Saving money
Americans do a poor job of saving money. Their savings rate according to latest data was -1 % last year. So they are spending more than their earning power. Thanks to credit card companies most people have forgotten to live within their means.
I have lot of American friends who don’t think a wink and buy stuff as long as they get a good financing rate and can pay it back over a period of time. Most I have observed don’t worry about their earning power or about their future. I know it’s wrong to generalize. I should also say that there are some people who are extremely careful with money.But 'most' average American I talk to seem to be bad spenders. So I wasn’t surprised when the report came out last week that the savings was -1%.
On the other hand people like us from developing countries place more emphasis on saving money. I sometimes feel that we are the other extremes.
I personally think that there should be a good balance between saving and spending money. We should not be too stingy nor lavish.
What do you think?
1 comment:
I have seen Americans that have kids doing a better job than Americans that are single or just married. Surely the mentality of people from developing countries is different. I know of some Indians that are living in the US, paying attention to every dollar and penny spent. Personally I think you could spend to enjoy, create memories, take a break, etc. Everything has a price (not in the real sense of the word) - Spending or saving.
On the other hand, sometimes I feel women and men in India spend more for 'false prestige' than people in the US. Again, I would not like to generalize but majority of people that I have come across seem to do. Most of them that show off like that end up being unhappy because someone else has got something better. I have not seen this in Americans. They seem to be content with what they own.
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