FLU: My wife used to do financial planning before becoming a stay-at-home mom and I remember going through her programs on savings and retirement one time. It was terrifying. The number of Americans that are prepared for retirement is only about 4 – 6% (meaning you have sufficient cash flow, savings, retirement funds, etc to carry you through).
I watch the number of people that pay for groceries with credit cards and locally that number is about 6 out of 10. Not debit cards, credit cards.
For far too many years, people equated wealth with credit and the two have nothing to do with each other. The people really getting squeezed are those that relied on having access to all that credit and now it’s being taken away.
