TEAM USA! I’m so proud of the achievements of those who are representing the great US of A in the 2012 Summer Olympics (gold medal achievers!). The competition is fierce and no one can deny the talent and ability of all those who are competing from all over the world.
In the spirit of TEAM USA, I wanted to take it a step further and evaluate the financial position of this great country! The numbers are not great but I see where there have been some improvements as well as areas we may need to focus on in the near future. Here’s what I found:
- 693 is the average credit score
- Team USA National Debt Average: $56,956,631,757,707 (and, it’s ticking as we speak) Do we win the Gold Medal??
- What is the average household income? $49,445
- $7.25 Federal minimum wage
- Average Household Debt? $16,046
- Students graduate from college with ~$20,000 in student loan debt!
- Want to retire early?? Well… 37% think they will have to work past age 65 (it was only 11% in 1991!)
- Love eating out? So does many other Americans! They spend on average $2,505/year at restaurants
- What’s your net worth (what you own minus what you owe)? Average American’s net worth is $77,300
- 8.3% current unemployment rate
- and lastly…64% of Americans claim they do not have at least $1,000 in an emergency fund for unexpected expenses.
So, what do you think? Do we get the gold medal in caring for our finances or could we train a little harder? What are the steps we need to take in order to reach gold medal status? My thoughts are always on finding solutions to the problem. How do we as a nation want our numbers to look 10 or 15 years from now? Of course we all want things to improve, but what steps are we going to make to take us there? It’s not enough to just see the numbers…
I need your thoughts on this. Looking at the numbers it seems we have a lot of work to do! So share your 2¢! Go Team USA!!!
Photo By: Eviltomthai