These Alarming Financial Statistics Of The Average Person Will Surprise You

There's a reason the financial index is called Standard and Poor.

Well 1 there's only $10 in my savings accounts, so that would be hard but 1000 from checking would be fine. Credit would be fine to it would just look back out from checking in 15 to 45 days. 2 I guess I'm good enough. I'm the end of my family line so that's a financial benefit. 3 I have negligible debt, 8 credit cards. I only pay intrest on the 3.99% card since I only spend on it big once every few years and I don't want the account to ever close.

Wealth/Success is dependent on the action or steps you take to achieve it. Show me a man who doesn't have an investment and I will tell you how soon he'll go broke. Investment is building a safe haven for the future: with the right choices of investment that has minimum risk and with an Expert guidance, profit and interest should be guaranteed.

The average American have horrible spending habits, saves almost nothing. This is in comparison to asian Americans like me, we save doubt digit % every paycheck. Saving and investing is how you become wealthy, and this is why asian american, despite the majorty coming to the US dirt poor in the last 60 years, are now the wealthiest ethnic group. The average American should learn from us.

From paying for day care and college, to managing mortgage payments. I'm approaching retirement yet inflation is getting worse. How can I generate more income to retire with at least $3m for long term care? I have about 750k in savings.

Those of us that are very poor, are aware. Thanks.

Go to your nearest mall, it will be packed with people shopping. People are spending on things they don't need and a lot of that spending is money they don't have ie credit cards, overdrafts, personal loans and remortgages. Everyone is operating from Fomo and keeping up with the Jones. Most people have simple minds and stay in the moment like children do. Mature minds think ahead and put some money away for saving and investments and only buy things they really need and only splurge on needless things when they are coming from a secure financial place. If you have no debt, have a one year emergency saving fund and put at least 20% of your income into investments, then you are secure and can now do some needless spending for fun. Overtime compound interest will work its magic on your investments and then you can really have some fun!

When I was a kid my parents made us "brown bag" lunches (sandwiches wrapped in wax paper plus a fruit mostly apples) because they wouldn't/couldn't afford the money to pay for lunch at school. My Mom would put patches on our jeans when we wore holes in them and "darn" our socks when they got holes as well. We even folded up our "brown bags" to reuse them til they wore out. My parents also brewed coffee for their thermos bottles they took to work. These days I see the long lines of newer SUV's at StarBucks "drive thru's as the buy their pricey coffees and treats....they sure must be wealthy ...or much more likely up to their ears in credit card debt and vehicle lease payments. I've only been to a Starbucks ONCE and only because of the date I was on...way over priced. BTW, I own my ranch home, my vehicles, my rental property and have zero credit card debt. I worked my way through college and also repaid my student loan. My parents taught me well. Hey, multi-millionaire Joe Biden, since you are "cancelling" student loans YOU owe me the student loan money I repaid plus the interest and your inflation on the money I borrowed....send me a check from your millions of dollars you made as a corrupt politician.

They make us pay back every penny of student loans so they can give it all to the ILLEGALS.

Love the Canadian accent

The average American is dumber than a rock and a product of a failed public school system.

The average American spends most of their money on fast food and Amazon and other unnecessary garbage.

Every once in a while I would stop in a local store for a coffee in the morning. The line was always very long with workers ordering sandwiches for lunch, lottery tickets, and cigarettes. Could this be why so many are living paycheck to paycheck? Personal responsibility seems to be a thing of the past.

Grouping in mortgage and student loan debt in the total of “personal debt” is an inaccurate point to have when discussing credit cards and personal loans.

America Is F*cked: The Movie

People are terrible at saving money and budgeting. They still take on huge credit debt and loans to pay for stuff like taylor swift concerts, buying out food all the time, and buying a bunch of clothee accessories and jewelry.

Unemployment is going up and ao is delinquent debt, people do it to themselves, they think credit cards are just free money.

People dont have the money to spend, they just live in the delusion that they do

😢 Bidenomics 😢20% inflation increase in the past 3 years 😢 highest ever growth in the history of this country 😢😢 learn facts before yoU" VOTE "😢😢 A uneducated "VOTER.. is a wasted "VOTE 😢😢

I’m in great shape I’m out of debt have cash on hand my advice stop paying interest on debt buckle down and pay off your debt

Need to use the median person

A few other facts about average people:

1. Most people can't handle a credit card and should only use debit cards. If you pay interest on the card it's not for you.
2. Most people pay well over $1000/month for their car with insurance, gas, and other costs. But gotta have that sweet ride, right?
3. Average student loan debt is $40,000, costing on average $650/month. Many people study completely useless degrees that lead to low paying jobs or no jobs at all.
4. The average American spends about $400/month on eating out and an additional $300 on groceries.

If we add those up that's almost $2500 on things that can be greatly reduced by budgeting, cooking at home, driving a cheaper car and so on. Add $1500/month for rent or mortgage and that's $50,000/year to have a roof over your head, eat and drive to work. You haven't even started living yet and dealing with all the other wants and needs of life.

Conclusion: The average person is an idiot with their money.

I live in a place where everyone is poor and doesn't have shit but I make a lot more money than everyone else here so to them I'm rich and actually it seems like the police are picking on them for like trying to park and nap and recover and stuff so I was thinking about how there's a bunch of people in their houses doing illegal stuff and then there's regular people that are just trying to park who don't have Houses and aren't doing anything bad but are the ones being hassled and since that's backwards Im thinking about bringing a lawsuit on the city of Loveland Colorado and the city of fort Collins Colorado and not just for me but for all these people way poorer than me who can't afford to sue .

How do boomers not have enough to retire? They voted themselves all the benefits and were adults during the US's peak

Watching while donating plasma 😢

What is rich? Or poor? Where is the line drawn?

Never use a credit card to borrow. Every penny in interest is a penny less to spend on what you actually want,

How can a country with a median salary of $60k can not afford a $1000 emergency. I raise a family in Greece with $43k a year household income, pay rent, have a new car, vacations and saved $60k over the last 12 years. Either this video is BS or it is the people's fault, what can I say, please enlighten me if I'm wrong.

I know im definitely broke

I couldn't afford 1k

So basically there is no such thing as a middle class in America! You're either poor/working class or rich/1%er?

If you focus on building income streams in your twenties and thirties.......
You can spend without worries in your thirties and forties. Learn to build wealth not save money.

Everyone needs somewhere to live; I view mortgage debt differently than other debt. If you don't have a mortgage, you'd most likely have rent; unless you're living for free somewhere or homeless.

The other types of debt are different, and indicate you are living above your means. Car loans - get a cheaper car; credit cards - what's on them, necessary items or dining out, vacations, Taylor Swift tix, and are you paying them off each month? Home equity loans - another credit card like item often used unwisely. Finally student loans - did you check the job market for your chosen major? did you graduate with a degree or quit? did you go to an expensive private school? Your college decisions and consequences are on you, and anyone who co-signed your student loans - they're your responsibility not taxpayers' responsibility.

crazy video. petro dollar is gone. save up silver dollars, and buy bricks currency.

“The recession didn’t occur.”??? LOL Cook the books and keep things afloat until after the election. Let’s see how things look when they stop skewing the data.

The economy is great man - Joe Biden

Most Trump supporters are those poor, and they keep voting for staying poor. Poor people voting for donald trump is like a turkey voting for christmas.

Search Adam Smith's Wealth of Nations.
He used the word 'education' Eighty Times.
He wrote "read, write and account" multiple times.

When was the last time you heard an economist say that accounting/finance should be mandatory in high schools?
And should have been since Sputnik!

"Thankfully the recession didn't happen, and the job market is strong."
Who the hell do they think they're fooling!? The stock market isn't the only indicator of how the economy is doing.

No sh*t sherlock!

The most important is food shelter ,enough money 💰, and health!

How about blaming governments that spend on welfare and generate inflation which hurts all middle class Americans?

I've always been financially average. I've also noticed that I seem to be at the beginning of financially average trends. If my theory is true then the average is about to drop to unprecedented lows of you catch my drift. Things are going to get really really difficult for people. I hit financials lows but have stabilized to a much lower financial normal.

$1M !! Minimize your cost of living. Own your humble home mortgage free. Eat out only on special occasions. Learn to cook at home. Each meal should be nutritious and affordable. Know the rock-bottom prices and shelf life of all the grocery items you use. Own a good fridge and freezer. When deals come around, bulk buy to what you can use in 4 months or the best before date whichever is first. $20k/ year expense means an investment of $400k at 5% to 10%. Add another $100K for future car or furniture or vacation. $500K

I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer.

The federal government collected nearly $4.5 trillion in revenue in fiscal year 2023 (FY 2023).

About half was collected through individual income taxes, while 37% was through payroll taxes. Other revenue sources included corporate income taxes, customs duties, and sales taxes.


BUDGET

The federal government spent almost $6.2 trillion in FY 2023, including funds distributed to states.

Many times they are in trouble is buying unnecessary items or just wasting money in general. I can't even tell you how many times I see the following waste. Going to eat at a restaurant, eating half or less then not taking the rest home for a second meal.

Poor people spend everything,
Middle class people save some
Wealthy people invest.

So basically, people are idiots.

I do not beleive that 56% of americans cannot come up with $1000.00 your talking about over 145,000,000 people somewhere in that range

I am poor according to both the State and Feds. Yet, I don't feel like it. I am mortgage and debt free. No car payments. I have food in my fridge and clothes to wear. I am totally enjoying life and don't feel deprived. Unlike the rich, who are worried about paying their mortgages,high property taxes, getting the newest car and designer clothes.