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Americans are really good at shopping, according to Marketwatch, which reported that Americans spent a record amount Thanksgiving Day, spending $5.6 billion online, 5.5% more than last year. Where did they get $5.6 billion? Unfortunately, many borrowed it from credit card companies.
If Americans were as good at saving and investing as they are at shopping, the U.S. would have far fewer elderly people living in poverty. In 2021 the U.S. Census Bureau reported that 10.3% of Americans 65 and over live in poverty, over 17 million people. Although some are victims of circumstance, many simply lived recklessly and foolishly.
Although it is too late for some, most of us can still make lifestyle changes and better decisions to prepare for retirement. What does it take? Education, discipline, responsible spending, and regular saving and investing.
There are other holidays coming soon. Make a resolution not to overspend. Plus, set savings goals and start saving and investing in a 401(k) plan or IRA account.
A year from now, measure your progress; hopefully you’ll decide to save even more. Brilliant!
Are you a saver or a spender?
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