And the Rich Get Richer

hanging by a fingernailThe Trading Report published an interesting article today on economic anomalies. Fourteen stats they call “funny,” and 14 that aren’t so funny.

You might not find any funny! (I encourage you to read the entire post.) Here’s one factoid from the site:

Not Funny – Average household debt in the United States has now reached a level of 136% of average household income. [emphasis supplied]

That’s not surprising to me; although I do have an astonishment bone somewhere that’s quivering. The reason I say it isn’t surprising is that many years ago I heard a report that people desire about 1/3 more income than they have. Whether they make $18,000 a year or $180,000 a year, when asked how much money would be enough, they stated a figure about a third higher than their current income. With easy-access credit, and a passion for instant gratification, why wouldn’t people simply charge that 1/3 lifestyle top-up they desire?

Still, it is kind of scary, isn’t it? I hope you’re not one of them!

Here’s another one that’s not funny:

Not Funny – The average CEO now makes approximately 185 times more money than the average American worker.

And the last one I’m going to quote:

Not Funny – Approximately half of all American workers make $25,000 a year or less.

I’m not trying to discourage you. In fact, I have good news! At Equity Cycling we’re helping people of all income levels (even rich dudes) become debt free in about one-third the time they would have been debt free by following their payment schedule advice.

If you’d like to learn how, sign up for one of our free debt acceleration classes and get the skinny on fattening up your wallet!

One Response to “And the Rich Get Richer”