It is no secret that the spending habits of traditional Americans are not all that pretty. Way too many Americans find themselves in a position where retirement seems like a lofty goal only accessible by either the old or lucky, and that most people – including them – are “regular Americans” just trying to get by in a harsh and unforgiving economy.
Sadly, this poisonous thinking keeps way too many Americans accepting their 40 to 50-year
jail office sentence. But in truth, the only elements of spending and saving that are harsh and unforgiving are the things that Americans insist on blowing their money on – or in other words, discretionary spending.
In 2009, Americans spent a whopping $1.13 trillion on this type of spending. First world problems, anyone?
A recent ConsumerReports.com study offers up a sad graphic that depicts American foolishness with money quite well. How are Americans actually spending their money? Good question, and I’m glad that you asked. Continue reading “Runaway credit destroying American retirement”