Archive for the ‘income’ Category

QOTD, class & income, spending habits with barfy stats
August 17, 2007

10 second clip:

That really made an impact on my financial thinking.

—as have articles like this re: income growth rates & class. The article talks broadly on income, class, & happiness in the US yet these stats are what got me:

According to Census figures, the average inflation-adjusted income in the top quintile of American earners increased 22% between 1993 and 2003. Incomes in the middle quintile rose 17% on average, while the incomes in the bottom quintile increased 13%. Over the 30 years prior to 2003, top-quintile earners saw their real incomes increase by two-thirds, versus a quarter for those in the middle quintile and a fifth among the bottom earners.

This is telling & worth looking at. The issue of earning ability in the states has its place at the financial planning table.

Yet my expertise is not in that arena; it’s in my family’s ability to learn & recover from mindless spending habits. In 2006, we spent over $1k in banking fees (vs using our bank’s ATM exclusively), $2k toward retirement savings, and wait for it, wait for it, $11k in eating out + entertainment.

Puke.
Puke.
Puke with me.

And that’s during my sales commission manager job where many times I wouldn’t submit for reimbursement on those client lunches or staff rewards to protect those tracked margins. Imagine what the numbers would be if I had tracked that? I’d still be numb with liquor.

So cheers to new habits, conscious spending, all sprinkled with joy in between.

And may we all take time to cook cuz oh mercy — that habit really impacts the bottom line.