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Ms. Hamilton Exactly How I've Felt About It For 15 years


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Strangely enough, I have trouble believing this.  The general concept of the majority basically living month to month coupled with those of us who are better off not keeping liquid funds - well, that I get.  But to think that there isn’t a couple of thousand sitting around in an account (or under a mattress or in a kitty jar) just runs counter to my experience.  In over 30 years of work with very low income clients and marginally better off staff (hospital aides, janitorial, etc) I’ve almost always found that they had a month or two of back up funds - in other words, enough that anyone helping them would have to maneuver to get them eligible for significant government assistance.

I guess this might be a difference without much of a distinction, especially given the depth of the current crisis.  But, for those trying to figure out why civil unrest hasn’t yet hit the fan.... 

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My situation was far from what is average. My job then involved lots of travel--where basically all my expenses were covered for 28 + weeks of the year while I was traveling. Health insurance was part

I love making my own morning coffee. We have no credit card debt. Our rent is cheap. We have a stash. Baby boomer indeed.

#notallboomers

4 minutes ago, Steve R. said:

Strangely enough, I have trouble believing this.  The general concept of the majority basically living month to month coupled with those of us who are better off not keeping liquid funds - well, that I get.  But to think that there isn’t a couple of thousand sitting around in an account (or under a mattress or in a kitty jar) just runs counter to my experience.  In over 30 years of work with very low income clients and marginally better off staff (hospital aides, janitorial, etc) I’ve almost always found that they had a month or two of back up funds - in other words, enough that anyone helping them would have to maneuver to get them eligible for significant government assistance.

I guess this might be a difference without much of a distinction, especially given the depth of the current crisis.  But, for those trying to figure out why civil unrest hasn’t yet hit the fan.... 

I don't agree with you.   An entire generation is out there with no immediate or parental experience with the depression or even severe hard times.    Good paying jobs, expensive rent, enticing entertainment (bars, restaurants, sports), an aversion to making their own morning coffee.    Even a good salary doesn't go far today if one is inclined to spend it.    Consider credit card debt.    If these people had a stash, would they continue to pay exorbitant interest to support their "experiences"?

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We may not actually be much apart.  The ability to run a credit card debt or a checking overdraft IS part of liquid funds to be used during this period.  It’s when those are maxed out that desperation hits.

 

eta: sorry.  I just realized that Bonner, Joe & Voyager might be specifically referring to $1000 in an account & not just $1000+ in available liquid assets.  To that, I don’t really disagree (or know enough to).  

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5 hours ago, voyager said:

I don't agree with you.   An entire generation is out there with no immediate or parental experience with the depression or even severe hard times.    Good paying jobs, expensive rent, enticing entertainment (bars, restaurants, sports), an aversion to making their own morning coffee.    Even a good salary doesn't go far today if one is inclined to spend it.    Consider credit card debt.    If these people had a stash, would they continue to pay exorbitant interest to support their "experiences"?

Yes, the baby boomers. 

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1 hour ago, joethefoodie said:

I love making my own morning coffee.

We have no credit card debt.

Our rent is cheap.

We have a stash.

Baby boomer indeed.

Chapter and verse.   And the end result is living pretty well.

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1 hour ago, Anthony Bonner said:

That'll tend to be what happens when you destroy the global economy

The global economy has been getting destroyed since Caesar's time.

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