Comment by lurkshark
13 hours ago
To maybe add some framing, 37% of Americans don’t have enough cash to cover a $400 unexpected expense. Obviously $400 > $65 but I think it puts some perspective on how tight cash flow is for a good chunk of the population.
https://www.federalreserve.gov/consumerscommunities/sheddata...
and what iphone model do these americans have?
I would be very very surprised if there were not adjustments that could be made that would significantly uplift these peoples situation
> and what iphone model do these americans have?
A smartphone is not an optional component of modern life. You need a smartphone to apply for many minimum wage jobs now
> enough cash to cover
You don't need to buy the membership with cash. Credit card, pay off $3-5 a week with your food savings, you'll barely pay any interest.
Also not having $400 would have to be the number after buying food with your paycheck, right? If you get the membership as part of your first food purchase, including that nice bag of rice, you'll be okay.
> You don't need to buy the membership with cash. Credit card, pay off $3-5 a week with your food savings, you'll barely pay any interest.
I’m guessing you don’t know many lower income people.
Not only are credit cards generally not part of the picture for these folks, but often they don’t even have bank accounts.
You’re not mathematically wrong, but you assume that everyone has a rational disciplined approach to their finances, and a reasonably stable income behind that.
And for buying in bulk (which is basically what Costco offers) to work, you need a larger amount of available cash up front, and a home with sufficient safe space for storage.
And of course you need some sort of transport to bring your bulk purchases home from the Costco, often built on cheap land away from dense housing.
As someone who has shopped at Costco using public transportation, that’s where your IKEA bags come into play. And you avoid bulk liquids at all costs.