Average Aussie only 109 days from financial ruin

Discussion in 'Money Management & Banking' started by Johnny Cashflow, 15th Apr, 2016.

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  1. Johnny Cashflow

    Johnny Cashflow Well-Known Member

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    This is pretty interesting

    You’re only 109 days away from ruin

    Have seen this happen with someone I know recently. Quit their job and and basically went bankrupt now on the run from creditors and debt collection agency's...
     
    Johnny Cashflow, 15th Apr, 2016
    #1
  2. 2FAST4U

    2FAST4U Well-Known Member

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    "The survey found, perhaps surprisingly, that Gen Y are actually the most financially literate". :rolleyes:
     
    2FAST4U, 15th Apr, 2016
    #2
  3. Steven Ryan

    Steven Ryan Well-Known Member

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    Yep, it's important to have a sufficient time buffer.

    If this troubles you, don't look at the data for the US...
     
    Steven Ryan, 15th Apr, 2016
    #3
  4. datto

    datto Well-Known Member

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    I'd like to see the 4% interest earning bank accounts mentioned in the article............."Slimy Datts High Interest Bearing Acct.....you deposit I run" lol.
     
    datto, 15th Apr, 2016
    #4
  5. No Probs

    No Probs Well-Known Member

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    @Darlinghurst Boy
     
    No Probs, 15th Apr, 2016
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  6. Azazel

    Azazel Well-Known Member

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    I'm above average!
     
    Azazel, 15th Apr, 2016
    #6
  7. twobobsworth

    twobobsworth Well-Known Member

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    Why are they on the run . Whenever I've seen someone go bankrupt they normally give the bird to their creditors.
     
    twobobsworth, 15th Apr, 2016
    #7
  8. Scott No Mates

    Scott No Mates Well-Known Member

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    I'm borrowing on living time ;)
     
    Scott No Mates, 15th Apr, 2016
    #8
  9. moyjos

    moyjos Well-Known Member

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    we have 6 months cash back up plus shares we could sell that if we tightened our belts would see us able to eat for at least 12 months.

    I know many people that would not last a month. :(
     
    moyjos, 15th Apr, 2016
    #9
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  10. Blacky

    Blacky Well-Known Member

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    Blacky, 15th Apr, 2016
    #10
  11. HUGH72

    HUGH72 Well-Known Member

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    109 days? Sounds way too long, I would bet many people couldn't last longer than a couple of weeks.
     
    HUGH72, 15th Apr, 2016
    #11
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  12. Johnny Cashflow

    Johnny Cashflow Well-Known Member

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    Yea people who live week to week...how do they do it?
     
    Johnny Cashflow, 15th Apr, 2016
    #12
  13. Johnny Cashflow

    Johnny Cashflow Well-Known Member

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    Not literally on the run. Just not answering calls and moved house, different phone number etc
     
    Johnny Cashflow, 15th Apr, 2016
    #13
  14. HUGH72

    HUGH72 Well-Known Member

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    Some have no choice I suppose.
     
    HUGH72, 15th Apr, 2016
    #14
  15. bashworth

    bashworth Well-Known Member

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    When it was important to me I used to have income protection insurance so that was a years grace for heath issues.

    The other insurances was my wife working, and borrowings kept to reasonable levels (No credit card debt, and hadn't borrowed to buy a car for 25 years)

    Been redundant twice, plus once quit without a job to go to but never been really stressed.

    Now I am semi retired I'm OK for 28 years.
     
    bashworth, 15th Apr, 2016
    #15
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  16. wategos

    wategos Well-Known Member

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    Its the average... so the figure is very misleading. One person who can last 7 years would average out 24 people who can only last a week at 109 days.

    The mean would be a lot lower, probably less than a month.
     
    wategos, 16th Apr, 2016
    #16
  17. geoffw

    geoffw Moderator Staff Member

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    Actually the median would be a lot lower. The mean and the average are the same thing.

    The median is the value lying at the midpoint of a frequency of values.
     
    geoffw, 16th Apr, 2016
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  18. HUGH72

    HUGH72 Well-Known Member

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    Yes it's probably a little misleading quoting the average.
     
    HUGH72, 16th Apr, 2016
    #18
  19. kierank

    kierank Well-Known Member

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    My wife and I haven't had a job for nearly 6 years. Forced to live on our savings.

    Can't see ourselves getting a job for the next 40 years (hopefully). We trust our savings will last that long and hopefully, even longer.
     
    kierank, 16th Apr, 2016
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  20. Lizzie

    Lizzie Well-Known Member

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    I like to see the medium - a suspect (as many have said) most people wouldn't last a month ... personally we're pretty set, just no point in hubby giving up work until junior finishes school ... might cut back to 3 days a week tho
     
    Lizzie, 16th Apr, 2016
    #20
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