Why do so many Americans think their finances are a “horror show”?
“Almost a third of Americans think their finances are a horror show, according to a new WalletHub survey, and that is not a new development brought on by the pandemic. Roughly the same number of people thought their finances were a horror show in 2019, which indicates that our main problem is a fundamental lack of financial literacy rather than current events,” said Jill Gonzalez, WalletHub analyst.”
“A lot of people have never received good instruction on how to manage their finances, so it’s inevitable that some of the results can be categorized as horrific.“
Earning money, spending money, saving money – is it all that complicated? For many people it is and mostly because of the spending part.
Beyond that some people don’t know how to use bank accounts, how to invest or the true cost of using credit to support ones standard of living.
Spending priorities are difficult for many people, wants and desires get in the way of common sense.
Those who say they can’t afford to save, don’t understand that saving comes first AND what you can’t afford is based on what’s left of pay after saving.
It takes a long-term few, a strategy for life, discipline and commitment to ones goals.