Quoted from rai:
I think this is balderdash but here is a study:
Two-thirds of Americans would have difficulty coming up with the money to cover a $1,000 emergency, according to an exclusive poll released Thursday, a signal that despite years after the Great Recession, Americans' finances remain precarious as ever.
These difficulties span all incomes, according to the poll conducted by The Associated Press-NORC Center for Public Affairs Research. Three-quarters of people in households making less than $50,000 a year and two-thirds of those making between $50,000 and $100,000 would have difficulty coming up with $1,000 to cover an unexpected bill.
Even for the country's wealthiest 20 percent — households making more than $100,000 a year — 38 percent say they would have at least some difficulty coming up with $1,000.
$1000? That's 1 yr of cable Tv. But saving $1k v. Doing without cable, oh the uproar you'd hear, "I gotta have cable, it's a need!". I used to do financial counseling - some couldn't pay the electric bill, but had 4 magazine subscriptions. They could if they WANTED to. 5% of the folks that came in had a budget, 95% didn't have a clue what they spent that month.