You guys are awesome and provided such great responses to my question on the I Will Teach You To Be Rich giveaway, I wanted to cover some of them here along with some statistics about the question I asked you to answer in general, but before I get into that, let’s announce a winner!
Out of the 35 entries to the giveaway, the lucky winner is:
Mike from SavingMoneyToday.net!
Mike, I will shoot you an email and get the book off to you as soon as possible!
Thank you all for entering the giveaway, and keep watch, I have more books to giveaway in the coming weeks, as soon as I get time to read them!
Now I want to highlight your comments from the giveaway post in response to my question:
What is one financial thing you wish you did earlier in your life.
wyojeff and Daniel@sweatingthebigstuff both commented about getting out of debt earlier. Jeff says,
“I kept telling myself I would but never manned up and did it until recently.”
Better late than never you two! It takes a lot of effort and drive to change one’s behavior, not to mention time and the fact you guys have changed and have started working on your debt, versus continuing to wrack it up, puts you ahead of %40 percent of people in the nation who live beyond their means and continue to get further in debt.
“Even a little bit would have grown substantially by now.”
Even if you don’t start investing early on, it’s so important to start learning how to save, and building a savings up so that when you feel comfortable you can start investing as soon as possible. The most proven way to riches is investing; be it in other companies, or in yourself, so get started!
And the Car Coach gave his unique take on his regrets. He says,
“I wish i had NOT invested any money in retirement my first 5 years out of college.”
“I really wish I had put the money into a house about 5 years earlier than I did”
He makes a valid point there, that sometimes putting money in one place costs in opportunity, but I say that it’s better to get into something early, even if it is the wrong something, than do nothing at all.
and just for fun, here are some statistics about money from around the web:
- Americans carry, on average, $8400 in credit card debt. If one were to make a 2% payment every month at an annual APR of 15%, it would take about 30 years to pay off and include about $13,000 in interest. (from
- 96% of all Americans be financially dependent on the government, family, or charity at retirement.
- Nearly half of all Americans have less than $10,000 saved for their retirement. 39% of Americans are anxious about their ability to achieve their desired retirement lifestyle.
- Among parents with children ages five and older, only 26% feel that they’re “well-prepared” to teach their kids about personal finance. (from Money-101)
- Almost half of parents admit that they do not set a good example for their children in how they manage their own finances.
- Sixty-four percent of consumers ages 18 to 24 do not know what interest rate they’re paying on their credit card(s).
- In 2005, 98% of Baby Boomers regret how they spent their money before retiring. (from Senior Journal)
Finally, check out this infograph of the worlds debt. It’s a pretty scary thought! (click to enlarge)