Why Americans Are Actually Broke! (2023 Edition)
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 19 May 2023
⏱️ 34 minutes
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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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