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With the financial tools accessible to Americans today, we believe anyone can build wealth and set himself up for a better life. Even so, 60% of people don’t have the savings to pay for an unexpected emergency. Why are Americans so broke?
There are 3 major pitfalls in understanding and behavior that keep people from tapping into the amazing financial opportunity we have access to everyday. Let’s break down all 3 and talk about how to turn the tide or avoid these situations altogether on your journey to financial freedom!
Research and resources from this episode:
- The government shutdown spotlights a bigger issue: 78% of US workers live paycheck to paycheck (CNBC)
- A $1,000 emergency would push many Americans into debt (CNBC)
- Average credit card interest rates: Week of Feb. 19, 2020 (CreditCards.com)
- Key Figures Behind America’s Consumer Debt (Debt.org)
- A $45,000 Loan for a $27,000 Ride: More Borrowers Are Going Underwater on Car Loans (WSJ)
- Americans Who Can’t Afford Their Homes Up 146 Percent (NBC)
- Here’s how much the average student loan borrower owes when they graduate (CNBC)
- Consumer Expenditures – 2018 (U.S. Bureau of Labor Statistics)
- Study: U.S. adults spend $1,200 a year on electronics (CNet)
- You’re spending more on your subscription services than you think (Market Watch)
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