Rana Foroohar argues in an article published in Time on July 15, 2013 that an increase in the personal savings of Americans will eventually strengthen the economy in the long term. FinanceAcceleration.com agrees that more Americans need to save money, regardless of how much income they earn.
Americans have adopted a culture that is anti-savings and pro-spending; a trend that some experts argue only further divides the wealthy from the poor. These experts believe that wealth inequality is related to savings and frugality in the long term, and often the biggest difference between a wealthy person and a poor person is the attitude toward saving.
The attitude that savings are not important is clearly evident in statistics regarding how well Americans are prepared for an emergency, financially speaking. According to Bankrate.com, about 27% of Americans have absolutely no savings at all, and only a quarter of Americans have a sufficient amount of personal savings to cover expenses for six months.
FinanceAcceleration.com believes that all Americans, regardless of income level, should initiate some kind of personal savings plan. In order to narrow the income gap, more Americans need to learn how to create wealth and increase net worth. Those who need financial help will greatly benefit from the financial stability that adequate personal savings provides.
Rana Foroohar argues in an article in Time that what the American economy really needs is for an increase in personal savings across all income levels. In response, FinanceAcceleration.com agrees that saving money creates financial stability and is a way to increase net worth that all couples should practice.
About FinanceAcceleration.com:
FinanceAcceleration.com works to accelerate the net growth of a couple, regardless of initial worth and annual income. The website is particularly informative and designed for young couples as they begin their lives together.
No comments:
Post a Comment