Introduction

AUTO

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GIVING

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STATISTICS

MIKE'S LIBRARY

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STATISTICS

Bureau of Labor Statistics
U.S. Census Bureau: 2008 Statistical Abstract Census 2000 Brief (next census: 2010)
The Federal Reserve Statistical Release: Consumer Credit: Current Report
Gallup Poll
In addition to the information below, see the links page.


Poodwaddle.com

General
There are 105 million households (282 million people) in America.  Of the 105 million households, 25% are single member households while the remaining 75% have two or more members.  Those between the ages 18 and 65 make up the bulk of the population (61%).  There are 26% under 18 and 13% over 65 years old.

Spiritual
Surveys (Gallup Poll - Religion) indicate that 91% of Americans own a Bible and 85% consider themselves to be Christians but only 40% say they are born again. Approximately 87% say they believe that Jesus Christ is the Son of man. More than half (56%) believe that their entrance into Heaven will be decided based on their behavior (good works) during their life.  Although 80% believe the Bible is the inspired Word of God, 61% believe the Holy Spirit is not real.  Of those Americans that say they attend church weekly (40%), 17% say they tithe (give 10%) while only 3% actually do. Charitable giving of any amount is only done by 40% or less of all American households.

Financial
Most Americans (70%) earn less than $50,000 per year. However, taking into consideration dual income families, slightly less than 55% of American households earn $50,000 or less per year (the national median household income being $44,389).  The $50,000 to $100,000 income range consist of 30% of American households while 15% earn more than $100,000 per year. Of the 105 million households in America, only 4 million households (approx. 4%) have accumulated a net worth of $1 million or more even though 30% of all Americans earn more than $50,000 per year.  


(This graph shows the percentage of the population per income groups in $10,000 increments, except for the furthest two right columns which are $50,000 increments)


(This graph compares the percentage of persons and households in each of the income groups. This graph supports the fact that income groups above $50,000 are primarily populated by multiple incomes.)

Millionaire Calculator Link

What is the makeup of the 4 million households that call themselves "millionaires".  The average taxable income is $131,000.  Of course, income is only taxed when it is realized.  Tax deferred investments are a high priority for those who desire to increase their wealth.  Surprisingly, 80% of those in the millionaire status are first generation and in 70% of the households, the male contributes 80% of the income. Almost all millionaires are married (95%) and 1/2 of the wives do not work outside of the home.  The number one job of wives in millionaire households is a teacher.  Half of all millionaires (50%) have lived in the same home for more than 20 years.  Less than 25% drive current year model cars and only a small minority ever lease autos. (see Mike's Library - The Millionaire Next Door)

The follow list of statistics makes it clear why so few Americans are millionaires and the great need there is in our country to become better money managers:

  • 70% are living paycheck to paycheck (Source: Wall Street Journal)

  • Less than 30% use a written monthly budget to manage household finances/

  • Average American spends $1.22 for every dollar they earn. (Myvesta.org, Inc.)

  • 95% argue about money related topics on a regular basis

  • 55% always or sometimes worry about money (Source: Marist Institute poll published in USA Today)

  • Personal saving rate in America is 3.6%, down from 8.7% in 2000. (8/31/02) (Ned Davis Research, Inc.)

  • 62% of all American H.H. don't save or don't save regularly (Source: data from the Federal Reserve Board's Survey of Consumer Finances dating from 1998.  Data released 5/13/02.

  • Household net worth is less than $15,000 (excluding equity in house) (Source: "The Millionaire Next Door," pg. 2)

  • Typical non-mortgage household debt is $38,000 or more

  • 185 mil. Americans (population of 282 million) have at least one credit card with the average number of cards per person at 6.5. (Source: www.cardweb.com)

  • 84 mil. households (total of 105 million) have at least one credit card with the average number of cards per H.H. at 14.3. (Source:  www.cardweb.com)

  • Average balance per H.H. (with at least one credit card) is $8,562. (Source: www.cardweb.com)

  • 95% finance one or more autos at an average of $375/mo. for 60 months

  • Household debt as % of disposable income exceeds 100% (Source: Federal Reserve)

  • Personal debt as a % of net worth is 27.2% (6/30/02) (Ned Davis Research, Inc.)

  • Mortgage debt as a % of personal income is 87.54%; Consumer Credit as a % of personal income is 19.22%; Total debt as a % of personal income is 106.76%. (9/30/02) (Ned Davis Research, Inc.)

  • Less than 10% have computed a target goal for retirement

  • Only 44% of Americans are preparing for retirement

  • 62% will retire with less than $10,000 income per year (Source: U.S. Census Bureau)

  • 75% do not have a legal will or trust

  • Only 28% of people with insurance (life, auto, home, health or disability) really understood the details of their coverage-according to NAIC. (Source: The Washington Post - 3/13/03)

  • 5 billion credit card solicitations were mailed out in 2001 (average 20 solicitations for every adult and child in the U.S.), up from 3.5 billion in 2000

  • Average U.S. family took on more than $1,400 in new debt during the first six months since the recession began in 3/01 - according to The Wall Street Journal.

  • 2001 median incomes: all families = $39,900; top 10% = $169,600

  • 2001 net worth: all families = $120,000 (whites); top 10% = $833,600
    Source - Federal Reserve Consumer Finances Report

40,000 Americans polled by Newsweek Magazine responded:

  • Happy if the lights are on and the frig is full - 5%

  • I am really worried about my finances - 11%

  • I can make ends meet but I am still worried - 17%

  • I'm ok day-to-day but I wake up sweating about retirement - 10%

  • I've started to invest for the future but worry it won't be enough - 25%

Personal (non-business) Bankruptcy Rates