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my trouble is that money cant buy happiness so i just save mine & spread unhappiness amongst my poorer friends by talking about all tje cash im not spending
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Apr 21, 2016 23:06
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| # ¿ Apr 29, 2024 04:11 |
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To determine individuals’ preparedness for a smaller scale financial disruption, respondents are also asked how they would pay for a hypothetical emergency expense that would cost $400. Just over half (53 percent) report that they could fairly easily handle such an expense, paying for it entirely using cash, money currently in their checking/savings account, or on a credit card that they would pay in full at their next statement (referred to here as “cash or its functional equivalent”). The remaining 47 percent indicate that such an expense would be more challenging to handle. Specifically, respondents indicate that they simply could not cover the expense (14 percent); would sell something (10 percent); or would rely on one or more means of borrowing to pay for at least part of the expense, including paying with a credit card that they pay off over time (18 percent), borrowing from friends or family (13 percent), or using a payday loan (2 percent).... ...Respondents who indicate that they would pay the $400 expense exclusively using resources other than cash or its functional equivalent are also asked what the largest expense is that they could cover using cash on hand or money in their bank account. Thirtynine percent of these respondents report that the largest expense that they could cover using cash on hand is under $100. A further 16 percent indicate that they could only cover an expense between $100 and $200, and 22 percent could cover an expense between $200 and $400. The remaining 22 percent report that they could cover over a $400 expense— suggesting that for this subset of respondents, paying the $400 expense using other means reflects a preference of payment methods rather than a necessity. http://www.federalreserve.gov/econresdata/2014-report-economic-well-being-us-households-201505.pdf
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Apr 21, 2016 23:29
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