In 1935 our nation was in the worst economic depression of all time. Unemployment was at 40% and senior citizens did not have enough food to survive. President Roosevelt created a welfare system called Social Security. It was designed to help give the bare necessities of life to the very poor of the poorest. When this new welfare system went into place the average person was living to the age of 67.
Fast-forward to today and we see that the average person reaching age 65 will live to be age 84 for males and age 87 for females. The average family will have made $2,500,000 over their lifetime of work, yet have less than $60,000 of total assets to show for it, including equity in their homes! To top this off, 91% of all people retired are totally dependent upon their monthly Social Security check.
What happened between 1935 and today? My thought is we got spoiled with all the new growth of our nation’s population and technology. We took for granted our better education, incredible travel opportunities and medical improvements. We assume all these improvements are just expected and natural and assume they will never stop! In short, we have become spoiled.
If we went without the latest gadget, clothing fad, classy automobile, and foreign travel, surely as a nation we could have saved more by now. We have not been willing to wait for things we want and have spent our future.
Don’t be one of our nation’s spoiled brats. Learn how to control spending and get out of debt! This applies to me just as much as it does you. In a country where there is so much opportunity to spend, it can be hard to learn how to control it. But we can all do better and we should. Let me just be the voice of warning to help encourage us to change our course of action and do better. For help, please contact me: firstname.lastname@example.org.