How much money would you have if you saved every penny that you earned over your lifetime?
How much would you have? Start lowering your debt today.
Although everyone can benefit from estimating their lifetime earnings, there are two groups of people who can benefit the most: individuals who are earning a good living but are spending all of their money and individuals who are not earning their current value.
Call This is not an easy figure to calculate. At the time of writing, there are a few articles that have tried to address this subject, albeit briefly.
However, they all rely on old data, with the most popular answers using data from the early s and everything else relying on a study from Of course, there are outliers, and this is what confuses and frustrates people. Where Does the Money Go? The same is true for high-interest unsecured debts and even personal loans.
What is your current age? The answer may surprise you.
Once you add tax, insurance, gas, and maintenance, going from A to Z is costing you upwards of half a million dollars. Children are another big expense.
Where Does the Remainder Go? And retirement is also key to this process and the reason you spend so much, because when you retire, you stop earning but keep spending.
The reason so many Americans are so heavily in debt is because they fail to see the bigger picture. By focusing less on what you have right now and more on what you can have in the future, you can greatly improve your financial situation.
However, they prevent you from accessing and spending that money, which is key if you want to save for your future.