Facts About You and Your Money

The average American will SPEND $1,860,000 on goods and services in his or her lifetime (American Demographics). A baby-boomer who makes $50,000 a year today will need ONE MILLION DOLLARS in savings to replace that income by the time he or she retires (USA Today).

The average cost of owning and operating a car over the course of a person's working life is estimated to be more than $200,000 - American Institute for Economic Research. If the above costs of owning a car were cut in half (in other words each car was kept twice as long before replacement), the savings invested at 10% over the same person's working life would build up to an additional $1,317,495 in retirement income!

An extra payment per month of $100 applied to a 9%, 30-year fixed $100,000 mortgage will save $75,394 in interest.
Adding just 15% to your monthly mortgage payment can cut 10 to 15 years off the average mortgage. More than HALF of all the money you make in your lifetime will go towards taxes, debt payments, and fees.

Average homeowners stay in their homes for 7.1 years [National Association of Realtors?]. With an average 8% mortgage, they will sell their homes still owing over 90% of the principal. If they continue this trend, they will NEVER pay off a home in their lifetimes! The average 45 to 54 year old has just $2,600 in the bank - Capital Research Associates

The average savings of a retired couple is only $7,000. "On average, Americans can expect to receive just 37% of the annual retirement income they will need to live comfortably" - Oppenheimer Funds Dist., Inc. 85% of Americans have a true net worth of less than $250(Social Security Administration. Every day, over 2,200 Americans lose their jobs. Parents can expect to pay over $150,000 to raise a child to age 18; and if the child goes to college, add another $70,000 to $160,000