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Tue Feb 5, 2013, 06:35 AM

10 States Where People Are Living On The Edge Of Financial Ruin

http://www.businessinsider.com/10-most-financially-unstable-states-2013-2?op=1



***SNIP

A sobering new report by the Corporation for Enterprise Development (CFED) shows nearly half of U.S. households (132.1 million
people) wouldn't last three months if they ran into bumps in the road like unemployment, natural disasters, or a medical emergency.

In fact, more than 30 percent don't have a savings account at all, and another 8 percent don't even bank, period.


***SNIP

10. Louisiana

Louisiana arguably has no shortage of consumers who are aware of the damage that unexpected disasters like hurricanes can cause. Yet the state ranks No. 10 for residents' ability to reach financial stability.

***SNIP

9. Arizona

Despite the fact that Arizona has one of the higher savings account usage rates on this list, the state still has more than 45 percent of residents living in liquid asset poverty.

***SNIP

8. New Mexico

In New Mexico, more than two-thirds of households have a savings account, but about half are still considered liquid asset poor.

Read more: http://www.businessinsider.com/10-most-financially-unstable-states-2013-2?op=1#ixzz2K1WmrZww

15 replies, 2171 views

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Reply 10 States Where People Are Living On The Edge Of Financial Ruin (Original post)
xchrom Feb 2013 OP
Rhiannon12866 Feb 2013 #1
Art_from_Ark Feb 2013 #2
cyglet Feb 2013 #3
Art_from_Ark Feb 2013 #4
Bluenorthwest Feb 2013 #5
Art_from_Ark Feb 2013 #7
Rhiannon12866 Feb 2013 #12
Evasporque Feb 2013 #6
Duer 157099 Feb 2013 #8
hfojvt Feb 2013 #10
Egalitarian Thug Feb 2013 #9
kiva Feb 2013 #11
dawg Feb 2013 #13
Egalitarian Thug Feb 2013 #14
RebelOne Feb 2013 #15

Response to xchrom (Original post)

Tue Feb 5, 2013, 06:41 AM

1. How many of these are red states?

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Response to Rhiannon12866 (Reply #1)

Tue Feb 5, 2013, 07:01 AM

2. How much of this is pure bullshit?

For example, I don't know where they get this $23,000 figure for getting a degree in Arkansas, but the University of Arkansas is still one of the cheapest 4-year universities in the entire USA for in-state students. And the cost of living in Arkansas is much cheaper than it is in just about any other state.

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Response to Art_from_Ark (Reply #2)

Tue Feb 5, 2013, 07:23 AM

3. As most of the entries on the list mention 23k

in student loan debt, that is probably a national average, not what any individual in any state has.

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Response to cyglet (Reply #3)

Tue Feb 5, 2013, 07:43 AM

4. Here is the quote for Arkansas:

"And though one-in-five residents have (sic) a four-year degree, their efforts cost them $23,000 on average."

They seem to be referring specifically to Arkansas. And if they are, that is bullshit, because it does not include grants and scholarships, which at the state universities at least, can be very generous.

And when I was a grad student at the University of Arkansas, I didn't pay *anything* for tuition, since it was completely covered by my teaching assistantship. Things might have changed since then, but looking at the university's web site, I found that tuition there is still more reasonably priced than at other state universities.

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Response to Art_from_Ark (Reply #4)

Tue Feb 5, 2013, 08:35 AM

5. 2012-2013 Tuition $7,554 in-state

X4 =$30,216...that's the tuition. Books, housing, etc are additional. 23K does not seem all that far out of line...

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Response to Bluenorthwest (Reply #5)

Tue Feb 5, 2013, 09:31 AM

7. They have certainly increased the tuition since when I checked last year

Even then, though, that means that people who have already graduated from the school did not pay that much, and since most students receive some sort of financial aid, I think that the out-of-pocket expenses for tuition/books would still be less than $23,000 for 4 years.

Saying that, I am still shocked that the in-state tuition has increased by a factor of 10 since the time I was a student there

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Response to Art_from_Ark (Reply #2)

Tue Feb 5, 2013, 04:22 PM

12. ! didn't mean to offend, was only thinking that many have notorious Republican governors

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Response to xchrom (Original post)

Tue Feb 5, 2013, 09:14 AM

6. Rich people can't understand why poor people don't have liquid assets.

BEVERLY HILLS CA -- Poll of wealthy homeowners in the richest parts of the country found that most do not know why the poor do not have liquid assets.



"I see people on the street and just assume that they have 20 maybe 30 thousand in their main checking account at all time."

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Response to xchrom (Original post)

Tue Feb 5, 2013, 09:35 AM

8. They make it sound like it's the people's fault for not saving

So tired of hearing this!!

If only THEY paid more!

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Response to Duer 157099 (Reply #8)

Tue Feb 5, 2013, 10:23 AM

10. I think in some cases - it is

I have always been able to save, even when I only made $5,900 a year. I have spent most of my adult working life in the bottom quintile, often in the middle of the bottom quintile, and I have always been able to save. If I can do it, I believe that others can as well, especially many of the 85% making more money that I do. To have NO savings seems absurd to me. Save just $5 a week and you will have $260 at the end of the year.

I just WOULD not live without savings. It would freak me out to not have some cushion to fall back on. I would cut expenses for a time until I had built up such a cushion.

Maybe it helps that I am a barbarian. I've lived without hot water, a phone, and a car for a number of years, not even including the year I spent living in the woods with no running water, no central heat, no electricity, and no car (but at least I had a piano, which cost me a whole $75).

“Wealth consists not in having great possessions, but in having few wants.”
― Epictetus

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Response to xchrom (Original post)

Tue Feb 5, 2013, 09:38 AM

9. Oh Yay! We "win". K&R

 

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Response to Egalitarian Thug (Reply #9)

Tue Feb 5, 2013, 10:28 AM

11. Yup, we're number one!

Almost a much of an honor as when we win all of those education awards, like most underfunded.

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Response to Egalitarian Thug (Reply #9)

Tue Feb 5, 2013, 04:29 PM

13. We made it close. We might catch you next year.

I'm having trouble believing that the average salary here in Georgia is $47,500. That sounds high from where I'm sitting. Maybe the rich folks in Buckhead are skewing the results.

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Response to dawg (Reply #13)

Tue Feb 5, 2013, 04:35 PM

14. That's the problem with averages, it's too easy to gloss over the truth.

 

The old, "Bill Gates walk into a room with 10,000 homeless people and suddenly everybody's a multimillionaire" illusion.

We not only don't have any jobs here, we don't even have an economy. At least the mob knew to spread it around and keep the civilians happy.

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Response to xchrom (Original post)

Tue Feb 5, 2013, 04:39 PM

15. Georgia, my state, is No. 2.

Yes, I can believe it.I went to the supermarkes today and have doubled prices since last week. Fortunately, I am a single person and only have myself to feed, but I do not know how cash-strapped familes can even afford to put food on the table.

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