What happened to American lives?
As the latest statistics show only 48% of Americans have enough emergency savings to cover at least three months’ worth of expenses & 22% have no emergency savings at all. 33% of American workers are worrying about their job security.
At age 65, 54% of Americans still need the help of the government or their families to survive, 5% still working & only 5% of Americans are ready to retire comfortably.
What happened to our society? Most people start their careers at age 22 after they graduated & at age 60 they have spent 38 years doing jobs & still have no savings or comfortable retirement.
The problem with such kind of mess is that they don’t know how to manage their finances. They don’t know how to invest wisely. They just think buying a hot stock or a nearby apartment will make them rich. It is not happening. You have to take control of your investments & follow the path to being wealthy.
Just Save & Invest
In 2024 average salary of an employee is $63,795 in the US. The average expense is $38,266. You can save $25,529 a year.
The average yearly return for the last 30 years of the S&P 500 is 10.47%. let’s assume you start your career at age 25 & hope to retire at age 55, over the next 30 years you invest your savings in the S&P 500 constantly & let’s see what will happen after 30 years.
After 30 years, in 2054 you have $4.59 million to retire comfortably. You are a millionaire right now. You can use this investment to spend your old age well.
As you can see this is not rocket science. This is a very easy game to play. But why most people aren’t able to do this? Because they have no right mindset or knowledge. The only thing you need to work on this snowball is to invest consistently over the next 30 years. Over the next 30 years, you will see stock market crashes, economic recessions, and wars all around the world, news about this is the end of human civilization & AI will dominate humans, a lot of noise. It is very hard to save your income & invest annually with such noise. You will see while you investing your friends use their savings & buy new fancy cars, clothes, and houses. You have to be extremely patient & work for your future. That is why most people cannot be wealthy, they have no patience & they overreact to the noise.
