Here’s some truth …
According to a 2017 GOBankingRates survey, more than half of Americans (57 percent) have less than $1,000 in their savings accounts.
According to a recent Bankrate survey citing data from the Federal Reserve, the average American between the ages of 55 and 64 has saved only 12% of what they’ll need to retire semi-comfortably.
According to The Urban Institute, about 77 million Americans have collections reported in their credit files.
According to the FINRA’s National Financial Capability Study, nearly one-third of Americans only pay the monthly minimum due on their credit cards.
And get this …
According to a National Capability Study, nearly two-thirds of Americans cannot pass the most basic financial literacy test.
Therein lies the problem.
Despite being one of the most financially prosperous nations on the planet, America is in the midst of a dangerous shortfall in financial literacy.
Collectively we have no idea how to manage our money. We base our buying decisions on emotions. We spend now and worry about it later. And we hope that everything will somehow work itself out before retirement. (It’s not.)
We need to do better.
On today’s Finance Friday episode of the podcast, Curtis Carroll gives one of the most powerful “financial wake-up calls” you’ll ever hear. And from the most unlikely place … San Quentin Prison.
You can find today’s talk on YouTube here.
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