From what I see it seems many people do not actually own that car they drive. Or that house. Or that TV. Or their shoes. Etc.
IF you charge it, you don't own it. It is technically the banks.
So, considering the average personal debt of $18 000 for an American, can we say they live in a "wealthy" nation? It's only wealthy for a few it seems.
2007-04-01 03:32:50 · 9 answers · asked by Anonymous in Social Science ➔ Economics
Americans that aren't complete retards with their money own what they have in America.
2007-04-03 01:30:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I think with most people how much you actually own gets to be a bigger percentage as you get older. 60 year olds usually have their house, cars etc all paid off. Some 50 year olds are making their last mortgage payments. 40 year olds still have an average of 10 to 15 years left to pay off debts. 30 and 20 year olds are incurring their largest debts. Of course there are those that will always live paycheck to paycheck. then there are those who can pay cash for everything.
2007-04-01 10:53:26 · answer #2 · answered by peace 3 · 0⤊ 0⤋
I am debt free. The car is paid for and I have no credit card debt. All that I have I own. I am very far from being wealthy when you consider that I make less then 22K a year.
2007-04-01 10:42:11 · answer #3 · answered by ally_oop_64 4 · 1⤊ 0⤋
I know exactly what you mean....
Many MANY people here simply charge everything and then wonder why their lives turned to crap when they finally get a clue that they can't afford the stuff.
I and my famiy on the other hand own our things. I save and pay cash for 99% of everything I buy. Our home is paid for, our motorycycles and numerous other toys are all paid for.
The only things we get loans on are Rental Real Estate and buisness operating things. Having loans on these types of things offer us tax breaks when we have numerous businesses.
My family and I have no credit card debt either but I know I / we are rare cases here.
: )
2007-04-01 10:46:08 · answer #4 · answered by Kitty 6 · 0⤊ 1⤋
True wealth accounts for maybe 1 to 2% of the population of America. According to statistics (see links below) 1% of the U.S. population accounts for 40% of America's wealth. I'm not talking about upper middle class people who still work for someone else for a salary, even if they outright own their own home and vehicle (which they probably don't). I'm talking about the people who are actually rich, and live off of their investments, dividends, etc. and who actually own big items like land, real estate, businesses, etc. Most of the rest of us are in debt. Even people who are considered "well off".
2007-04-01 10:46:00 · answer #5 · answered by the phantom 6 · 0⤊ 1⤋
That is true for some...but my house is paid off, no credit card debt, and I just paid off my car loan. It's good to be out of debt. I'm not anxious to be in debt again. I will save up for what I want.
2007-04-01 10:42:18 · answer #6 · answered by iwonder 5 · 0⤊ 0⤋
Well, except for the apartment that I rent and the car that I'm still making payments on, I own the rest.
2007-04-01 10:38:45 · answer #7 · answered by TheOnlyBeldin 7 · 0⤊ 0⤋
to own a car that is older than 5 yrs is not a frugal choice for future repairs. let the ppl that want to work on them own them outright. economically makes sense to own a newer car. we are a debtor nation, but it works for those who control themselves
2007-04-01 10:42:35 · answer #8 · answered by francis g 5 · 0⤊ 0⤋
yep, that pretty much sums it up.
2007-04-01 10:36:00 · answer #9 · answered by Always Right 7 · 0⤊ 1⤋