As we begin to head into the holidays, I can already begin to feel the pressure to be an outstanding “consumer.” Now the retailers are even trying to move the buying frenzy from Cyber Monday to Black Friday to Thanksgiving Day itself.
Oy vey – we can’t even get one day to be with our families in peace and quiet without feeling the magnetic draw of the stores.
So ironically when the savings rate stats came out last week, I wasn’t surprised that we as a country are overall saving less, but that it does vary significantly between the age groups, as follows:
Under age 35 (the millennial generation) = -2% [yes that is a negative not a typo]
35 to 44 = 3%
45 to 54 = 6%
55 and older = 13%
Then I got thinking… why does saving seem so hard for so many people, especially the younger generation? And why do savings rate differ so drastically between age categories?
Here are some of my initial theories – and what you can do about it.
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How do you measure up?
Recent statistics from the Wall Street Journal show that across the board savings rates are down, and adults under 35 – the so-called millennial generation – continue at a negative saving rate, essentially meaning they are either using their savings or increasing their debt each year to live. Here’s how we all stack up:
When I started OwnYourMoney.com in 2007, savings rates were in the negative for all categories. Understandably, everyone was very skeptical that I could even be successful in a business helping people with their money so they could make more, save more, and feel more power over their money. (They thought they were “fine” spending more than they made.)
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What’s the secret weapon to simplify growing your business?
Stop guessing and start planning.
My friend and mentor Monica Shah is teaching Breakthrough Planning for women business owners on Thursday, November 13th 4-7pm ET. It’s free and chock full of content.
Be sure to watch ~4:30-5pm for a special feature by yours truly on what a difference planning has made in my own life and business.
Now I know, planning may not sound that sexy, but it truly is THE secret weapon to creating an amazing life (and having a business that pays for it all).
Join us live 4pm ET today!
Today at 2pm ET, I’m speaking on a subject that I know will make a HUGE difference for you.
So many of us have gotten so disconnected from our money, that it is time to do something about that – and bring a new sense of mindfulness to our money.
That’s why I am super excited about the Mindful Money World Summit hosted by my friend Melinda Engel. People from all over the world have joined us, and there’s still time for you to get in on this. (And there is no charge for you as my guest!)
Will you join me?
This special online event will help you shift your money consciousness, because when more money is in YOUR hands, you’ll do REALLY good things with it.
Be part of the gathering that’s bringing abundance to thousands!
P.P.S. There’s a reason you opened up your email today, and that you’re reading this. You have so much inside of you that wants to get out. It’s time to let go of your limits and embrace abundance. Join me at 2pm – and other experts all week – to shift your own consciousness with money (or you can listen to the replays for a limited time). Take the step today and join in.
P.P.S. This is a no-cost event. Yes, this means you don’t need to invest money to make more money, but you DO need to invest your time. This could be the investment that makes you the biggest return of the year! Sign up now.