Did you start your own business and find you’re left with a lot less in your pocket than you anticipated? Stressed over finances? You’re not alone.
The total debt of American non-financial corporations as a percentage of GDP has reached a record high of 73.3%. The Economist
The trend trickles down into households. Americans have racked up another astounding spending record.
For the 28th month in a row, ZeroHedge reports Americans continue to spend more than they make.
The reality? “One in 4 Americans does not have any emergency savings,” says Greg McBride, CFA, Bankrate’s chief financial analyst. “Talk about living paycheck to paycheck.”
MONEY IN. MONEY OUT.
WHY AMERICANS SPEND MORE THAN THEY MAKE
Did you know that donated clothing usually gets tossed in landfills racking up $12.8 million tons of American textile waste? “We need to slow things down and become more aware of the negative impacts of our actions. That does not mean taking the fun out of buying clothes. It just means becoming less impulsive in our shopping habits and thinking twice before paying $4.99 for another cheap top to add to our already cluttered closets.”
Credit cards. Auto debt. Student loans. The debt crisis is a ballooning problem.
Financial Samurai suspects the reason Americans waste so much money is multi-faceted. Self-esteem. Desire. Keeping up with others. Lack of knowledge. And easy credit.
“In short: Americans have a YOLO [you only live once] problem. Our obsession with the immediate clouds our judgment of the future, allowing us to justify irrational expenditures by ignoring their long-term impact.” Mel Magazine
CREATING YOUR FUTURE BY CHANGING YOUR PRESENT
- How much do you make each month?
- How much do you spend each month?
- Do you have unnecessary debt?
JAMIE’S TWO CENTS

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