Reply to YOLO vs savings - please share your stories

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I like having enough money that i do not need to worry about being able to afford important things.  [b]I would YOLO if I lived in Scandinavia [/b]or some other civilized country.  U feel that USA is pretty brutal to its poorer citizens so I save enough to be able to live relatively worry free here.  Money removes a lot of stress and unless one is born rich being frugal is the most straightforward way of generating some safety buffer.[/quote]

Do you know that Scandinavians have some of the highest personal debt amounts in the entire world?  They are debt slaves.  They also have way less freedom to retire early or do anything remotely different from their peers.  You do what the system tells you to do.  The way the tax system works you have to take it as large of a mortgage as you can possibly obtain.  It’s hardly a perfect place since almost all women have to work to pay for their huge mortgage.  They have a much lower disposable income amount as well.  The fact you think there is less stress about money in a Scandinavian country is laughable.  [/quote]

I am looking at this from my specific perspective. [b]I doubt I would have any more debt if I lived there vs. here.  [/b]

Just a simple fact that US does not have a paid maternity leave is all that one has to know whether society cares about its people.  US prospered because it was able to import a lot of smart people and outsource the cost of raising them.  That seems to be ending and YOLO is definitely to a way to respalmostond to that.   I equate YOLO to someone tailgating, basically not thinking ahead and not understanding statistics.[/quote]

Then you wouldn’t have any net worth.  There is a wealth tax on nonreal estate assets and most families have the majority of their net worth tied up in real estate.  It’s how you get ahead and you have to borrow to do it.  So unless you’re going to live in housing way smaller and not as nice as here, you absolutely would have a lot more debt.  Most people in Scandinavia have giant mortgages.

[/quote]

PP is correct.  Household debt to income is much higher in Scandinavia than it is in the US.  In the U.S. and Japan, debt is about 100% of income.  In Denmark, it is almost three times income.  Norway almost two and half times, and Sweden nearly two times.

https://data.oecd.org/hha/household-debt.htm
[/quote]

Yet it also appears the US is very low on household assets (only Chile is lower).  Like the above posters describe, you can't cherry pick a category (e.g. debt, assets) to understand a country's finances.  Different tax structures encourage different behaviors. Also averages are very distorting--I'd much rather see median and 25th-75th percentile distributions.[/quote]

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