Every time I go down the road saying that virtual all Americans except the truly poor can afford to save I get beaten up and called names.
There seems to be a gene in many people that prevents them seeing the connection between spending and saving and setting the priorities in their best interest for both. Instead they focus on income, their income level that prevents them from saving. In most cases that’s not the problem at all.
Take a look at this list of money wasters and the many comments it generated.
Bankrate’s May Financial Security Index survey finds more than three out of four Americans (or 76 percent) say they have at least one regret when it comes to their finances. Of Americans with a financial regret, a whopping 56 percent say their financial regrets have to do with savings. That includes not starting their retirement savings early enough (27 percent), underfunding their emergency fund (19 percent) or not saving enough for their children’s education (10 percent).