Skip to site content
The Show

Why Are Americans Broke?

Why are Americans broke? On May 15, 2018, Charles Schwab released their second annual Modern Wealth Index Assessment for 2018. What this report revealed is that Americans have some work to do to rightsize their finances. What was even more interesting is that this Wealth Index Assessment identified the number one contributing factor to realizing financial success.

You don’t want to miss this latest installment of The Money Guy Show.  Here is what you will learn by tuning in to today’s episode:

  • How many Americans are living paycheck to paycheck
  • What the average 401(k) account balance is for individuals between 50 and 59 and 60 and 69 years of age according to Fidelity
  • What the top 10 percentile of overall performers have in common according to the Charles Schwab Wealth Index
  • Why having a written financial plan contributes, significantly, to a person’s financial success
  • The 3 most common reasons people gave for not having a financial plan
  • How to overcome the obstacle of not having a financial plan
  • Free resources you can start using right now to begin your financial plan
  • A few uplifting takeaways from the Charles Schwab Wealth Index:
    • Millennials are doing a better job of planning than their older peers
      • 31% have a written plan (compared to 20% of Gen Xers & 22% of Boomers)
      • 22% are willing to work with advisors (Boomers = 25%; Gen Xers at 16%)
    • 64% of Millennials believe they will become wealthy in their lifetime
    • Other things beyond money are factored into people’s overall definition of wealth
    • The majority of people believe saving and investing and hard work is how to achieve wealth over time.
  • The updated projections of how much money Americans need to feel financially comfortable vs. become wealthy

Resources Mentioned in this Episode

Enjoy the Show?

Where You Can Watch and Listen:

Subscribe on these platforms or wherever you listen to podcasts for new episodes every Friday, live streams every Tuesday at 10am CT, and new highlight clips throughout the week.

Related Content

Free Resources

Financial Order of Operations®: Maximize Your Army of Dollar Bills!

Here are the 9 steps you’ve been waiting for Building wealth is simple when you know what to do and…

View Resource

Wealth Multiplier By Age

How much to save every month to become a millionaire.

View Resource

Car Buying Checklist

Here’s how to buy a dependable car that won’t break the bank.

View Resource


I Have a Lot of Money, but I Don’t Feel Wealthy!

, ,

Read More

How Do You Invest Across Different Account Types?

, ,

Read More

What Is Considered Critical Mass During Wealth Building?

, ,

Read More

Financial FAQs

Courses & Tools

How about more sense and more money?

Check for blindspots and shift into the financial fast-lane. Join a community of like minded Financial Mutants as we accelerate our wealth building process and have fun while doing it.

Millionaire Mission (Brian’s Book)

Buy Now

Know Your Number Course

Buy Now

The Money Guy Net Worth Tool

Buy Now

Recent Episodes

It's like finding some change in the couch cushions.

Watch or listen every week to learn and apply financial strategies to grow your wealth and live your best life.

maxresdefault 4

Will I Ever Feel Ok Spending Money for Fun?

Watch Now
maxresdefault 3 1

5 Financial Decisions That Changed Our Lives (And Can Change Yours, Too!)

Watch Now
maxresdefault 3

Is Retiring Early Really Worth It?

Watch Now