Wealth creation is surprisingly simple. You need discipline, money, and time. So why do so many Americans miss the mark when it comes to personal finance? The 10 stats in this episode are simple, real world reminders of how powerful a few small financial decisions can be. Keep these powerful stats top of mind to help you stay grounded, motivated, and on track to build wealth.
In this episode, you’ll learn:
- What decisions are actually derailing your finances (Hint: It’s not Starbucks.)
- Crucial, yet simple wealth building steps that most Americans miss
- How your career and education can impact your financial life
- How powerful your dollars are in yours 20s and 30s
- Common misconceptions about modern millionaires
Research and resources from this episode:
- The Money Guy Show Resource Page
- Survey: Fewer than 4 in 10 Americans could pay a surprise $1,000 bill from savings (Bankrate)
- New Report: How Credit Card Debt Impacts the Average American (Clever)
- Credit Card Debt in 2020: Balances Drop for the First Time in Eight Years (Experian)
- State of the Auto Finance Market Q4 2020 (Experian)
- Car Depreciation Rates (Direct Express Auto Transport)
- Personal Saving Rate (FRED)
- A Look at the Shocking Student Loan Debt Statistics for 2021 (Student Loan Hero)
- Current Student Loan Interest Rates and How They Work (Nerd Wallet)
- Panicked universities in search of students are adding thousands of new majors (The Hechinger Report)
- Agglomeration and Job Matching among College Graduates (Federal Bank of New York)
- 70% of Rich Families Lose Their Wealth by the Second Generation (Money)
- What’s the Median Retirement Savings by Age? (Synchrony)
- Social Security Fact Sheet (SSA)
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