My last post begged the question if Atlantic County, NJ buyers should consider making a larger downpayment when purchasing their home looking at the current economic condition we are facing and it looks like this type of financial environment is going to continue. So this got me to thinking should that question be extended to all Americans or even the world over?
Past articles have stated that Americans are the poorest savers – meaning Americans do not save their money suggesting that we are consumers not producers and at retirement age the average American has only $250 in cash savings. Other countries – China and Japan for example – are considered to be avid savers by saving 20% of their income. They practice what Robert Kiyosaki of Rich Dad Poor Dad fame, calls paying yourself first by “paying themselves 20%” upfront by putting it aside in an account. Before they pay a bill. The book, The Richest Man in Babylon, states that “A portion of what I earn is mine to keep” and at least Japan and China believe and have committed to that discipline.
I believe it is time for a major paradigm shift in this country from poverty consciousness to wealth consciousness and it is way overdue and I also believe that if we (Americans) as a whole don’t choose to make that change, it will be made for us and it won’t be pretty. To that end, I created a blog I call, “Become Financially Literate” take a peek if you like. I’d love the feedback if you care to share.
Be Joyous Be Abundant Be Grateful