Face it, we are bad at money management
Mar 15
This article lists the Top 5 facts that we do not manage our money correctly. The list includes: record high debt, more than 60% of us have less than $1,000 in savings and we worry more about how we are paying for our next vacation instead of worrying about saving for retirement.
About six in 10 Americans (61%) say they don’t even have enough savings to cover a $1,000 emergency like a visit to the ER or car repair, according to a Bankrate.com report released earlier this year. And data from 2017 from GoBankingRates.com found that 39% say they literally have nothing in their savings accounts. What’s more, the Bankrate data found that nearly one in five Americans who don’t have enough emergency savings (19%) would have to put that unexpected expense on a credit card and finance it over time, 12% would borrow from family or friends, and 5% would take out a personal loan.
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| Regular | $2,000 + |
| IRA | $25,000 + |
| Term | Interest Rate |
| 2 Year | 3.00% |
| 3 Year | 4.00% |
| 5 Year | 6.00% |
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