Americans are in full crisis mode, but you can’t really see it. I’ve spent the past 45 days in Utah and in Orlando with fully-booked hotels, packed restaurants with lines out the door, luxury stores moving products, and jam-packed theme parks – thanks to Spring Break. Under the hood, though, I can tell you that this is all theatre.
Most Americans don’t save a penny and can’t rub two nickels together. They’re not prepared for any financial slowdown or sustained recession – they’re maxing out their credit cards, defaulting on their auto loans, and drowning in consumer and student debts. For the most part, most can forget all about retirement – it’s out of the question.
I read 4 books a month, some for the 10th or 15th time. One of my all-time favorites is The Richest Man in Babylon by George Clason. In it, he talks about the importance of PAYING YOURSELF FIRST, at least 10% of everything you earn. I personally save around 80% of after-tax dollars. I am obsessed with tucking away as much as possible in cash-flowing assets.
Courtesy: Bankrate, U.S. Global Investors
I’m definitely in the minority, since 21% of Americans have absolutely nothing saved at all for retirement or emergencies, while another 20% have saved only 5% or less of their annual income.
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It gets worse, and there’s no excuse for the fact that the average working American has no money invested in a retirement account – or if they do have money invested, it’s only $40,000 on average, not nearly enough to ensure a secure retirement.
Now is actually a perfect time to be investing. A very rare event has happened in the markets, something that’s only occurred a dozen times since 1928: for 40 consecutive trading days, the S&P 500 closed above its 10-day moving average.
When the S&P 500 closes above its 10-day moving average for this long, it has been higher a year later 64% of the time, and the likelihood of a 10%+ rally is very strong.
A lot of it has to do with the big change in Federal Reserve policy: the latest FOMC announcement revealed an ultra-accommodative stance with no interest rate hikes for the rest of 2019, making the case for more stock market gains all the more compelling.
The average American will never retire; he will work until his last day, chasing fiat currency. No savings and a paralyzing fear of investing mean that most stay poor in the land of plenty. Take charge of your finances by prioritizing wealth education, sound money principles, and business skills to ensure a prosperous future.
Governments Have Amassed ungodly Debt Piles and Have Promised Retirees Unreasonable Amounts of Entitlements, Not In Line with Income Tax Collections. The House of Cards Is Set To Be Worse than 2008! Rising Interest Rates Can Topple The Fiat Monetary Structure, Leaving Investors with Less Than Half of Their Equity Intact!
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