Financial Problems?

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Here are some INTERESTING stats I ran across today while surfing the net. We all fall into these in one way or another.

A 2017 report in MarketWatch found that half of American households currently live paycheck to paycheck

  • 19% have $0 saved to cover an emergency expenses; 31% have less than $500 in emergency savings
  • Not surprisingly, about 49% of Americans are “concerned, anxious or fearful about their current financial well-being
  • Interestingly enough, low income is not always to blame for financial hardship. Only 1 in 5 people (20%) facing financial hardship fall below the poverty line and make less than $40,000 per year

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However, a separate 2016 survey by Career Builder found 2/3 of the minimum workers they surveyed struggled to make ends meet.

  • 50% said they have to work more than one job to break even
  • 75% live paycheck to paycheck at least some of the time; 25% do it all the time

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Total American Debt

Americans now have record-high credit card and student loan debt. Auto loan debt also broke some records last year.

According to the latest 2017 data from the Federal Reserve:

  • Americans hold over $999 billion in credit card debt ($999,800,000,000)
  • Nonrevolving debt (loans) total over $2.8 trillion ($2,805,800,000,000)

According to a quarterly report from Experian Consumer Credit Trends:

  • Total outstanding auto loan debt totals $1.17 trillion ($1,170,000,000,000)

According to NerdWallet’s latest 2017 data this is the average American debt:

  • The average household is $136,643 in debt
  • Average mortgage debt: $176,222
  • Average credit card debt: $16,748
  • Auto loan debt: $28,948
  • Student loan debt: $49,905

NerdWallet attributes the increase in American indebtedness to the fact that cost of living consistently outpaces income growth. While household income levels grew 28% in the past 13 years, cost of living increased by 30%.

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Actually we just SUCK with money!

I find all these statistics very interesting. Especially this last one by NerdWallet. While cost of living may outpace income growth do you really think this is the reason for our stupidity? In my honest opinion, WE JUST SUCK AT HANDLING OUR FINANCES. We constantly WANT WANT WANT so we go into extreme debt to get it regardless of the consequences. With mortgage, car payment, credit card debt, insurance, and personal loans, we are DROWNING in our own pool of STUPIDITY. Then on top of all that we throw in MASSIVE CELL PHONE AND CABLE TV BILLS among everything else we love and WANT. If you’re a low to middle class family, this is financial suicide! We didn’t even mention reckless utilities, healthcare, groceries, fuel for our vehicles, medical bills, student loans, AND MASSIVE RESTAURANT BILLS! Once again, YOU MUST CHANGE THE WAY YOU THINK! How are you EVER going to save for emergencies and retirement? Maybe it’s time to reevaluate your life and your finances and make some SERIOUS CHANGES. You have to WANT to be successful with your finances. STOP MAKING STUPID ASS CHOICES and be WISE with your money. It will change your whole life!

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Stats provided by MarketWatch, Career builder, Federal Reserve, Experian, and NerdWallet.

Thanks for reading,

$aving George

4 thoughts on “Financial Problems?

  1. No, we don’t all stuck at money. I’m a boomer, early retired, financially independent by a large margin and quite happy. Most of my friends are like me, just wealthier! But we all saved aggressively and lived within our incomes. Early retirement is a piece of cake if you just watch your expenses.

  2. Congratulations my friend on your success. I wish you continued success. As for MOST…..we DO suck at money unfortunately. Myself, I’m on a better path now but for the majority of my life I SUCKED AT MONEY just like the other 95% of the world. Thanks again and congrats to you!

    $aving George

  3. I agree with you, many just suck with money. I agree that it’s not just those with low earnings. I see middle class and upper class people waste money on frivolous toys all the time. Saving isn’t easy, it requires sacrifice and determination. Great post.

    1. I appreciate your reply. I guess the article was kind of blunt but it’s the way I was feeling at the time. So many people living paycheck to paycheck but living in mansions and driving BMW’s. If you can actually afford it, then that’s great! But many can’t and are just trying to keep up with the Joneses lol….sad in a way. Anyway thanks for your comment 🙂

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