Retirement Readiness CHeck
Today's Quick TAKE
Death, Taxes and Interest Payments?
Comparison shop for auto insurance. Before renewing your existing auto insurance policy each year, check out the rates of competing companies.
Quote of the day
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for."
— Robert Kiyosaki
"Our new Constitution is now established, and has an appearance that promises permanency; but in this world, nothing can be said to be certain, except death and taxes.”
The above quote is attributed to one of our country's founding fathers, Benjamin Franklin. If he were to update the phrase to consider the issues concerning modern-day America, given the simple chart below, he'd have to add interest payments as a certainty for most Americans:
WORTH A READ
WOrth a Watch
"...but in this world, nothing can be said to be certain, except death and taxes - and interest payments.", would certainly seem an appropriate revision to the phrase given that the respective, average interest rates on credit cards, cars, student loans, and mortgages categories are 24%, 6%, 6.8%, and 4.6%. At those rates, the average household (that holds debt in all four categories) is spending around $17,000 on interest payments! That's bad enough, but when the fact that the same households will have to forgo the same in retirement savings it becomes more than bad, it becomes a call to action. We'll do the math to support that claim on this in the next post. Suffice it to say it's a significant amount of money and it is real.