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Wealth creation is surprisingly simple. You need discipline, money, and time. So why do so many Americans have a poor money mindset and miss the mark when it comes to personal finance? The 10 stats in this episode are simple, real world reminders of how powerful a few small financial decisions can be. Keep these powerful stats top of mind to help you stay grounded, motivated, and on track to build wealth.
In this episode, you’ll learn:
- What decisions are actually derailing your finances (Hint: It’s not Starbucks.)
- Crucial, yet simple wealth building steps that most Americans miss
- How your career and education can impact your financial life
- How powerful your dollars are in yours 20s and 30s
- Common misconceptions about modern millionaires
Research and resources from this episode:
- The Money Guy Show Resource Page
- Survey: Fewer than 4 in 10 Americans could pay a surprise $1,000 bill from savings (Bankrate)
- New Report: How Credit Card Debt Impacts the Average American (Clever)
- Credit Card Debt in 2020: Balances Drop for the First Time in Eight Years (Experian)
- State of the Auto Finance Market Q4 2020 (Experian)
- Car Depreciation Rates (Direct Express Auto Transport)
- Personal Saving Rate (FRED)
- A Look at the Shocking Student Loan Debt Statistics for 2021 (Student Loan Hero)
- Current Student Loan Interest Rates and How They Work (Nerd Wallet)
- Panicked universities in search of students are adding thousands of new majors (The Hechinger Report)
- Agglomeration and Job Matching among College Graduates (Federal Bank of New York)
- 70% of Rich Families Lose Their Wealth by the Second Generation (Money)
- What’s the Median Retirement Savings by Age? (Synchrony)
- Social Security Fact Sheet (SSA)
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