WEB Notes: Our nation is in decline on so many levels it is becoming hard to keep track of it. As we move farther and farther away from our Father that decline becomes more extreme. In March we posted an article titled, “Americans Are Dying With An Average Of $62K Of Debt” and just days ago we posted an article titled, “U.S. Household Debt Tops 2008 Peak, But This Time Americans’ Finances Are Better“.
Are things getting better? No. We have 94 million working age Americans not in the labor force. We have record debt among US households and the stock markets are at record highs. None of it makes sense.
Unfortunately, the people are saturated in a consumerist society. They do this of their own free will and believe they are making the right decision because they have not taken the time to think things through logically. Instead, they make decisions based on “herd mentality”. Everyone else is doing it, so it must be okay. It is these same people who tell me they will never stop working. Not because they enjoy work so much, but due to outrageous debt.
Having the nicest car on the block and the biggest house is not important. If you can afford it, that means paying cash, then go for it if you have money set aside for the days ahead. Financing a house is nearly always required though. However, items like vehicles retain no value. Financing a car and then paying finance charges on top of it is a losing investment. Be wise with your money so you will have more quality time to spend with your family, both now and in the years to come.
Almost half of Americans die nearly broke
Americans aren’t known for being great savers.
In a recent GoBankingRates study, 69% of adults admitted to having less than $1,000 in the bank, while 34% said they actually don’t have any savings at all. But apparently, this collective lack of savings doesn’t get all that much better with age. A study by the National Bureau of Economic Research found not so long ago that almost half of Americans die nearly broke. Of the general population, 46% of retirees die with savings of $10,000 or less. But that number climbs to 57% among retirees who are single.
Stocks close at all-time highs as Street shrugs off jobs report
U.S. equities rose to record levels on Friday as Wall Street shrugged off a jobs report that came in well below expectations.
The Dow Jones industrial average closed about 60 points higher and reached its first intraday record since March 1 as well as its second straight record close. The S&P 500 and the Nasdaq composite also managed intraday and closing records.
“This was the closest thing to a nonresponse you’re going to see,” said Michael Shaoul, chairman and CEO of Marketfield Asset Management, referring to the market’s reaction to the jobs report. “This isn’t a report that warrants a strong response in financial markets and I don’t think you’re going to get one.”