10 Frightening Financial Facts

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

2. Yet we have more stuff than we need

  • 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

3. Kids have more toys than they play with

  • 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

5. Bottled water was an $18.5 billion industry in the U.S. in 2017

Photo by John Cameron on Unsplash

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

7. Auto loans are keeping the middle class broke

  • 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

9. Six figures is low-income?

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

Upcoming posts will focus on celebrating the holidays without going into debt.

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