4 Is the American dream still alive and well? Many people come here with the idea they can become something more and better in life. That they can make money and become rich but the fact is that many Americans are struggling to stay alive and live well. Budgeting for Success is a concern because Americans expend more then what they can afford. Last year, poor families in the U.S. those in the bottom 30 percent of the income scale spent on average almost twice as much money as they brought in., and They also spent a higher portion of their incomes on housing, transportation and food than did middle-class and rich families. It is, as the saying goes, expensive to be poor.
Americans expend more then what they can afford. (Ravenscraft, 2015) Last year, poor families in the U.S. those in the bottom 30 percent of the income scale spent on average almost twice as much money as they brought in. (Federal Reserve Board, 2016) They also spent a higher portion of their incomes on housing, transportation and food than did middle-class and rich families. It is, as the saying goes, expensive to be poor. (Smith, McArdle, & Willis, 2010) In conclusion, the more we make people aware of their finances and how to managed it the better it will be for them and us to come out on top. We need to teach teenagers and adults alike to become more financially stable in for them to know what to do and not do in case of financial struggles.
5 References Federal Reserve Board. (2016, May). 1 Report on the economic well-being of U.S. households in 2015.{{I}} Retrieved from http://www.federalreserve.gov/2015-report-economic-well-being-us-households-201605.pdf Ravenscraft, E. (2015, May 12) How to start managing your money, for those who never learned growing up [Blog post]. Retrieved from http://lifehacker.com/how-to-manage-your-money-for-those-who-never-learned-g-1703892260 Smith, J.P, McArdle, J. 6 J., & Willis, R. (2010, November). 6 Financial decision making and cognition in the family context. The Economic Journal. 120, F363-F380. doi:10.1111/j.1468-0297.2010.002394.
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