/biz/ - Business & Finance

>>16634147
kek

love seeing these sorts of charts. i somehow got into the upper echelon of society without really trying at all.

>>16634147
>putting money in a savings account that pays 0.0001% interest

I really do wonder how one can fail at life on easy mode (being in USA) so hard that they don't even have $1000 in savings...

literally how is this possible? Literally anybody can make $20/hr starting just by being able to move things.

>>16634192
We zoomer neets are the next big wave of home buyers.

>>16634147
>85% of normies wouldn't be able to afford 10k LINK even after draining 100% of their savings

>>16634198
most americans can't even lift themselves off the couch

https://www.sciencedaily.com/releases/2019/12/191218173932.htm

>>16634198
kiked parents kick kids out at 18
kid either now has to pay rent, kiked off the bat
or
take huge student loans, kiked off the bat
all money goes to bills

>Making fun of the normies that have to buy your bags in order for your 0 use scamcoin to pump again

The absolute state. Everyone in crypto knows about VaporLink you better pray those normies can pump those bags.

>>16634198
>20hr starting

Teenager detected. You have to be 18 years or older to post here.

Then again /biz/ is a bunch of fucking kids LARPing as rich and successful entrepreneurs

>>16634259
Nobody is going to buy their bags lel
literal 0 use premined shitcoin

the best part is these faggots missed the moon because of HODL faggotry and they are coping hard

>>16634147
those percents add up to 101

>>16634192
This, but having spent time around subhuman animals, I would have no problem believing that most people don't have any money saved in bank or crypto.
>betting app
>cigarettes
>drink and dinner at a restaurant few times per week
>pets, girlfriends and expensive relationships
>haircut twice a month
These people were able to burn 2.5k € net salaries in 3 weeks.

>>16634339
you're never going to make it

your attitude is trash and so are you

>>16634198
especially if they are white. if your white and poor ...how shitty are you genetics.

>>16634280
KEK

4th Industrial Revolution guise! Muh Google NDAs that only some shit crypto project that raised $40M+ to make price checkers have. P-priced out. I-I bought in at __cents but I’m still holding like a retard watching my profits and net worth just melt away.

>>16634339
based and redpilled, I hope you will make it
>>16634355
cringed and bluepilled, never going to make it

>>16634410
>cringe and bluepilled

holy shit irony, projection

you are NEVER gonna make it

>>16634147
>2019
>savings accounts
Don't do it. Rates are shit. Buy T bonds if you need to. Preferably buy stock.
>but I want fast access
Get a checking account
>>16634198
To be fair a lot of people don't even have a savings account because it is harder to get money out of it with basically no benefits
I wish these studies would just ask "How much do you have saved?" They don't because they like this distopian line of no one having any money set aside which is just pure bullshit
t. banker who has seen thousands of people's finances.

>>16634147
premined shittoken heading to $0

You goofs underestimate the power of FOMO and normies inability to do anything that veers from the heard. The second NPC celebrity xyz says crypto good and it’s all over CNN they will take out loans to buy the top just like they did in 2017.

>>16634422

>>16634198
My cousin (male, 30) made made a fortune as a waiter in high-end luxury restaurants. He blew everything on parties, cars, girls and drugs.
Nowadays he's flat-ass broke and lives with his parents.

>>16634147
If you have more than a few thousand dollars in your savings account, you're honestly retarded and should not call yourself an investor.

>>16634612
Kinda my first thought, nobody uses fucking savings accounts anymore

the returns and return rates are fucking awful, the only real benefit is having your money insured but that only goes so far

>>16634455
>the heard

I dunno what you heard bout the herd but I herd u liek heardkips

>>16634198
this.
I'm from a third world country and I have more saved than 90% of the people in a country that makes 3x the money with 1000's of opportunities? what the fuck?

>>16634581
I was able to save about 50% of my income.

For that I sacrificed by living in a trailer next to a swamp 20km outside town, with no hot water, internet or TV

>>16634647
>never been to america
>1000s of opportunities

I wish this country was like the propaganda they used to ship overseas

>>16634655
>>16634644
>>16634422
>>16634355

KEK

>>16634650
>living in a trailer next to a swamp 20km outside town, with no hot water, internet or TV
What did you do for entertainment? Wrestle gators?

>>16634163

It's actually really easy. I saved up $25k working a $15/hr job and living at home. People are just retards with their money, now more than ever, there's so much useless shit out there designed to empty your wallets. I have friends who make $90k a year and still rent/have no savings.

>>16634647
Americans are big spenders in suspenders.

Plus they are some of the most thoroughly studied consumers in existence. Companies know exactly how much money they have and are willing to spend. They know the psychology to get them to spend money they don't even have.

>>16634612
lol in germany we even have negative interest atm

>>16634703
Library books, music. desu, in that situation you end up not really spending a lot of time at home.

>>16634655
https://en.wikipedia.org/wiki/List_of_countries_by_employment_rate
Stop trying to find excuses for your laziness, fatass.

>>16634709
I followed the advice which was, you should have a years salary in a savings account before you consider investing or big purchases or expenses. Having that nut really de-stressed my life even though I would be much, much richer today if I had DCA'd into bitcoin or stocks.

>>16634738
lmao you have no right to opinion. It's too bad you're too stupid to realize it.

You're like that obviously teenaged faggot with zero life experience who thinks you can easily go out and secure a $20 hour job where a $20 hour job would actually mean anything

>>16634781
>a years salary in savings before living
thats a jew bank cucks advice. this is what leads to depression and suicide upon retirement.

>>16634781
I thought It was something along the lines of 4 months of expenses, 1 year sounds like too much and like a jewish trick

>>16634833
1 year is recommended so you have a solid safety net
You can do it on 3-4 months of salary but you have to be very careful

>>16634391
Chainlink is one of the biggest scams in crypto right now.

>>16634238
feelsgood, last thing we need are normies getting rich

>>16634612
The only reason to have a savings account in /currentyear/ is for overdraft protection

>>16634647
The reporting is deceptive. 1/2.

so 58% of people have less than 1k and 73% have less than $4999 yikes

There are very good reasons for having cash. Cash is king. I could have gotten a high yield account but I didn't. Doesn't matter. If you don't have cash you can't take advantage of opportunities when they do come along. The whole point of savings is to mitigate risk.

>>16634913
>overdraft protection

you are literally retarded, there is no such thing as "overdraft protection", it's a misnomer designed to mislead tardcakes such as yourself.

Here's how it works: they feed you bullshit about how "overdraft protection" "protects" you from overspending. What they don't tell you is that they are required by law to not allow you to overspend and indeed, the only way they can allow you to overspend is having you waive that right to federal protection. YOU CANNOT SPEND WHAT YOU DO NO NOT HAVE. YOU CANNOT SPEND WHAT YOU DO NOT HAVE.
So basically once you have signed up for overdraft "protection" they then charge you a fee (usually $15-30) for that 'overdraft'
If you don't have overdraft "protection" guess what? YOU CAN'T SPEND WHAT YOU DON'T HAVE.
Thanks Feds! You did something right! Too bad people are incredibly stupid, like this asshole.

2/2.
>>16634931
Wrong. Savings account balance is not total money saved.

>>16634936
I am a banker. I understand OD schemes.
The purpose is to put a grand or whatever in a second account so if you overdraw your fucking mortgage we're gonna take it from savings and pay it.
>we must return all OD
Absolutely false, it is our discretion whether or not we pay your overdraft. Most of the time we will if we see it is something important, like your mortgage, and believe you are likely to repay.
We can 100% still charge you a fee for overdrawing whether or not you open an associated savings.

>>16634958
>We can 100% still charge you a fee for overdrawing whether or not you open an associated savings.
No you can't but thanks for trying.
If you genuinely believe this I cannot wait for you to overdraft the wrong person without OD protection and get taken to court you absolute turd

>>16634931
So, imagine a downturn. Everyone doesn't have cash but you. Now they're selling, houses, cars, stocks, anything, to get cash. Who has cash? You have cash. This how you use wealth to build wealth.

Everybody that got browbeated into buying equities because muh inflation (which has not been as much an issue in the US I'll admit) can't take advantage when the time comes. Plus during that time, that cash is going to help keep you from going under while everyone else is taking out high interest loans and pissing themselves in fear.

>>16634976
Lol @ you famalam.
Yeah take us to court over the $30 we charged after you already signed the accounts agreement, all our accounts have a clause that you can't just spend our money for free bud.
>WE overdraft people
No, they spend money they don't have. We're not out buying fucking iphones and going to the bar with your debit card.
You have no idea how many people specifically request that we always their pay their overdrafts because 9/10 times it is an automatic ACH for their bills.
Btw, if you deposit within a couple days, we waive the fee and might even extend that longer if you're not an asshole about it. You, I'd fee to fucking hell and back.

>>16635001
No, lol@ you for running your mouth and still being wrong.
You made the mistake of running your mouth to someone who's already been through all this before.
If you do not have overdraft "protection" and they allow a purchase to go through when you do not have the funds, it is ON THE BANK. You will have a negative balance but you will NOT receive a fee for Overdraft. Because they can't charge you a fee. By law. Because you DO NOT have OD "protection." Depends on the bank whether they close the account or wait (most wait at least 60 days for you to bring the balance back up to a positive number). Again, been there and done that when I was an absolute homelessfag. OD Protection is a TRAP set by banks to charge fees.

If you do not have the money in the account without OD protection, you cannot make the purchase to begin with UNLESS there is some error or slow updating of financial records on the bank's behalf.

OD Protection does not benefit the end user in the overwhelming number of cases, it benefits the banks.

You can fuck off now. You're only going to damage your institution further.

>>16635035
Dumbass, OD protection is specifically to avoid paying fees.
We can charge a fee regardless. Quote the law that says we can't. We do it every day.
>it's our problem when you overspend
Nope, you authorize the charges. You defrauded us. Don't bounce checks and rack up the debit card.

>>16635064
Holy shit not only do you not work with banks but you are clearly a teenager who has NEVER experienced one.

Overdraft "Protection" ALWAYS has a fee you disingenuous turd because they cannot charge you a fee otherwise! If you don't have the funds in the account YOU CANNOT complete the purchase! OD "Protection" enables you to spend what you don't have so banks can charge you a fee for it ON TOP of paying that money back.

Are you done spewing complete bullshit or are you going to keep the farce going faggot?

>>16635090
I do, you're just wrong.
>they cannot charge you a fee otherwise
Prove this shit or shut the fuck up. You keep quoting this nonexistent law you can't even identify.
> If you don't have the funds in the account YOU CANNOT complete the purchase!
Happens all the time when people spend on debit cards and don't realize their authorizing a future payment which doesn't instantly deduct.
Likewise, ACH debits will do it too because they were already authorized. It's like writing a check.
You don't even know what you're talking about at all.

>>16635133
rofl you notice how nobody is coming in to back up your bullshit even though everybody and their mother has heard of od protection? It's because it's not protection. If you do work for a bank, you are literally selling lies. Kill yourself. You are lower than shit on my heel.

>>16635148
Because no one cares about this. Who came to your aid?
Quote the law or shut the fuck up.
>You are lower than shit on my heel.
Means a lot coming from a literal bum.

>>16634147
>meanwhile normies made a killing with stocks reaching ATH.
a lot of you guys need to refresh your perspective. get rid of the ego.

>>16635162
I mean, you're the one who's claiming to be a banker. Maybe I can believe it, since you fuckers usually get commission for selling OD protection. I wonder why you might need to sell it so hard?

Oh that's right...

https://www.nerdwallet.com/blog/banking/faq-overdraft-protection-law-overdraft-fees/

fucking. kill. yourself.

Not everyone is that poor, they just have 401ks and have their money tied up in investments. There’s no point having money in your bank account because it doesn’t grow, normies know this. Plus they have tons of assets like cars and houses.

>>16635162


By the way since you low-key admitted to regularly breaking federal regulation I went ahead and sent this thread to the appropriate authorities in the off-chance you are actually somebody of any importance for intentionally spreading misinformation about a product or service offered by a banking institution.

:)

>>16635175
>OD vs NSF biggest meme of 2010
We charge whenever your account balance goes below zero even when we return the transaction. This is a nonsufficient funds fee and differs from the fee charged alongside paying an overdraft if you elect for us to do that.
Either way you slice it we are allowed to charge you for overdrawing (read: GOING BELOW ZERO)
Regardless the whole point you're sperging over is that you should have some money set aside if you have important auto deductions to make sure they get paid if you're NSF when it pulls.
>>16635215
Deluded

>>16634147
There are still 16% who can afford a 10k suicide stack !

>>16635229
haha no, you're engaging in damage control now

nice argument faggot, hope you die soon

>>16635237
Imagine being this mad about simple bank fees
You obviously have a problem carried over from before. Look at your post history ITT, it's all seethe

>>16635215

are you really surprised a kike banker would lie?

wasting your time with the report, the authorities are on their side too

>>16635248
Who's mad? You're just a liar and I called you on it. What you're mistaking for rage is pure righteousness. You are human trash spreading lies to enrich yourself at the expense of others.

If you are important you can expect some government outreach soon. I would kms if I were you.

>>16634147
Is using crypto as a savings account a bad idea? I have an actual savings but I have 10x more money floating in crypto

>>16635262
Thanks bud. Sorry you didn't read the disclosures when you signed up.
Surely someone will read your report of yet another 4chan post

>>16635279
You don't seem to understand. I sent this to the feds. I didn't report it to the 4chan moderation.

You're a little slow on the uptake and you like to lie, are you sure you're a banker and not some try-hard troll?

>>16635215
the authorities are kikes too, anon
did you get lost on your way to reddit or something?
you've got a little too much optimism in the justice system

>>16635294
Those who make the most noise get heard anon.

>>16635290
Yeah I know. I'm not worried at all.

>>16635311
Yeah because you're full of shit
now admit it and scurry along champ

>>16635336
>still replying
We've derailed the whole thread by now. We can and do charge fees when you go negative. That's all, quite being so asshurt. Send this post to the feds so they can laugh along with me.

>>16635359
no, you can't
admitting that means you're in big trouble mister! lelz
so funny you think you're untouchable
we'll see how untouchable you are
you cannot overdraft someone who does not sign up for od protection
it is against federal regulation
i provided all the proof in the world, everybody knows you are a liar
i have been told by multiple banking institutions that they cannot charge me a fee for going into the negatives without od protection BECAUSE if you go red without OD protection IT WAS THE BANK'S FAULT LEL

But hey you have fun talking to all these federal agents buddy

>>16635407
Judging from your demeanor I'm thinking you probably have a lot more discussions with feds in your future than I do.

>>16635458
You two faggots belong in an oven.

>>16635458
>no argument, just insults
enjoy prison
we'll see how untouchable you are in there

>>16635171
>normies
>holding stocks
maybe boomers but not your average 30 year old, they are barely reaching the point where they have money to invest

>Nobody has a lot of money in their 0.005% APY savings account.
well no shit

>>16634163
Savings accounts are retarded and a bad metric to use for for measuring wealth. This graph is fake news

>>16637291
Completely wrong.

Measuring liquid capital is the best way to measure wealth. Ie., the truly wealthy are people who can afford not to have investments.

Nothing can be considered "wealth" if using it as capital requires it to be liquidated .

A home isn't wealth because you'd have to dispose of it to pay a debt with it.

This is the savings chadfolio boys

>>16637787

>>16635407
so, you think you're untouchable...

>>16634198
>easy mode (being in USA
it's easy mode to the naked eye

we're all fucked by drugs, diet, and cognitive dissonance

we've been destabilized

>keeping over $5k in savings
>Losing money every year

haha good one guys, chainlink is a scam.

>>16637282
"High interest" accounts that track the fed rate are commonplace now. 2% ain't amazing but that money's job isn't to make more money, it's to sit there and be my own little insurance company. I sleep and invest other money pretty comfortably with six months of expenses banked in cash, and in a real shitshow I could stretch it to ten months.

Lool over half of the population can't even afford a suicide stack at this point xD

Lmfao
Normie savings accounts will still be worth more than whale Chainlink stacks in 2024

>>16634147
Should you really be keeping more than a couple thousand in your savings account, though? Anything beyond that should be invested. Sure the <1000 tier are pathetic, but the >10,000 tier are idiots.

>>16634147
I don’t understand how people like this are even real.

>>16634781
>you should have a years salary in a savings account before you consider investing or big purchases or expenses.


Whoever gave that advice is a fucking retard. You need 3-6 months worth of expenses. If your job is stable you can probably do with less if you're willing take a risk.

True crypto riches are dead, all that’s left are pump and dump and Ponzi schemes. That said, Ponzi schemes and pumps can still make you rich if you get lucky so go ahead and roll the wheel. Crypto is the only place where Ponzi schemes are still legal so have at it and maybe you’ll even get lucky (probably not).

The people who will lose the most money are delusional bagholders and accumulators.

>>16639618
This. I only keep enough in my checking to cover near term expenses, a large emergency fund is a waste of money and only a good idea for people who are apt to throw all their savings in bad investments that might go bankrupt.

>>16634929
>tfw my average income is 14k€
>tfw my average account balance is 7k€
Have I passed the being poor game succesfully?

>>16634147
>savings account
Fucking lol
>why yes mr goldberg I would like you to loan you money for free

>90k in bank
>50k in crypto
>45k in term deposit
>30k loaned to the parents
>50k roughly in physical assets

How do people manage to screw up something so simple?

>>16634163
What´s even worse that while im in that ´upper echelon´ I still feel poor as crap
How do those other people cope?

>>16634147
>200k liquid in bank (for dumping into stock for the coming recession.
>100k in Crypto (BAT + LINK 50/50)
>30k in Speculative Oil Stock (Basically just to park money and gamble it).

Basically im a boring cunt who does nothing in his spare time. I just read up on a few finance books which are all the same (common sense for the normies).

Remember its not what you earn but its what percentage you save and invest. I mostly have this amount of money because i have been single for the last 5 years and all i fuck is hookers.

>>16639632
What stonks?

>>16634612
I have 6 months worth of expenses in mine. I genuinely can’t bring myself to put it in anything else I don’t want to get mega btfo.

>>16640914

>>16634263
amazon warehouse night shift starts at $20/hr here, no experience required

>>16640691
Who cares. Let those plebs grovel beneath you

normies will borrow money to get in during the next bull run

>>16642999
it's unthinkable to me to borrow money to buy crypto but i think you're right. i'm sort of disgusted thinking about how likely this is.

>>16635195
A car is a liability imo