From the Desk of Mike "Problem Solver" Farris
The Need:
According to global credit card debt statistics, the USA is in the lead with an average 2019 debt of $5,331. Next come Canada ($4,154), the UK ($3,245), and Japan ($2,900). Other countries included in the comparison are Germany ($2,052), France ($1,616), and China ($1,728). The three countries with the lowest average national credit card debt are Italy ($811), Brazil ($497), and India ($302).
- Average American household credit card debt is close to $16,000
- More than two-thirds in the US live paycheck to paycheck
- 23% of workers say they are not confident about having enough money saved for retirement
- 40% of American workers have $500 or less in savings
- 60% of workers say they have less than $25,000 in savings and investments for retirement
The Solution:
Most
people think earning more money is the solution to their debt problem.
That is only part of the solution. Until people change their spending
habits they will always be in debt.
Example: What Do Poor People Buy on Payday?
After meeting their basic necessities, they buy stuff. What is stuff? It's non-essential brick-a-brack, mostly junk from yard sales, flea markets, and Walmart. Their homes are full of stuff. Every wall, every table filled to overflowing with stuff.
Nothing wrong with buying stuff, but after years of buying stuff, how much money do they have saved for retirement? When was the last time they took a really nice vacation?
On the other hand, what do rich people buy on pay day? They buy something that will make them more money.
So... what are you buying on payday? Even if you can only afford something inexpensive... like a part time investment with real value.
The long term benefits are well worth the effort. Invest in yourself unless, of course, you think it's a bad investment. In that case, keep on buying stuff.
Let's review... What's the difference between a rich person and a poor person?
Answer: Poor people work for money. Rich people's money works for them.
Join a group of People Who Will Help You Make A Difference and earn 12 ways.
After meeting their basic necessities, they buy stuff. What is stuff? It's non-essential brick-a-brack, mostly junk from yard sales, flea markets, and Walmart. Their homes are full of stuff. Every wall, every table filled to overflowing with stuff.
Nothing wrong with buying stuff, but after years of buying stuff, how much money do they have saved for retirement? When was the last time they took a really nice vacation?
On the other hand, what do rich people buy on pay day? They buy something that will make them more money.
So... what are you buying on payday? Even if you can only afford something inexpensive... like a part time investment with real value.
The long term benefits are well worth the effort. Invest in yourself unless, of course, you think it's a bad investment. In that case, keep on buying stuff.
Let's review... What's the difference between a rich person and a poor person?
Answer: Poor people work for money. Rich people's money works for them.
Join a group of People Who Will Help You Make A Difference and earn 12 ways.
