With the Thanksgiving holiday upon us, allow me to ask: Would you rather develop a thankful mindset throughout the year or squander Thanksgiving Day with food and parades and football?
Don’t get me wrong: I love food and parades and football, but none of these move me to thankfulness. I am therefore vowing to better practice the following ideas, with the hope that I can learn to be more and more thankful throughout the entire year. Won’t you join me?
Averages are a funny thing. I remember a teacher’s example: A guy had his head in the oven and his feet in the refrigerator. When asked how he felt, he said, “On average, pretty good.”
Averages can be an odd measure of things. Remember that 2.5 kids statistic?
On the other hand, averages help us see the big picture and understand our world in a specific context – average weight, average exam grade, average temperature, etc.
Let’s take a look at the average American from a financial point of view. (Sources range from years 2010-2012.)
When you love someone it is hard to see them suffer.
This is especially true when you know their financial woes could easily be avoided by a little financial knowledge and some wise choices.
But, how do you force someone to gain financial knowledge? How to you help someone to make wiser choices? How do you minister to family members who keep making bad money choices?
A guide for helping family members with money problems:
About 40% of Americans have no life insurance. LIMRA, an insurance industry group analyzing insurance trends in the U.S., recently found that among men and women, ownership of life insurance policies has hit its lowest level since 2004. LIMRA's most recent study shows 39% of men without even term life coverage, and 43% of women in the same boat.1
Alarmingly, the population of married men aged 35-54 who had life insurance dropped more than 10% from 2004-10. Men who fall into this age bracket are usually in or near their peak earning years, and about half of them are fathers.1
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1. Spend over 1/3 of your income on a house or an apartment.
Most people dream of living in a house with over 5,000 square feet and located in one of the nicest parts of town. I mean, who wouldn’t want to wake up every morning to a little bit of luxury?
The problem with living large is that money is usually in limited supply. If you are spending 40% to 50% of your income on your mortgage or rent, you’re not going to have a whole lot left over at the end of the month.
You may be thinking, “So what. I’m getting by just fine.”