Americans Are Not Saving Money | No Hope For Wealth

If someone told you I want to lose weight, but I have two rules, no exercise and no eating fewer calories. How do you help them? The answer is you don’t.

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1. Our Savings is Plummeting (compared to China )
– From a saving rate average of 8.9% over the past few decades to now 3.9% ( that’s two times lower )
– That means for every $100 people make they save less than $4 that’s absolutely unacceptable

Compare this China:
– They have a savings rate right now of 45.9%
– For evert 100 that’s almost $50 in the pockets
– Now I know what most people are going to say

Economy:
– The economy cant grow with just savings, you need a constant stimulus of spending
– You keep spending and if the income stops and the flow of money stops
– The only the next step is going to be printing money, and that’s not going to be pretty

2. People are Spending More Now (Inflation is playing a role in it
– A record 200million shoppers turned out for black Friday and over 966.6 Billion is expected to be spent this holiday season
– I showed up for that too btw, and I’m not going to be hypocritical about
– Genz is saying they rather live in the moment.
– But at the same time that increase is spending is messing with their success

People don’t have money to save.
– But they have money for shopping and increasing their expenses

3. Solutions

– Clean up your debt: pay it off
– Save a Good chunk of cash for emergencies: case income loss
– This was the first recession where disposable income went up (inflation dough)
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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