If you are experiencing some financial challenges, you likely are not alone in this. Many Americans have gotten “caught” in a national trend of decreasing financial success. While it may be comforting to know that you somehow are not the only one that got “caught” - it is not where you want to be in the longer-term. If any of the following describes or somewhat describes your situation I would highly recommend you set a new course for the way you want to live. Financial success is a choice – You either manage your money or it manages you.
Personal Financial Situations in America
- According to the Wall Street Journal 70% of Americans are
living paycheck to paycheck.
- “The Marist Institute study found 55% of Americans always
or sometimes worry about their finances.
- Nearly 2.5 million Americans pursued the help of credit
counselors to avoid filing for bankruptcy in 2007.
- In 2006, 754,558 individuals filed for bankruptcy, in
2007 there were 1,066,856 and in 2008 it reached 1,443,676.
- According to the American Bar Association for U.S.
attorneys, financial quarrels and accusations have contributed to 90% of all
divorces over the past decade.
- The Child Welfare League of America has performed studies
which show a direct correlation between family financial problems and domestic
- An article in the Journal of Law, Medicine and Ethics
reported that nearly half of those with excessive debt reported that debt had
affected their health.
- Only 32% of Americans would be able to cover a $5,000
emergency without going into debt for it. Gallup/Bankrate.com survey
- The average American Household has $91,000 in total debt,
Federal Reserve and US Census Bureau
- A study by Virginia Tech determined 38% of employees have
reduced productivity in the work place, because of financial worries.
- Financial issues can cause feelings of embarrassment,
anger, shame, anxiety, and depression, sometimes leading to suicide.
- Approximately 76 million American adults have no
retirement savings. National Foundation
for Credit Counseling survey 2008
- Financial issues can cause a once honest person to lie,
cheat, and steal. People unfortunately cross the line.
Again, if any of these describes your situation, I am confident you will do better. As they say, “Today is the first day of the rest of your Life.” My best wishes to you and all of your future successes.
Don Redinius, Author – The New Era of Financial Success