Americans have been cash-poor for decades leading into the pandemic last year. It seems that using credit – mortgages, student loans, car loans, and consumer credit – have just become an unfortunate part of American life. Related: Debt Has Spread Like Virus With the pandemic, people are spending less on discretionary things like travel and eating out and the government has sent out several rounds … Continue reading A Tale Of Two Charts
I recently listened to an interesting podcast with investor Peter Schiff of Euro-Pacific Capital. He’s the guy that earned the title ‘Dr. Doom’ when he correctly forecast the housing bubble that led to the Great Recession. He wrote a book about it two years before it happened. Schiff – a self-described libertarian capitalist – did a 3 hour interview with Joe Rogan recently. He raised … Continue reading Bubble Economy?
I started looking at the topic of America’s growing debt before the coronavirus pandemic spread. Across all age groups, debt has been accelerating rapidly for the last two decades, and I’m sure it has gotten much worse now. This chart, from a CNBC article, shows the magnitude of the debt problem, with perhaps the greatest growth happening among older Americans … As the chart shows, … Continue reading Debt Has Spread Like A Virus
MrFireStation doesn’t read a lot of celebrity gossip or People magazine, but I can’t help notice stories in which wealthy celebrities sue their accountant for mismanagement and running them into debt. Alyssa Milano, according to the Daily Mail, has been left in “financial ruin” by her accountant. The article, which cites arguments included in a California lawsuit, claims that she was “totally in the dark” … Continue reading FIRE Station Fun – In The Dark Financially?
No words of wisdom from the FIRE Station this morning – just some interesting numbers to put your journey to FIRE into some perspective: AGING 50% of Americans are retired at age 63 18 years is the average length of retirement 13% of the US population is over age 65 today 6.1K Americans turn 65 each day 10.K Americans retire every day 55% of Americans … Continue reading Numbers To Put Your FIRE Journey In Perspective
Earlier, I wrote a few posts on financial failures on our route to financial independence and early retirement (FIRE). The idea was to share that everything hasn’t been challenge-free on our route to a life of goofing off. Today’s story isn’t patently a financial failure, but it runs completely counter to the advice that you might typical hear as you build your retirement nest egg. … Continue reading Financial Failures – Taking Loans From 401k
On Sunday’s CBS 60 Minutes, they reported that 82% of likely voters are more disgusted than excited for the election. Regardless of your politics, neither candidate gets high marks for trustworthiness and there is a lack of confidence that the country is heading in the right direction. On this day before Election Day, I thought I would comment on the four key things that will … Continue reading What The New President and Congress Need To Address