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Money Guy Show

Why Americans Are Actually Broke! (2023 Edition)

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.73.1K Ratings

🗓️ 19 May 2023

⏱️ 34 minutes

🧾️ Download transcript

Summary

Americans might be bad with money, but you don’t have to be. In this episode, we discuss the underlying reason why Americans are so bad with money and how you can do it better. Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

You ever wondered why Americans are broke and what you can do to make sure on the right side of wealth building?

0:11.8

Brunt, I am excited about this because we're not going to focus on the negative. We're not just going to stay in the area of why Americans are broke

0:18.9

But we're actually going to break it down and tell you how you can do it better so that you don't fall into that camp.

0:23.9

Well, first I want to throw some shade at my country.

0:29.0

Okay. We're loaded. I mean, if you look at GDP standards, America is the land of opportunity, land of riches.

0:38.6

We are from comparison of all the other countries, our GDP makes us the wealthiest country on the planet.

0:46.6

However, yeah, there's a big butt.

0:48.8

However, if you look at savings rates of Americans, we stink.

0:54.9

Yeah, check this out. This is a detail of the top 10 countries by savings rate relative to their GDP, their gross domestic product.

1:03.2

And what you'll notice, okay, see if you can find the United States, United States, United States.

1:09.8

It's not on there. It's actually not in the top 10, which is astounding.

1:14.5

We are such a wealthy country, but we are so, so, so poor at saving.

1:20.2

Yeah, if you want to know, Bowdoin can give you the rest of the story.

1:23.0

You see, the top is Norway at 22.4%. Ireland closes out the top 10 at 12.7.

1:29.5

America, if you want to know where we fall, one and a half percent.

1:33.6

1.5%.

1:35.0

The only thing that gave us a little consolation prize about the whole thing was that Great Britain, you know,

1:41.9

been dominating since 1776, is that 0.8%.

1:46.2

So we are at least beating our neighbors to across the pond.

1:50.1

All right, that's fair enough.

1:51.3

So, but you may be wondering, okay, well, why is this the case?

1:53.4

How can the country be so wealthy?

...

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