5 Chilling Money Statistics to Ponder This Season

Halloween, personally one of my fav times of the year, brings us delightful get-togethers, pumpkin-carving extravaganzas, whimsically crafted costumes, and too much candy. 

But this spooky season, let’s dive into a different kind of scare: the chilling facts about money that can haunt us all… 👻

Today we are uncovering 4 scary facts about money today. We’ll explore the eerie statistics that can turn anyone into a financial ghost story. But fear not! We won’t leave you in the dark. 

Only Finance is here to equip you with the knowledge and strategies to avoid becoming a statistic yourself! 

This post is about four scary money statistics and provides ways to steer clear of them.

In today’s edition:

  • Financial Haunts Unearthed: Dive into 4 statistics about money in today’s world, and equip yourself with the knowledge to shield against these financial horrors.
  • Money Horror Story: Dive into the financial journey of a couple with a $280,000 yearly income, and uncover the BIG money mistake.Priceless Peep

🤫 Let’s fill you in on the secret

1: The Grim Reaper of Poor Savings 💰

In the world of finance, insufficient savings can be likened to the Grim Reaper, lurking and ready to strike.

I mean, think about it. Unexpected expenses can pop up at any moment. Like that time I had to pay a hefty medical bill, or when my car broke down on the highway (not fun). 

And honestly, who has an extra pile of cash lying around to tackle those things? 

Not many, according to a recent study by the Consumer Bureau of Financial Protection. Apparently, only 37% of Americans have saved up at least one month of income for emergencies. 

So, what happens if you’re in that unlucky majority? Well, you might have to go into debt, take out a loan, or do a hardship withdrawal from your retirement account (if you’re allowed to). 

But let me tell you, that last option can really jack up your future financial security. When you dip into your retirement savings, you’re essentially robbing from your future self and lowering the amount of funds available for your golden years. That’s not a risk I’m willing to take. And neither should you! 

So if you’re ready to start building up your emergency fund – I’ve got just the thing for you. Check out my free E-Book where I break down all the steps on how to get started. ✨💰💸

2 Yes, Borrowing Is The Most Expensive It’s Been In 23 Years 🤯

So it looks like borrowing costs have hit a pretty scary high, causing mortgage interest rates to shoot up to a spine-chilling 7.5%. The last time we saw rates like this was back in the day of the Dot-Com Bubble Burst. 

Bad news after bad news – I know…but there are ways to protect yourself from these financial horrors. If you’re in the market for a home, it might be a good time to review your plans and see if there are any alternative options available. 

Insider tip: Look into lower-cost loan products or even consider improving your credit score to snag a more favorable rate. Trust me, a little bit of extra effort can go a long way in saving you some cold hard cash! 💸💸

#3 Bankruptcies Are Up 😟

Both companies and individuals are filing for bankruptcy at alarmingly high rates in 2023. Yikes! 😳  It’s believed that this surge is due to a combination of increased debt over the past few years and a bumpy economy.

Some strategies people can use to avoid being in this position are: 

Reassess Your Budget and Get Savvy with Discretionary Spending: Take a look at your budget and see if you can tighten the purse strings on non-essentials. Trust me, making a few small adjustments to your discretionary spending can go a long way in keeping your financial ship afloat.

Make a Payment Plan: If you’re feeling overwhelmed by debt, create a payment plan to chip away at those balances. It’s all about breaking down the big scary chunk into more manageable pieces. 

Pay More Than the Minimum on Credit Cards: Those pesky credit card balances can creep up on you if you’re only paying the minimum each month. Try to pay more whenever possible to avoid being buried under that snowballing interest.

Tackle High-Interest Debt First: Prioritize paying off your high-interest debts before anything else. It’s like slaying the biggest, scariest monster in your financial realm. Once it’s out of the way, you’ll breathe a sigh of relief.

#4 The Best Days In The Market Tend To Happen When It’s Scariest To Be Investing… 👀

Let’s talk about the wild ride of the stock market and how it’s got people feeling a little jittery lately. I mean, I get it! Those ups and downs can make even the bravest of us want to stash our cash under the mattress. But here are some eye-opening facts to help put things into perspective.

Picture this: back in January 2003, imagine if you had $10,000 to invest. Now, if you had just left that money in the S&P 500 until the end of 2022, you’d be sitting pretty with a cool $64,844!* Not too shabby, huh?

But here’s the plot twist: if you missed out on the 10 best days in those 20 years, your returns would be slashed by more than 50%, leaving you with only $29,708. Seven of those top-performing days happened right smack in the middle of some bear markets in 2008 and 2020. 

So, what does this all mean? Well, it’s a reminder that trying to time the market can be a risky game. Sure, the fear of volatility can have us itching to bail and go all-in on cash, but history has shown that staying the course is often the wise move in the long run.

*Disclaimer: Past performance is not indicative of future results. Make sure to do your own research or seek professional advice before making any investment decisions.

📰 In the News:

The budget breakdown of a couple earning $280,000 a year, and their one ‘catastrophic’ money mistake

Ramit Sethi, the self-made money guru, recently uncovered a major financial blunder made by a high-earning couple.

In one of his latest newsletters, Sethi spilled the beans on a real-life couple pulling in a cool six figures – $280,000 to be exact. This dynamic duo, choosing to stay low-key, spilled the beans on their income, savings, investments, and how they spend their cash, all for Sethi to give it the rundown.

But here’s where things get wild: Sethi didn’t hold back on the shock factor. This couple was balling but had exactly zero stashed away in the savings or investments department. And that’s not all he spotted. The couple was dropping over $2,000 on their monthly ride, which, according to Sethi, was chill but definitely worth a second thought. He suggested they tone it down a notch and redirect that dough toward building up their savings and investments.

As all the money-savvy peeps, investing is like the cheat code for building your wealth.

Why? Well, investing means your money is out there doing the hustle for you, thanks to the magic of compounding interest. Your initial investment isn’t just making you money; it’s earning returns on the principal amount and all the interest it piles up. Over time, that means more dollars in your pocket. 💰💸

Sethi’s insights are a powerful reminder that smart money moves can set the stage for a worry-free financial future. 

Taylor’s Toolkit:

Many credit card holders don’t claim their rewards — here’s how they’re missing out on free money

I’ve got one more spine-tingling stat to drop on you… Not cashing in your rewards could mean waving goodbye to hundreds of bucks every year. 

Shockingly, nearly 25% of Americans haven’t cashed in their credit card rewards over the past year. Some folks were squirreling them away for a special splurge, while others felt their rewards were about as valuable as a ghostly apparition – or simply got spooked by the redemption process.

But lucky for you, I’ve got a nifty solution up my sleeve! 🎩✨ I’m also thrilled to be a co-founder of Savvy, the app that’s all about scoring savings on every single purchase. It’s become my trusty sidekick, and I pull it out every time I’m about to make a purchase to uncover all the deals and savings I can stack up.

 If you want to get the most bang for your hard-earned buck, head over to the App Store now and download Savvy. ✨💸

That’s it for this week!

I hope this week’s post gave you the motivation to start making some money moves to secure your financial future. You see, there’s a lot of bad financial news out there right now, but don’t let that scare you into inaction. We can always pivot and adapt to make sure we’re prepared for anything that comes our way.

So, as we head into the festive season, armed with these stats, I hope you’ll make small, practical steps that can make a real difference in your financial future. Because let’s be real – there’s nothing spookier than not being prepared for unexpected financial challenges.

This post delved into 4 alarming money statistics and provided insights on steering clear of them.

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