Just about everyone I have come across.
Even for those people who should have a six month or even a three month safety net, they don't. I do understand if somebody has a low income and don't have savings, but I know too many professionals who use their funds for eating out, electronic toys, inappropriately fancy clothes, vacations, etc instead of backup savings account(s).
One lady I know, who doesn't watch baseball or even care, bought a season ticket for many thousands just in case she could find a boyfriend who likes baseball and she could impress him. Too many people I know may get a car (or more than one) in order to have it even though they may not drive it a lot, or at all. The weirdest use I know of for somebody who doesn't have backup but made good money was to use anything outside of survival to eat at every top restaurant they could find. They wanted to basically brag that they had every high end wine on all of the eateries' wine lists. He would max out a credit card, wait for his cash bonus and nice tax refund at the end of the year, and then pay off the card to zero and start all over.
Actually, I know more people who have that little bit of extra income who are either without backup funds or are actually in debt than those who are underemployed or out of work.
The anti-cash thinking of many have caused the idiotic idea of buying a house far beyond their means and then getting killed when the housing market tanked just about everywhere. More than a decade earlier many of these same people ruined their portfolios by ditching the cash or safe investments for high risk, potentially high return dot.com stocks.
I think, at least in the culture of Silicon Valley and above average incomes, there isn't enough emphasis on living within reasonable means and simply saving up for a rainy day. I can't say for other areas, but an easy come-easy go attitude seems to poison common sense in what I have seen in the majority of people where I have lived and worked. If in the odd event that somebody in that circle does have six months backup in cash, it's only because they had a windfall, but what happens is that they obsess over how they can spend it on something fun, or something that will make them feel special among others who lack common sense with money.
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As an upcoming college student, does anyone have any suggestions? As in, financial advice on what to do early on?
Absolutely. Look at your peers with similar income or socioeconomic standing and note how they spend their money. Now find a comfortable place where you can live more simply than them and spend less and try to acquire a taste for stuff below whatever income level you can achieve. In the long term you will be glad that you did.
Many rich people learn this lesson but even if your goal is not to get rich, it's still nice to not "want" stuff that enslaves you.
