We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
What I am disappointed in is the pathetically low U.S. personal saving rate of 3.5%. With money market funds yielding 5%, the personal saving rate should be much higher! Alas, it seems like the average U.S. consumer does the opposite.
Source: Financial Samurai
The one positive from the chart above is that Americans can save more if we want to. See how the saving rate rocketed to 32% once lockdowns began.
If you’ve been slacking on your saving, please save more now. You want to save as much as possible BEFORE a potential recession, not after. This way, you’re better protected from a job loss and you’ll have more firepower to take advantage of investment deals.
The one positive from the chart above is that Americans can save more if we want to. See how the saving rate rocketed to 32% once lockdowns began.
If you’ve been slacking on your saving, please save more now. You want to save as much as possible BEFORE a potential recession, not after. This way, you’re better protected from a job loss and you’ll have more firepower to take advantage of investment deals.
QUINNSCOMMENTARY 
Wonder how much of that is due to the Economic Impact Payments and the additional Child Tax Credits?
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Those Danes sure put the money away. That’s on top of the high tax rate they pay. They must spend nothing today.
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I think they are more concerned with quality of life as opposed to “things.”
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