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Americans Stink at Saving
Well, it's been some time since I've posted on how bad Americans are at managing their money, so let's get to it today.
Here's a piece from Go Banking Rates that lists how much Americans have in savings by state. They begin with this summary:
When it comes to saving money, Americans aren't doing a very good job. In a 2015 survey, GOBankingRates.com found that 62 percent of respondents have less than $1,000 in a savings account. In fact, 28 percent said they have $0 saved.
We recently asked the question again in a survey of more than 7,000 adults to find out how much Americans had in savings accounts in every state. The results aren't very encouraging. In most states, 30 percent or more of residents have no money in their savings accounts. And, more than 60 percent of residents in every state but six have less than $1,000 set aside.
Make Money on Your Wedding by Selling Spots in It
Ok, so this post is tongue-in-cheek, but it's too hard not to share the article I'll refer to in a minute.
Recently we've talked about the cost of weddings and how you could save money by having one on a Thursday. Well, forget about SAVING money on a wedding, let's MAKE money on one!!!!
How? By selling the right to be your maid-of-honor, best man, and other slots in your wedding.
I got the idea from this article. The highlights:
Some Good Career Advice from College Career Counselors
US News lists five things college career counselors wish students knew as follows:
1. The career center exists.
2. Counselors know you are new at this.
3. Professional skills take practice to develop.
4. Students must take responsibility for their professional development.
5. Excellent networking can make the greatest difference in jumping ahead professionally after college.
IMO, this is some decent advice, especially #3-5. Here are my thoughts on each:
1. The career process begins with why you pick a particular college. Hopefully it's because that college has proven itself to place graduates in the field you are studying. If not, then you are off to a bad start from the get-go.
Reader Profile: RK
Here's an interview with an FMF reader about her financial situation.
My questions are in bold italics and her responses follow in black.
Let's get started...
Please tell us a bit about yourself.
I'm a single 34 year old female, still living in the Midwest. I’ve been part of the institutional marketing department of a university for 7 ½ years now.
Describe your financial situation (who works in your family, how your income is (general), how your expenses are, etc.).
Star Money Articles for the Week of November 7
Welcome to this week's edition of Star Money Articles.
ESI Money details the essentials of building wealth.
Clever Dude tells how to budget when you’re living in an expensive city (You know, where you live has a big impact on your net worth.)
Dough Roller tells how to hold real estate inside an IRA.
Be Net Worthy tells how to find a small business to buy.
Why Do We Hate Our Jobs?
Here's an interesting quote from Forbes:
Data from Wakefield Research for MOO reveals that about 75% of Americans working a traditional 9-5 job are unhappy or unfulfilled in that role — that’s a bit of a blow to our collective happiness, particularly when you realize that a full 90% of people believe a rewarding and fulfilling job is a major factor in overall happiness. Researchers have uncovered deep ties between job satisfaction and feelings of motivation, empowerment and engagement.
Ok, so 3 out of 4 are unhappy or unfulfilled. That's a rough way to spend 40 years of your life.
Is the issue that we just hate working? Is it really that bad that so many dislike work? Or maybe our expectations are much higher than reality and that's why we're unhappy?
I saw a post on Facebook recently that said:
Wealthy Athletes Who Actually Know How to Manage Their Money
Bankrate shares what they call "6 top NFL cheapskates". I call them wise spenders.
They list players who:
- Drives a used 1991 Mazda he bought used
- Lives close enough to the stadium that he doesn't even need/have a car
- Focuses on "buying appreciating assets [rather] than depreciating. No yachts, no sports cars."
- Lives on $25,000 a year despite a multimillion-dollar contract
- Saves all his signing bonus and NFL salary (lives on endorsements)
- Eats a snack and saves his team per diem
Now you may argue that these guys are just cheap.
I prefer to say they know that the big-earning years are short-lived and are spending for a lifetime, just not a handful of years. Seems very wise to me and I applaud them.
What's the Best Money Advice You've Ever Received?
US News lists thoughts from several bloggers on the best money advice they've ever received.
I thought I'd join this party and add my thoughts as well as ask you yours.
I think the best advice I ever received was from the book The Millionaire Next Door: The Surprising Secrets of America's Wealthy.
The book lists seven common denominators among those who successfully build wealth but the ones that stood out to me were:
Another Millionaire Couple with Average Income
Following up on You Can Build a Fortune on a Small Income, here's a piece from Dave Ramsey about a couple that didn't make a fortune but became millionaires. Some details:
Even though they didn't have a huge salary early on, the pair established their saving goals and then lived a modest, comfortable life year after year. In fact, their household income over the past two decades only averaged around $70,000.
But because they invested early and often, the power of compound interest began to seriously multiply their nest egg.
Becoming a millionaire doesn't take a silver spoon—it takes an iron will.
Star Money Articles for the Week of October 31
Welcome to this week's edition of Star Money Articles.
Vanguard details the simple, straightforward, and nearly foolproof approach to investing. "The best way to minimize your vulnerability to the market’s mood swings, and to maximize the benefit of your partner’s longer-term strengths, is to expect less and save more. Maybe the markets will deliver better-than-expected returns. Maybe they’ll be consistent with our more modest expectations. In either case, a higher savings rate can help put you in a better position to reach your goals."
ESI Money tells how to become a millionaire.
The Mad Fientist calls the HSA the ultimate retirement account.
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