Apparently you've never lived "paycheck to paycheck" before. I can remember a time in my life where I would be so happy just to have an extra $100 at the end of the month. This was living with roommates, never going out, and bringing my lunch everyday. No frivolous spending at all.
God forbid you have to fix your car, or some other unexpected expense. That $1,000 it took you 6 months to save is gone in an instant.
While I'm much better off these days, lots of Americans live the way I just described. You can't save what you don't have.
I have. If someone can’t save a few hundred bucks a month something is wrong.
Let’s use Dallas TX for example, even just waiting on tables you can make at least twice rent. Forgo a car and you’d be able to pocket $500 / mo or more if one was frugal.
It’s even more critical to save when at the bottom of the economic ladder, because it allows one freedom to pursue or invest in other opportunities (paying for school, moving, weathering unemployment, etc.)
This is an absolutely incorrect and unrealistic estimation for the majority of the people waiting tables. I started writing up a long thing calculating this out and stopped myself. I am going to assume you are commenting in good faith, so I'll just state the correct information would be extremely quick for you to research with a few google searches..
I've never lost a job in 20 years of full-time employment. Every new job has been a step up in pay/prestige/responsibility/etc. I've always been able to job hop with ease, when necessary.
My parents never fought job loss when I was growing up, although sometimes times were tight on a single professional income.
We're a dual-income no kids couple with a mortgage and few 'real' responsibilities.
We have plenty of savings in the bank.
I will never not worry about losing a job. I don't WANT to draw down my savings, for any reason. I don't WANT to have to worry about how long it will last, where the next paycheck will come from.
There’s no need to fear if you have your personal finances in order.