Essay about Thrift In America

1471 Words 6 Pages
In the beginning, man hunted for its food, planted its food, and harvested its food. Individuals in the communities that did not hunt nor harvest were considered invaluable to the entire community. Compared to today, does it sound as though we have digressed? We spend, spend, spend, rather than save as we should. We have become so accustomed to all the hard work being done for us, and we have lost the meaning of true hard work. For instance, computers give us instant access to whatever information we might need in the world. Video games have made the children of our age lazier than any other generation. They would rather drown themselves in a world of altered reality than go outside and experience actual reality. What can this say about …show more content…
It would however, be accurate to state that Americans are saving too little. It is what Harvard historian Niall Ferguson is calling the “Age of Leverage” (Weber 189). “Personal finance experts generally suggest that households keep enough savings on hand to cover three to six months of living expenses…But in 2004, just 41 percent of American families surveyed by the Federal Reserve said they save regularly, and only 56.1 percent estimated that they had put away money in the preceding year” (Weber 187). To sum it all up, roughly half of American families only save about 40-50 percent of the time when they should be putting money aside on a regular basis. That does not leave much room for cushion when something does happen like the loss of a job, death in the family, divorce, having a child, etc.…
“With college costs soaring and a “buy now, pay later” mind-set rising, students are leaving college with massive debt loads. More than half carry four or more credit cards and one in 10 owes more than $40,000 in student loans” (Hein, par. 1). With all of the loans going out and no money coming in, it can be hard as a college student. Also a really good way to pick up a great amount of debt is not resolving your credit history, as Jay Hein put it “Student debt ($830 billion) has surpassed Americans’ debt on revolving credit ($827 billion)” (Hein, Par. 2). At anywhere from 5 - 8.5 percent interest rates, the interest rate alone will bury a person in debt. Although much of

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