25% of Americans have no net worth is an alarming statistic.
So that means …
“If you’ve no debts and have $10 in your pocket you have more wealth than 25% of Americans. More than 25% of Americans have collectively that is.” -Simon Black
But, hey … look at the example set by our government:
The U.S. has a net worth of NEGATIVE $60 TRILLION.
(How many zeros is that?)
It’s an unfathomable amount.
Unfortunately, it’s also become an accepted and expected way of life … consumer debt.
Here are the latest statistics of what American consumers owe as of October, 2015:
- $11.85 trillion in debt
- An increase of 1.7% from last year
- $890.9 billion in credit card debt
- $8.17 trillion in mortgages
- $1.19 trillion in student loans
- An increase of 7.1% from last year
[Source]
- An increase of 7.1% from last year
And the wheels just keep on turning. Or maybe it’s more like Americans stick their heads in the sand to ignore or avoid the grim reality.
We can’t do much about the stupidity of the government.
But we can do something for our own families.
First: GET RID OF CREDIT CARD DEBT.
The average U.S. household credit card debt: $16,140.
Stop buying STUFF. Start paying off your cards.
Second: RENT, DON’T BUY
This goes against the American dream, doesn’t it? You were taught to invest in a home to build equity. It DOESN’T work that way now.
Investing in a home is a financial drain. James Altucher, editor, Top 1% Advisory states: “Besides mortgage debt (most of which can’t be written off), property maintenance, taxes (which go up with inflation and are almost never considered in the price of the house), closing costs, buying costs, title insurance, property upgrades, etc.,you’ll spend close to $1 million in the lifespan of the $500,000 house. Or even twice that.”
Third: Don’t Take Out Student Loans for a College Degree
(Heck, reconsider college)
Again, when I advise young people to NOT go to college, people look at me like I’ve lost my mind. After all, how will you get a decent job without a college degree? Again, what USED to work, DOESN’T work that way now.
The average U.S.household owes $31,946 in student loans. Young college graduates are sucked into a lifetime of being owned by the government. These debts are not dismissed by bankruptcy. If you owe student loans, the government OWNS you.
In addition, college degrees are no longer a guarantee of a better job. There has been a steady increase of “underemployed” college graduates since 2001.
“There’s a word for someone who has a job that does not require the degree they hold: “underemployed.” In 2008, over 35% of college graduates were underemployed; by June of last year, the Federal Reserve Bank of New York reported that a whopping 44% of graduates were underemployed.”
It used to be an advantage to get a college degree. But what happens when more and more degrees are earned? The market is flooded and graduates have to take jobs that are nowhere near their specialty or interest … in order to pay back the student loans.
It’s been the unofficial policy of many leaders, political and otherwise, to champion higher education as a universal good. Not because they’d studied the demand for certain types of educated workers, but simply as a catch-all solution. The market has long since adjusted to this, but the advice hasn’t: it’s still selling people indiscriminately on a level of education that employers don’t seem to be asking for.
Not convinced yet? Take time to watch this:
FOURTH: Start Creating Your Own Cash Flow
Now is the time for everyone of us to begin to take back our lives. We’ve been suckered into building someone else’s dream; we’ve been financially strapped by taxes; we’ve seen layoffs, pensions disappear, social security vanishing …
it’s time to rise up:
It’s time. It’s YOUR time. It’s MY time. It’s time to say, “enough is enough.”
25% of Americans have no net-worth, but I’m betting that there are more than 25% of Americans who have enough self-worth to rise up and take back their freedom.
Which 25% group do you belong to?
Trisha
c: Text me here 573-881-6715
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P.S. Click the picture below to download this free ebook that will help you see HOW to begin the change.
