Happy Halloween! If you want to be scared, here are 10 frightening financial facts.
1. We’re living paycheck to paycheck in one of the wealthiest nations
- 75% of Americans are living paycheck to paycheck
- 10% of those making >$100,000 a year are living paycheck to paycheck
- As Becoming Minimalist cited, the Average American home has over 300,000 things
- We spend more than 1 trillion dollars on non-essential stuff
- And we rent storage units to house all the stuff we went into debt to get but don’t use or have room for
- Kids own an average of 238 toys, but only plays with 12 regularly
- 30% of the children in the world are in America, yet we own 40% of the toys
4. And the excess of toys/devices may actually be doing harm
- Fewer toys is associated with more creative play and longer play time
- In young kids, use of tablets/touchscreen devices may be associated with decreased fine motor skills (e.g., ability to grasp a pencil or hold scissors)
5. Bottled water was an $18.5 billion industry in the U.S. in 2017
- Bottled water is now America’s favorite drink surpassing carbonated soft drinks, milk, and beer
- At least 50 million plastic bottles are thrown away (not recycled) every day in the U.S.
- Researchers recently found traces of plastic in human stool samples provided by donors from eight different countries
- No spot in the ocean has escaped the rain of plastic pollution. Even at the depths of the Mariana Trench at 36,000 feet.
6. Plastic in your stool? But if you live in the USA, you can’t afford to get sick!
- #1 reason for bankruptcy in the USA is medical debt
- In 20014, 40% of Americans had medical debt
- In 2018, the average car payment was $523 per month
- The average amount borrowed was a whopping $31,453
8. Credit Cards are Costing Us
- People spend 12-18% more when making purchases on credit card than they do when paying in cash (not including interest!)
9. Six figures is low-income?
- In San Francisco, a family of 4 making $105,350 is considered low-income
- Compare this to the USA in general, where a family of 4 is considered low-income if they make below $24,000
- Yet 6 billion people in this world live on less than $13,000
10. Holiday spending is out of control
- According to a Nerd Wallet poll, in 2016, 56% of holiday shoppers incurred credit card debt
- Baby Boomers spent the most
- However, Baby Boomers paid off their debt faster than Gen Xers or Millennials