Millions of Americans are struggling to pay their bills and meet their financial obligations.
The last eight years have taken a toll on Americans economically, and many are still feeling the financial repercussions. According to one study, indebted Americans owe $14,517 on credit cards on average (Forbes).
But how much they owe isn’t the only problem.
The other half of that equation is how much they’re saving. . .or not.
According to TIME, only 1/3 of Americans have at least $1,000 saved in an emergency fund. Of course, logically, if they’re not saving for the short term, they’re also not saving for the long term. As CNN Money reports, “About 49% of Americans say they aren’t contributing to any retirement plan, according to a new survey conducted by LIMRA, a trade association for the financial services industry.”
Americans are in bad shape financially.
But what if the secret is not learning how to live more frugally? What if the secret is instead to look at your money mindset?
If you’re stuck in a financial rut, could one of these reasons be the cause?