33% of Americans have no money saved for retirement
Retiring with nothing is increasingly common as the baby boomer generation retires. Start putting small amounts in retirement savings as soon as you begin working. Even $100 a month from babysitting money gets the ball rolling!
Smokers typically spend between $1- $2 million in their lifetime
Gah! Cigarettes are expensive, but most people have no clue the total cost over their lifetime. Quitting smoking is tough, but your wallet will thank you.
63% of people can’t afford a financial emergency
This statistic is particularly scary because unexpected events happen everyday, plunging everyday people into dire financial straits.
52% of Americans would not be able to cover an emergency of $400
Four hundred dollars isn’t a large sum of money, but for 52% of Americans that’s the amount keeping them from treading financial water.
Start your retirement savings at 45, you’ll need to save 3 times more than if you started saving at 25
Retirement seems like a far off time in the future, but chipping away at a big goal is easier over time. That’s how you devour a whale – one bite at a time.
We spent over $70 billion on the lottery in 2014
In a previous DigitalAMN blog we covered how state lotteries are an exploitation of low income workers, and this scary money statistic validates it. The escapism offered by the lottery is tempting, but it’s unwise to indulge. Investing in crowdfunding is a wiser, more practical route to financial literacy.
21% of Americans over the age of 75 are carrying mortgage debt into retirement
The golden years of retirement are fun to imagine filled with golfing and relaxing trips to Hawaii but that’s far from reality for many Americans because they carry debt into retirement. Starting early with small amounts and a developing a plan are practical steps to prepare for a comfortable retirement.
Money is one of the scariest subjects in the world for many people. The good news is that bad money habits are 100% changeable.