Did you know that as of December 2015, the average personal savings rate of Americans is 5.5%??!! Research says that number is on the rise, however, it is still much lower than the long term average of 8.34%. That’s seriously nutty! So, if the average American takes home 50K a year after taxes, they only save $2750 a year?!
Now let me preface the following with a few key points:
In terms of debt – I have none. We’ve already discussed my lack of mortgage but, to add to that, I have never held a credit card balance, I missed out on student loans by skipping college minus a few semesters at a CC, my car is old but paid off and, thankfully, I have been healthy enough to have no past medical expenses…oh, and having no kids helps with keeping my costs down.
Though my debt (or lack of it) looks pretty rockin’, I am not without my financial failures and FICO score fuck ups…but for now, that’s a story for another day.
Ok…back to the showdown… Continue reading “Savings Rate Showdown…It’s a biggie!”