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Not Nealry Enough – Much More Needed
This infographic from BillShrink.com displays the average savings accounts of typical Americans.
The Averages
It begins by showng the median household income, minus taxes, plus tax returns, which equals about $40,500 per year. The average American spends 94% of their disposable income, leading only $2,400 to be saved each year by this “average American,” but only 41% actually put that money into savings. That said, 43% of Americans spend more than they earn, leaving them in debt. When compared to the rest of the world, Americans save far less, with China saving 30% of their income on average.
Reasons for Not Saving
After displaying this staggering data, the infographic goes into a list of reasons by Americans can’t save money. These reasons include the following:
- Lifestyle maintenace
- Instant gratification
- Credit cards don’t feel like real money
- Avoiding the truth about their bank account
- Egotism
- Keeping up with the Jones’, other doctors’, etc.
Assessment
For anyone who has a problem saving, this infographic could be eye opening. If we as Americans could come to terms with the 5 reasons it’s hard to save, we could likely overcome these and start saving more. But, what about medical professionals?
Conclusion
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Filed under: Financial Planning, Funding Basics | Tagged: How Much to Americans [Doctors] Save?, savings rate | 2 Comments »
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