Offbeat: Most Americans know what it's like to be broke - - PressFrom - US
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Offbeat Most Americans know what it's like to be broke

16:57  22 june  2018
16:57  22 june  2018 Source:   fool.com

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A new survey reveals that the vast majority of us have spent some time on the financial edge.

But it ' s hard to beat the peace of mind provided by having a robust cushion between you and being broke . Its content is produced independently of USA TODAY. Offer from the Motley Fool: The ,728 Social Security bonus most retirees completely overlook If you're like most Americans

Being broke can mean different things to you depending upon the stage of life you're in. A college kid who views himself as broke may have no money but still have access to food and a roof over his head. To an adult, broke may mean that the cash available won't cover core bills or will do so with no cushion.

Regardless of your exact definition, being broke is something the vast majority of Americans say they've experienced, according to a new survey of 1,050 adults conducted by CreditLoan.com. In the study, 86% of respondents said they'd been broke at some time in the past -- or consider themselves broke right now.

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You don’t know what it ’ s like to be hassled when you walk down the street or you get dragged out It ’ s easiest to grasp the scope of white poverty when using the following graphic, which was provided to us by On the contrary -- the most recent figures show that nearly 20 million white Americans are

Of course, many white Americans know exactly what it ' s like to "live in the ghetto." Many , including immigrants have, do and did. “I think it ’ s incumbent upon me to urge white people to think about what it is like to have the talk with your kids, scared that your sons or daughters even could get in

That sobering number shows that money problems are nearly universal. On the positive side, if you're in the subset of the 86% who are running on fiscal fumes today, that figure shows you're not alone, and suggests there's hope.

A chart showing how people define broke © CreditLoan.com A chart showing how people define broke

The many routes to broke

Based on the study, most people don't require someone to have literally no money to their name to be viewed as broke.

"Our survey revealed, on average, people considered having $878 available to them in cash or a bank account to be 'broke,'" wrote CreditLoan.com Founder Daniel Wesley in a blog post on the survey. "Close to $900 in the bank might seem far from destitute, but considering it's 71.3% of the average national rent, that little nest egg can evaporate quickly, especially if you're living on your own."

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Of course, many white Americans know exactly what it ' s like to "live in the ghetto." Many , including immigrants have, do and did. And most African- Americans are not poor. The AA poverty rate is too high, of course, at about 28%, but that's not most or all.

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It's important to note that neither gender nor age made much of a difference in the answers that survey respondents gave. The reasons why people wound up broke, however, varied by age.

The top three reasons millennials (born 1981-1997) gave were "spent my money on food" (28%), "spent money on unnecessary items" (25%), and "quit my job" (17%). Generation Xers (born 1965 to 1980) had the same two top answers, albeit at 21% and 19% respectively, but followed those with "spent my money helping someone else" (15%) and "had to wait on significant other or roommate to get paid" (14%). 

Baby boomers (born 1946 to 1964) had spending money on others as their top answer at 21%. That was followed by "spent money on unnecessary items (13%), with "spent my money on food" and "fired from my job" in a tie for third place at 11%.

Do you know where your money is going?

The best first step anyone can take to stay away from the financial edge is to make a budget. It's hard to avoid overspending if you don't know how much you have, or where your money is going. Once you have a handle on your income versus your expenses, consider where you can trim that later category so you can start setting more aside. Task No. 1 in that vein is building up an emergency fund sufficient to cover at least six months of your household expenses -- assuming you don't have one already.

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In my grief, I tried to write through it, but it was more than I could power through alone. It ’ s my home away from home. I learned about the bombings on Twitter, and it was surreal to read these familiar names in the middle of the horror. I don’t know what else to call them. When the bombings started

Of course, many white Americans know exactly what it ' s like to "live in the ghetto." Many , including immigrants have, do and did. In response to the question about racial blind spots Sunday night, Clinton acknowledged that as a white person in America , she knows she has never had some of the

Saving that much cash likely won't happen quickly, and may require you to make more changes to your life than simply spending less. You might need to start volunteering for more overtime (if you can), take on another job, or develop a side hustle. But it's hard to beat the peace of mind provided by having a robust cushion between you and being broke.

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Millions of Americans Make a Costly Mistake When Paying Credit Card Bills .
One in five credit card users carry a balance to improve their credit scores—which just doesn't work.More than one in five credit card users have carried a balance to help improve their credit scores, according to a study released Monday by CreditCards.com. But carrying a balance is not one of the factors that comprises a credit score—and doing so could lead to more harm than good.

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