Statistics on Personal Finance (these data are few years old)
• According to the Wall Street Journal nearly 70% of consumers live paycheck to paycheck
• A Marist Institute poll published in the USA Today stated that 55% of Americans always or sometimes worry about their money
• In the new millennium, the personal savings rate in America fell to -2% the lowest in 60 years, according to the Department of Commerce
• According to Automatic Data Processing, Inc., 20% of workers would not be able to make a mortgage, utility, or credit card payment if they missed a paycheck
• Money magazine states that 75% of families will have a major negative financial event ($10,000) in any ten-year period
• Americans' saving rate:
- More than 40% save less than 5% of their annual household income
- 16% save between 5% - 10%
- Only 9% save greater than 20% of their annual income
• Among all workers, 45% have less than $25K in savings and investments (aside from equity in primary residences). 64% have less than $25k in savings (age group 25-34)
• According to CNN, the average credit card debt per household reached a record $9,312 in 2004. That's an increase of 116% over past 10 years
• Approximately 35 million Americans pay only the required minimum (about 2%) of their balance each month
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Comments: 20
So, the bottom line is this, even if people are making what Obama claims to be the wealthy of us, he doesn't know what their particular situation is and what their debt is. The paycheck stub may not hold all of the information depending on what each has done to get there.
The personal savings rate in the U.S. ticked up to almost 3% in the second quarter of 2008, after almost four years below 1%.
France and Germany: around 12-13%
Japan: 20%
China: 24%
I always read your interesting posts, too.
I know this, because I am one of these "immigrants."
I also know quite a few people who hold 2 and 3 jobs, drive beaters, don't own big screen TVs or other "luxury" items, don't eat out, live in as cheap an apartment as they can afford, and still barely scrape by.
My own experience has been good. My family has always lived on less then we earned. We always saved, not a whole lot some years, but something. It's seeing how hard my coworkers and friends work and how difficult it is for them that bothers me.
I did work hard, went to college, got my bachelor's degree, went into military service, then got out, earned two masters degrees, and worked hard some more. My wife (who is also an immigrant) and I became debt-free in about 10 years and slowly built our wealth, and I retired last year 5 years ahead of schedule to live in comfort.
My kids do not own credit cards or have any debt, and our family tree will be built on a good foundation of faith because we have balance in our lives. We do owe our blessings to God and our "immigrant mentality" (as our kids call it.)
To this day, we drive 8 and 12 year old cars, do not own big screen TV, no cables, love learning, and teach people how to live a balanced life with financial peace at my church.
I do not recommend Suze Orman.