This is how long it takes to go broke in California
LOS ANGELES - How much money do you have saved in your bank account? Would it be enough to keep you afloat if you were out of a job?
If your answer was no, we hope you aren't living in California, where unsurprisingly your dollar won't go too far for too long.
That's because California just ranked second in the United States for going broke while living on savings alone, according to a recent study from ConsumerAffairs.
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Data revealed it would take 64.4 days for an average Californian to go broke living on only savings. They got this number by taking the average amount of money Americans have in savings ($9,647) and calculating how quickly it would be used up while paying a mortgage or rent, utilities, gas and food, based on survey data.
Hawaii takes the top spot as number one most-broke state in the U.S., where your cash will run out even more quickly at 62.5 days.
Here's a look at the top 10:
- Hawaii (62.5)
- California (64.4)
- Washington, D.C. (72.1 days) *study acknowledged this is technically not a U.S. state but included it in list
- Massachusetts (73.6 days)
- New Jersey (74.8 days)
- Connecticut (76.3 days)
- Maryland (77.9 days)
- Washington (79 days)
- New York (79.9 days)
- Colorado (80.8 days)
Now if you head on over to Wyoming, you can make it for 109.7 days, making the Equality State the one where your savings would last the longest.
Other states where your savings would last longer include Arkansas (109.6 days), South Dakota (109.3 days), North Dakota (108.6 days), Montana (107.3 days), and Iowa (104.8 days), Kansas (104.4 days), West Virginia (103.9 days), Wisconsin (103.0 days), and Ohio (102.9 days).
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On average, Americans can last about three months before going broke while paying the most basic expenses, according to the data.