Savings

Baby bonds – savings accounts for newborns

I think one innovative idea out there is to create “baby bonds” for newborns. I read about this concept in the Sunday Times, and I have always been a huge fan of the general concept of investing money as soon as a kid is born. It can be a great tool to help build wealth and savings for future generations, encourage financial literacy, form a quasi-retirement account, and there are many other advantages to the concept. What is a baby bond, or more importantly what is the concept all about? …

Americans 401K balances as of the end of 2018

Each year Fidelity reports on how much Americans have saved for retirement and what the median account balance is. The latest 2018 data has just come out today. Fidelity is a great source of this data as they are the largest 401K provider in the US, and they have over 16 million accounts under management. See the data below. We regularly report on emergency savings, retirement data, auto loans and credit card debt, etc. as we continue to try to bring visibility to all of these issues. Financial literacy and …

Adults spend over $300 per year on state lottery drawings

State lotteries are a waste of money. I was watching 60 Minutes last night, and I was stunned to learn that the average American adult (18 years or older) spends about $318 per year on lotto tickets. This is according to the US Census Bureau as pulled from 2018 data. The government agency reports that there are over 229 million Americans over the age of 18 and the total lottery spend last year was 73 billion dollars, thus the $318 average. As we report on, statistic after statistic shows that …