Do Americans know how to save and build fortunes for themselves? The answer is “no.” We are a powerful country but it seems that people here have less money than those from China or Europe. Why is this so? I think that Americans have a lot of money but they also spend a lot of it too. I think that Americans are more hedonistic because they think that they can always make more money the next month. People have this mentality in America when in fact they are losing more money each day due to interest payments and debts accumulating. This is a self-defeating. I see many young people living paycheck to paycheck and even adults living by paycheck to paycheck. Do Americans not know how to plan their finances?
We are a nation with many jobs and opportunities so people should take advantage of all of these opportunities and save money for their future. You literally see young people with more than $30k debt when they reach the age of 30, debts from college and reckless spending. I don’t have to far, right in my family, I have a few people with heavy debt from reckless spending and no savings plan at all.
If you look around, you will surely find people without a penny in their saving account. If you look at their net income, they probably have more than $10k in debt. Many people are highly in debt. They have a negative asset. Sure, they might be driving a nice car but it’s a lease car. They don’t own it. They live in a nice house but it’s rented or they’re heavily paying mortgages.
The main point is that many Americans are in negative asset which leave many people in a really bad disposition. When income is low, crimes and violence go up and it affects everyone in the community. This is why more Americans should focus on saving and building a positive asset instead of a negative asset. This sounds like an Obama speech but there need to be more speech about saving money in America.