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The “home of the slave” is more like it…
MarketWatch reports almost 2 in 3 Americans (62%) don’t even have $1,000 in savings.
Twenty-one percent don’t even own a savings account.
Seniors over 65 have the highest number of people with over $10,000 in savings (20%). Even so, almost half of them have nothing saved (or don’t own a savings account).
And 10.7% of seniors keep just enough cash to cover their savings’ accounts minimum-balance requirements.
As you can see below, the numbers get more depressing as you look at younger demographic groups…
Folks, let’s get one thing crystal clear: If you don’t have at least six months of savings set aside for emergencies, you should NOT be following our investment recommendations. And you should NOT be purchasing our premium investment products. You’re not prepared to utilize them yet.
Investing isn’t the “magic bullet” to save your retirement. If you try, you’ll end up with less money than you started with.
If you’re in this position, focus first on increasing your active income. The more your income exceeds your expenses, the faster you’ll build your savings… and improve your quality of life.
Only then should you look to investing to safeguard—and grow—your wealth.
Anyone wondering how to get started should read Mark’s timeless classic on saving and investing: “The Secret of the Golden Buckets.”