The Number 1 Financial Fear in America

Americans “owe more than $3.6 trillion”[i] which is nearly $19,000 for every man woman and child in the United States.  So, it isn’t any wonder that the greatest fear about money today is having too much debt and not being able to save enough money to retire.

In fact, across the board, from ages 18 on up to 55+, the major money fear reported in a new survey from the BMO Group, is debt!  That’s sad because debt is not a dirty four letter word and can actually be a good thing if properly managed.  And so, like with most fears, (i.e., “False Evidence Appearing Real”)[ii] there is a way to turn your fear into something good.  All it takes is the desire, determination and discipline to make it happen.

Schedule Strategy Session »

But that is exactly why many Americans don’t overcome their fear!  They simply don’t have the determination to develop the right discipline to consistently turn their desires into realities.  And so, fear, taking the opportunity, controls and destroys their desires. But it doesn’t have to be this way for you!  And here are some reasons why.

Americans spend:

• $96 billon on beer
• $1.4 billon on over the counter teeth whitening
• $10 billion on romance novels
• $34.6 billon on gambling
• $11 billion on coffee
• $2.3 billon on tattoos
• $17 billion on video games
• $65 billion on soft drinks
• $117 billion on fast food
• $5 billon on ringtones
• $18 billon on credit card late fees
• $30 billion on Dollar Store purchases[iii]
• $60 billion on pets.[iv]

Added up we find this list adds up to over $467 billion every year which is being spent on things which are debatably non-essential.

And we haven’t mentioned what is spent on professional sports, Twinkies, bottled water, taxidermy, golf balls, chocolate, over the counter treatments and other non-essentials.

The keys therefore, to your eradicating the number one financial fear is easy.  1) Find out what you are spending your money on that isn’t beneficial to your long-term desires and eliminate it, or seriously reduce spending down in that area.  2) Make sure you then save the money you normally would have spent on that non-essential and 3) Keep your money saved in a place that guarantees growth and accessibility so that you can begin to manage your savings.

Participating whole life insurance is the best place to save your money which otherwise would have been lost to you because once in a participating whole life insurance policy it can be leveraged to pay off your debt more efficiently, or it can be used to self-finance things you need to purchase in the future.   Either way, you will eradicate the fear of debt and produce more abundance in your life when you do so.

Dr. Tomas P. McFie

Most Americans depend on Social Security for retirement income. Even when people think they’re saving money, taxes, fees, investment losses and market volatility take most of their money away. Tom McFie is the founder of McFie Insurance which helps people keep more of the money they make, so they can have financial peace of mind. His latest book, A Biblical Guide to Personal Finance, can be purchased here. 

[i] http://www.thefiscaltimes.com/2016/09/01/What-s-Your-Top-Financial-Worry-Here-s-America-s-No-1-Money-Issue

[ii] Zig Ziglar

[iii] http://mentalfloss.com/article/31222/numbers-how-americans-spend-their-money

[iv] https://www.theatlantic.com/business/archive/2013/02/these-4-charts-explain-exactly-how-americans-spend-52-billion-on-our-pets-in-a-year/273446/