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As you might imagine, I work with a lot of numbers in my capacity as Chief Investment Strategist, so I'm pretty jaded when it comes to using statistics to make a point. But every once in a while I come across something that stops me in my tracks.
Like the following data from Bankrate on the state of the American Dream:
…six in 10 Americans do not have enough savings to cover an unplanned $500 expenditure
…and of the 41% who do, a whopping 20% would put it on a credit card. Still another 20% would have to cut spending to pay it, and fully 11% would ask family and friends for help.
If you're tempted to dismiss this information, do so at your own risk.
More than 3 billion people are going to join the global "conversation" we're having about money within the next decade and that means huge profits will be made by those who have an approach that works.
My goal is to make sure you're one of 'em.
Here's What You Need to Know Tonight
Think about what I've just told you for a second.
More than 60% of Americans can't write a check for $500 if they have to. That means…
…Over half of our country cannot buy a new set of tires or fix their car if it conks out.
…Over half our country can't buy a refrigerator if theirs dies.
…Over half our country can't pay for medicine they or their children need.
…Over half our country can't even pay for a smartphone.
Think again if you're one of millions who think that "it'll never happen to me."
One in five Americans suffered a major unexpected expense last year, and the cost of that expense averaged $2,782, according to the Federal Reserve. Remember, we're talking just $500, so this means that the typical unexpected expense is 5.56X that!
Worse, the average American household still earns 2.5% less than they did 18 years ago… in 1999!
Chances are you don't believe the government any more than I do, especially when Fed Chair Janet Yellen and her cronies look into the camera and tell you inflation is under control and that it's "manageable," just as her predecessor Ben Bernanke did before she took over.
Housing, medicine, child care, education, insurance… all of those things have shot higher since the global Financial Crisis, further stressing already tight bank accounts, budgets, and family purse strings.
Sadly, that's not even the worst part.
The Beltway Bandits and their special interests are going to do everything in their power to block you from accumulating the wealth you deserve. Sure, they tell you that they want to "help" but that's like asking a person with scissors if you need a haircut.
Case in point, the government is pressing ahead with sweeping (and very controversial) changes that will directly affect your retirement by implementing new fiduciary standards that could render entire cla…
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About the Author
Keith Fitz-Gerald has been the Chief Investment Strategist for the Money Morning team since 2007. He's a seasoned market analyst with decades of experience, and a highly accurate track record. Keith regularly travels the world in search of investment opportunities others don't yet see or understand. In addition to heading The Money Map Report, Keith runs High Velocity Profits, which aims to get in, target gains, and get out clean. In his weekly Total Wealth, Keith has broken down his 30-plus years of success into three parts: Trends, Risk Assessment, and Tactics – meaning the exact techniques for making money. Sign up is free at totalwealthresearch.com.