The Poverty Myth: What I Learned From How Americans Spend Their Money

Before I show you the data for this week's post I want to talk about a myth I have seen in the personal finance industry that I used to agree with.  The myth is that the poor are poor because they have bad money management skills and they don't spend their money wisely.  The thinking goes that … Continue reading The Poverty Myth: What I Learned From How Americans Spend Their Money

Don’t Follow Your Passion: Why Some Careers Are A Gamble

Don't follow your passion.  Actually...it depends.  If your passion is in an industry with a wide distribution of economic outcomes, then you might want to consider a different line of work.  Let me explain. It seems obvious that certain occupations are less equally distributed in terms of financial outcomes than others.  This is not a novel idea.  Many people … Continue reading Don’t Follow Your Passion: Why Some Careers Are A Gamble

Average Net Worth by Age and Education Level

Are you saving enough?  What is the state of your financial health?  The best way to tell is through your net worth.  Your total assets minus total liabilities.  More simply:  what you have minus what you owe.  Despite the simplicity of this calculation, most of the net worth calculators and comparisons I have found online don't … Continue reading Average Net Worth by Age and Education Level

Retirement in America: Optimism in the Face of Insolvency

Americans have an unbridled sense of hope for their futures despite economic realities that seem much more grim.  An article published by the Atlantic in 2015 (see here) illustrated the optimism of Americans, which is higher than any other developed nation.  While I do tend to fall into this line of thinking myself (I am an American optimist), … Continue reading Retirement in America: Optimism in the Face of Insolvency