I read recently that majority of Americans today are living paycheck to paycheck. Something like 90-something percent.
I believe it. The question is why?
Is it because of lack of discipline in spending? Credit cards and easy financing? Is it the gotta have it now mentality of our nation?
Or is it just the sorry state of our wage system for the Average-Joe?
How many of us could survive for a month, two weeks, or even ONE week if we lost our job in the morning when we reported for work? Have Americans lost the ability to plan ahead- for their futures or for emergencies?
One theory is that American kids aren't being taught at home how to budget and save. I think that's probally right on the nose.
Parents "provide' their kids with just about anything their hearts desire these days and take care of all the responsibilities that go along with these perks. I personally think it's disgusting.
If kids want the perks of being an adult and having all these"must-haves" then let them get a job and learn how to make money, make a budget, and learn how to manage their finances properly.
I have to admit- I'm one of those kids who had everything taken care of when I was growing up at home. Didn't even get an allowance for chores. Didn't get a checking account until i had graduated from High School and got my first job. And I was completely clueless about andy aspect of finances. Didn't know how to pay bills on time, didn't know how to make a budget, didn't know how to go about getting a loan for buying a vehicle. And it lead to financial disaster which I am now just beginning to see the light of day clearing up- even after all these years.
Americans are headed for financial disaster if things don't change drastically soon.
Be responsible. Take care of business. Plan ahead.
Your life may depend on it.
2 comments:
To be honest, I think it's more to do with low wages and high prices myself.
Good budgeting and saving always helps, but if your income is 350 a week, and your food, rent and bills comes to 340, that's not a lot to put back for emergencies.
It's both. Definitely.
I was raised getting everything my little heart desires. Now, I have a problem with impulsive buying. I buy everything I see, and don't worry about how much the brand names cost vs. the generic. Although, all of this is definitely changing. I've always been aware of my credit card and things like that. Although since I AM the baby in my family, my mom and parents treat me as such.. Like, telling me how much I don't have to worry about saving for after college, and things like that... SOOO bad for me.
And kids now, are so much worse than I was at that age. Which definitely is saying something.
But I also read an article for class about how the min. wage is soooo low, it comes out to about 10k/yr, which is definitely NOT enough to live, and that the min. wage ages ago--compared to the 2007 dollar is about 2 bucks more than the national min wage now, which is still 5.15.. as it is here in VA. sooo yeah....
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