, ask me how I know.
Also, a 600k house is cheap and almost impossible to find in California, for example. No, moving to Texas is not an option, thanks.
Edit: the example above is hypothetical, not my current situation, but based on my experience.
There is no definition of being wealthy that does not include people that make $120k/year.
You are richer than 80% of the country at that point. Lots of people have families in high COL cities and live on significantly less money than that.
https://www.taxpolicycenter.org/statistics/household-income-quintiles
I literally spent $24k on home repairs this summer, and I just pay it in payments, and I make 6 figures. No normal person pays this in cash, outright.
My roof replacement a few years back was $8k covered by home insurance.
There is no set amount of USD that defines the line between "wealthy" and "poor". Your $120k figure would go a lot further in Mississippi or Texas that it would go in California or Massachusetts, where that would be barely enough for a large family.
There's definitely a place (or two) in the US where a family struggles with $120k/yr. Sure, just move to Mississippi, I guess ...
They would be considered "poor" there, or at least not wealthy.
Well good for you, I guess.
I guess I'm not normal.
Good for you, that would get you half a roof here, and insurance won't cover if it's considered normal wear and tear.
No you are definitely not normal and that is the entire duscussion
Those are all things you can scale back on. People who make less certainly are forced to. Not that they're not entitled to live there, my point is I don't feel bad at all that they're claiming to live paycheck to paycheck, because they have the option to not be.
For some of us, that mortgage is the cheap option. My payment is well under rent for a 2br in my town, plus I have an outstanding interest rate
Check out the crabs in the bucket
It's not bringing people down, it's not having pity for them. Maybe you misread the comment.
Ideally you want 3 months of living your life with 0 cuts to be "safe" so 10k is not enough to fundamentally change how most job searches would go.
You can link all the articles you want, but I challenge you to check apartments near you and try to find the cheapest one.
Your point is valid, but LendingClub’s numbers are bullshit. People keep quoting that press release like it’s science.
LendingClub’s business is in person to person loans (they act as a middle man between the investors and borrowers). Person to person loans are risky because the kind of people taking them out tend to be desperate and have no money, so unless everything goes right, they end up defaulting on the loan.
LendingClub puts out this bullshit article inflating the number of people “living check to check” to try and make it seem like their person to person loans are less risky. They want you to think you’re lending money to people with a 6 figure income could just sell one of their Teslas to pay you back, not people who took out the loan because their 1991 Chevy Corsica needed repairs and without it they can’t get to their job at Burger King.