Income of only $150,000/yr...200 million financially illiterate people in America?
This was a story that I found rather odd...the story can be found here.
"It's a statement that an awful lot of Americans can make these days. About two-thirds of families need their next paycheck to meet their living expenses, according to a recent survey by the American Payroll Association. "
Two-thirds??? Two-Thirds??? There are 300 million Americans. How can one of the richest nations in the world have over 200 million individuals that cannot make it a single month without their paychecks before entering the sleazy world of credit cards, personal loans, and payday loans?
Why can we teach of the now 8 planets (still steamed about that one) but we are unable to have our children graduate from COLLEGE (where you are meant to learn meaningful life lessons) and not grasp the basic concept of saving. I'm not mad at the individuals anymore than I could be at someone that thinks there are 9 planets (there are) because it is what the system taught us. How can the system be so skewed towards producing only one-third of its citizens with only the most basic knowledge.
Are parents meant to teach their children? The same parents that are products of the system? Where are they meant to learn? From books? Before or after they are thinking of filing for bankruptcy?
There isn't even a basic finance book on summer reading lists for children yet there are many books that are meant to teach financial literacy to children of all ages. Why are those books there? Because the one-third of semi-financially literate individuals might buy the book for their children. These children move into their lives with saving/investing engrained in their brains...it’s a habit just like not to bite your nails or to say thank you when someone does something nice for you. I'm not concerned about them...they can go into their lives and succeed... But what about the 200 million others that are going to debt finance and boot strap their ways through life.
You are reading this post. You are 100% doing the right thing. Tell your child about the importance of savings and why they shouldn't rack up debt...in doing so, you will have given them a step up over 2/3 of America...the best part? It doesn't cost a thing...just 5 minutes of your time...once a month...
Another step towards financial independence.
Until next time,
Thor
"It's a statement that an awful lot of Americans can make these days. About two-thirds of families need their next paycheck to meet their living expenses, according to a recent survey by the American Payroll Association. "
Two-thirds??? Two-Thirds??? There are 300 million Americans. How can one of the richest nations in the world have over 200 million individuals that cannot make it a single month without their paychecks before entering the sleazy world of credit cards, personal loans, and payday loans?
Why can we teach of the now 8 planets (still steamed about that one) but we are unable to have our children graduate from COLLEGE (where you are meant to learn meaningful life lessons) and not grasp the basic concept of saving. I'm not mad at the individuals anymore than I could be at someone that thinks there are 9 planets (there are) because it is what the system taught us. How can the system be so skewed towards producing only one-third of its citizens with only the most basic knowledge.
Are parents meant to teach their children? The same parents that are products of the system? Where are they meant to learn? From books? Before or after they are thinking of filing for bankruptcy?
There isn't even a basic finance book on summer reading lists for children yet there are many books that are meant to teach financial literacy to children of all ages. Why are those books there? Because the one-third of semi-financially literate individuals might buy the book for their children. These children move into their lives with saving/investing engrained in their brains...it’s a habit just like not to bite your nails or to say thank you when someone does something nice for you. I'm not concerned about them...they can go into their lives and succeed... But what about the 200 million others that are going to debt finance and boot strap their ways through life.
You are reading this post. You are 100% doing the right thing. Tell your child about the importance of savings and why they shouldn't rack up debt...in doing so, you will have given them a step up over 2/3 of America...the best part? It doesn't cost a thing...just 5 minutes of your time...once a month...
Another step towards financial independence.
Until next time,
Thor
posted by Thor @ 7:33 AM
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