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Americans Spent an Extra 20 Percent. Here are the details on the 2022 Fed Survey
The Neighborhood Finance Guy writes about financial literacy topics, investment strategies, Household median income management, and retirement tips to help you make effective decisions and set S.M.A.R.T+ER goals with your money. The information is free but the struggle is not sold separately. If you are feeling poorer, you are likely spending way more than you think. Household income isn’t dropping. Prices on everyday items are going up. Join the Newsletter that can help re-balance your mind, body, and spirit. Feeling a bit stressed about Expenses? The average annual expense per median household went up from $66,928 in 2021 to $72,967 in 2022. This was an increase of 7.5 percent. Add…
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How Did Black Wealth Increase by 60%
In a surprising turn of events, median Black household wealth increased by 60 percent from 2019 through 2022. This represents a significant boost of $17,000. Ultimately, this is a great offset to the seismic decrease of 61 percent from 2007 through 2010. According to the recent 2022 Federal Reserve Survey of Consumer Finances, the median American household experienced a 37 percent boost. This represents a (net) positive increase through the pandemic. What changed? And, will this pivot help to improve the odds of reaching racial wealth parity? Why does this increase in Black Wealth Matter? As of Q3 2023, Black households held less than 5 percent of total US wealth. In…
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The Problem with Social Media Financial Spending Plan
Conscious Spending Plan, as defined by Ramit Sethi (renowned financial author) is a short-form financial plan that accounts for savings while indulging in guilt-free spending. With that, his aim is to decouple the notion of money as either being rigidly disciplined vs living in the moment. “…It is all about spending extravagantly on the things you love, as long as you cut costs mercilessly on the things you don’t. It’s not about restriction. It’s about being intentional with your money and then spending on the things you love guilt-free.” Ramit remarks that the plan is rewarding because you get to CHOOSE how you want to spend your money AND how…
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Where are Americans Making Over $100k in a Year?
With the median salary in the US in 2022 set at $70,784 (down 0.5% from $71,186 in 2021), where are Americans making $100,000 or more? From perfectly curated kitchens, social media has a knack for filtering “positive stories,” devoid of inflation and high prices. Nearly 61% of Americans are reportedly living paycheck to credit card debt. The US personal savings rate plummeted to 3.9% in August 2023 (down 0.2% from July). This is well below the decades-long average of roughly 8.9%, especially as debt accumulation rises to record highs. The median weekly earnings of full-time workers in the four months ending December 2022 were $1,050 (less than $53,000/yr). Any amount above…
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How to Redefine Achieving Meaningful Success through Conquering Fear
There is nothing left to fear but fear itself.
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The Top Seven Most Productive Ways to Close Out the Year
And just like that the 4th quarter is here; it's not too late to be productive and close out strong. The goal is to set up the next year.
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Engaging in Mandatory Wellness Checks: The Lonely Epidemic
The crew is back together and catching up. Today we discuss the lonely epidemic and the ways many of us struggle with the different levels of loneliness. And the realization of needing relationships and people. Being lonely is associated with an increased risk of heart disease, depression, and cognitive decline. The solution - Social Connection
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American Households in 2022 spent $72,967. How much did we spend?
The Average American Household earned $94,003 pre-tax and spent over $72,967 in 2022. Unfortunately, they only saved $8,742. How did we do?
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Important Information to get your Financial Affairs in Order Before Death
Getting your financial affairs in order before death is the best way to protect and support your family. Don't wait to get it right. YOLO
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You Need to Buy a Home, Renting is Expensive!
The narrative that “renting and investing the difference” is always better than home ownership is oversimplified and problematic. Ramit Sethi (Author, millionaire, and financial influencer) has been on a personal crusade to encourage a generation to live as perpetual renters. Why? He is a fervent believer that most people will get rich doing this. Unfortunately, he misses the mark. Let’s break it down. Return on Investments from Renting and Owning Owning a home isn’t just about the monetary Return on Investment (ROI). It’s about having a space that’s truly yours, a sanctuary where memories are made. This intangible value is irreplaceable and can’t be measured solely in financial terms. While…
