Posts Tagged ‘million’

“‘If I were given $1 million’
According to the respondents, here are some of the things people would do if they suddenly received an influx of cash…

  • 54% of respondents would spend it

According to Charles Schwab, Americans are paying attention to their friends’ personal-finance choices. Sixty percent of people said they’ve wondered how others on social media were able to afford things like expensive trips… And out of a variety of factors (including family, friends, and co-workers), social media was reported to have the worst influence on money management…

A whopping 59% said they live paycheck to paycheck, and 44% carry a credit-card balance or struggle to keep up with payments, according to Charles Schwab.” -The Crux

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Here in the U.S., the Anxiety and Depression Association of America estimates that anxiety affects 40 million adults – that’s 18% of the entire population. Anxiety is now the most common mental illness in the country.

Product innovation oriented around anxiety (encompassing stress, mood, and sleep) spans nearly 30 different categories, including chocolate, yogurt, air fresheners, fabric conditioners, and skincare.

The more products we buy to treat anxiety, the more we’ll think about our anxiety…  And that’s not healthy.” -The Crux

“In the final quarter of 2018, U.S. credit-card debt reached $870 billion – outpacing the recession – according to Bloomberg. The U.S. has added 100 million credit cards to its circulation since the financial crisis…there are nearly twice as many credit cards in use as there are adults to use them.” -The Crux

“Nearly 51 million households – or more than 40% of all U.S. households – can’t afford even the basics of a middle-class lifestyle.” -Justin Brill

Banks are keeping billions of dollars from Americans…  Right now, according to the Financial Industry Regulatory Authority, about $350 billion is sitting in brokerage accounts earning an average of 0.12%. That’s about $420 million in interest.  But if all those people with that cash just sitting there moved it to an account earning 1%, the interest earning soars to $3.5 billion a year.  That’s like leaving nearly $3.4 billion in free money on the table.  Make your money work for you.  Stop letting these banks steal your interest.” -David Eifrig

“As the Financial Times reported yesterday, more than 1 million U.S. consumers are ‘at least two months behind on car loan repayments,’ noting that the delinquency rate in the $1.1 trillion market hit its highest level since 2009. And that’s not just limited to subprime borrowers. That figure includes everyone with a U.S. car loan….

The financial Times also cites, ‘Delinquencies on credit cards also rose by about the same amount over the period to 1.79% – the highest since 2011. The rise in bad loans comes despite persistently low borrowing costs and unemployment levels – suggesting lenders may be letting consumers take on bigger debt burdens than they can handle.

Lending to consumers with weak credit scores has been one of the fastest-growing parts of the industry. Still, the increased delinquency levels follow a period of rapid expansion and could be a natural consequence of that growth. Separate figures published on Thursday by the New York Federal Reserve showed the total amount of debt held by American households rose last year at the fastest clip since 2007.'” -Porter Stansberry

“First, the world is changing.  It’s not a good thing or a bad thing.  But your life is going to change with it.  94% of the 15 million jobs created in the past eight years are either part-time or freelance.  The job landscape is changing.  Corporatism, which ruled the world for 100 years, is ending.  Technology and necessity have taken each industry, destroyed it, and then created 1,000 new and different ways to succeed in it.  Understanding what is new in the world is the LAST step in reinvention though.

Every day we are reinventing.  A river doesn’t stay still.  Every time you step into it, it’s a different river.  You and I are that river.  We either move forward or we freeze like ice.” -James Altucher