Ask Lemmy
A Fediverse community for open-ended, thought provoking questions
Please don't post about US Politics.
Rules: (interactive)
1) Be nice and; have fun
Doxxing, trolling, sealioning, racism, and toxicity are not welcomed in AskLemmy. Remember what your mother said: if you can't say something nice, don't say anything at all. In addition, the site-wide Lemmy.world terms of service also apply here. Please familiarize yourself with them
2) All posts must end with a '?'
This is sort of like Jeopardy. Please phrase all post titles in the form of a proper question ending with ?
3) No spam
Please do not flood the community with nonsense. Actual suspected spammers will be banned on site. No astroturfing.
4) NSFW is okay, within reason
Just remember to tag posts with either a content warning or a [NSFW] tag. Overtly sexual posts are not allowed, please direct them to either [email protected] or [email protected].
NSFW comments should be restricted to posts tagged [NSFW].
5) This is not a support community.
It is not a place for 'how do I?', type questions.
If you have any questions regarding the site itself or would like to report a community, please direct them to Lemmy.world Support or email [email protected]. For other questions check our partnered communities list, or use the search function.
Reminder: The terms of service apply here too.
Partnered Communities:
Logo design credit goes to: tubbadu
view the rest of the comments
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
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.
Bruh, I live in Seattle. The cheapest ones are still in the $1000s for minimal sq/footage. My place is $1700/m w/parking at 640 ft.
Average people who work in service or labor can't afford to live here if they have a family. Commuting on 90 or I-5 or 99 is always a slog, so living outside of the city incurs massive time and effort, which aren't sunk costs. Gas is $5-6/gal here. Public transit is better than most places, but still bad. And we haven't even brought up the homeless dilemma, rampant drug use, and property crime.
Most cities are like this now. Dallas/Ft Worth are cess pools. Miami is a mess. Tampa, SFO, LA, NYC, and so on... If people don't see it, it's because they're ignoring it or are in a bubble.
I know your pain very well lol, that's why I moved from Washington. Seattle is pretty ghetto too, so I didn't want to live in the city. I wanted more Bellevue/Redmond/Issaquah/North Bend area, but the cheapest places there were like $1200+ and that was considered dirt cheap that went really fast. Now I'm stuck in a shitty red state in a medium-sized town for the time being. I was so optimistic when I was growing up in WA like 15 years ago and wanting to stay there my whole life. Now it's overcrowded as hell, expensive, and all the other things you mentioned!
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.
They're not the only source. If you want to equivocate, cool, but your experience isn't everyone else's.
Sorry, LendingTree and LendingClub are two companies in the same business selling the same narrative. Their names are as similar as their business models, so it’s easy to get them confused.
I don’t think if somebody posted links to articles from McDonalds and Burger King talking about the health benefits of eating more French fries, you’d consider them more credible for having two different sources.