FMOOD 0244: Why We Need to Save, Save, Save! - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.

There's some astonishing data out there that shows that nearly 7 in 10 Americans have less than $1,000 in savings. If you look just 50 years ago, Americans were saving double what they are saving today. We made less money, but we were able to save more of what we made. A lot of this has to do with the mentality back in those days to save first and spend second. The norm for us today is to spend first and save second, and this is not a good thing.

 

A recent survey of 5,000 people showed that 62% of those surveyed had less than $1,000 in savings. A second survey of just over 7,000 people showed that 69%, or nearly 7 out of 10 of those surveyed, had less than $1,000 in savings. A small 15% of those surveyed had more than $10,000 saved up for what I would consider to be a true emergency fund.

 

It's not a simple matter of income, either. While adults who earn a lower income typically have a more difficult time saving $1,000, astonishingly, 29% of adults earning more than $150,000 per year had less than $1,000 in savings. Some of us are earning over $150,000 a year and can't save $1,000 of it. Talk about an eye-opener of just how bad we have become with saving.

 

Unfortunately, we're not only living above our means, but we're also using credit cards, loans, and easy payment platforms when it comes to spending. We're paying interest rather than earning interest, and a large percentage of us will do little to change this.

 

If you don't have $1,000 saved up yet, you're obviously not alone. However, this is also not an excuse. You're listening to this show and trying to get out of debt and get into prosperity in order to succeed, and guess what? Successful people are the minority. With that in mind, we may as well get used to being different!

 

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