America: Land of Financial Struggles and No Retirement Savings??

Recent studies have shown that the younger the generation, the less money there is going towards retirement savings. From the Swing generation (1928-1945) through Generation Y (late 1980s), there is less and less money being saved. And people are putting more faith in the Social Security benefits they are supposed to receive, even though reports indicate that the money will run out at some point in the near future. Studies also show that 96% of Americans will not have enough funds available to support them in retirement.

Our country has become inundated with instant gratification. Our commercials push the message “you NEED this” or “you are not worth much if you don’t have this product.” And we listen! Did you know that the average television commercial selling a product or service during prime time demonstrates a lifestyle that requires discretionary (after taxes, cost of living, and investments) of more than $200,000 per year?! According to a 2002 census bureau, the average income for a working household is less than $60,000. Advertisers are telling us that the average person can live a lifestyle over three times greater than they actually can. The part that is hard to face is that we listen to them. We start to believe we have to live this way or at least look like we can afford it. And we pile on the debt.

Not too long ago, I heard from someone that said she started to turn off the TV more often. Not just because she wanted to spend more time with the family or save on electricity. But she said that she found she could save more money by simply not watching the constant barrage of advertisements that made her feel guilty or gave her the impression that she really needed something that in all reality she would consider a “want.” You know, turning off the TV more often might be a good start to getting on the right track. Getting away from marketing ploys and instead developing better relationships with our families could be a wonderful thing for both our finances and personal lives.

It’s not too late to start making changes, to get out of debt and start saving and investing money. Yes, it might take some work to break old habits and form new ones. And it might be uncomfortable to go out with your old friends who have just bought into the latest fad and talk about it non-stop, while you skipped this one because your budget wouldn’t allow it and it was something you realized you didn’t actually need anyways. But the point is that there is hope, and there are ways to reverse the situation that has become commonplace in our country today. A good place to start is by talking to a Financial Life Coach. We are able to take a look at your life with you and offer help and advice to help get you out of debt and stay out. Like a coach that an athlete might have, we are here to point out things that you may have overlooked or offer you new ideas for dealing with certain situations. It is similar to telling you your golf swing is a little high, causing the ball to veer left. We help you make adjustments so that metaphorical swing is just right, and so you can be successful. It is definitely a good idea for you to consider a iMoneyCoach so that you can break the norm and become a person or family that is prepared for retirement, to pay for college, or to handle any financial situation that life throws at you.

Tags: get out of debt, retirement, savings