Here are 5 financial statistics to mull over (and 3 challenging questions for you to consider):
- $10,890 is the median financial net worth of an American household today – According to calculations by Edward N. Wolff, an economics professor at New York University. See how your net worth stacks up using the CNN|Money Net Worth Calculator
- The average large bank is currently paying 0.01% interest on regular savings accounts (and that interest is taxed). Let’s put this in real dollars and cents. If you had $10,000 in savings, you would be paid $1 in interest for the entire year. One single dollar. This is while they lend the money back to the average American with a credit card at 12% or higher.
- The poorest give more than the wealthiest to charity. This article written by Ken Stern focuses on the research about why this is the case. The poorest give 3.2 percent while the wealthiest give an average of 1.3 percent of their incomes. According to the website JustGive.org, 75 percent of all gifts to charities are from individuals – not government or big corporate entities.
So here is the challenge for you right now – ask yourself these 3 questions and DO SOMETHING about them:
- Do you know what YOUR net worth is and where you stack up versus your peers? Take a quick moment to use the CNN|Money Net Worth Calculator to find out.
- What interest is YOUR bank paying on your savings account? Take steps to address it!
- How much money are YOU giving away? There’s nothing like giving. If you don’t like the amount you’ve been giving, take steps today to begin giving more away and discover the joy of helping accomplish great things together with like-minded people!