The west is living far beyond its means and is struggling with pitifully anemic growth. This is a long-term trend, and one that is only going to accelerate. Nevertheless, as obvious as the indicators may be, few people will actually do anything about it. A lifetime of propaganda will plant many heads in the sand, ignoring the dangers and opportunities all around. [Let’s take a close look at just what these indicators are.] Words: 311
So says Simon Black (www.sovereignman.com) in edited excerpts from his article* on the contents of the infographic** by Toshl entitled Biggest Earners and Spenders in 2012.
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Black goes on to say, in part:
Toshl develops software to help people track and manage their finances, so the company has direct access to their customers’ earning and spending habits.
According to Toshl’s data the average monthly income per Toshl Finance user worldwide is $1905 with:
- Australia leading the pack with $2274, followed by
- the European Union ($2062),
- USA ($1871),
- Canada ($1782),
- Russia ($1490),
- Brazil ($1466),
- Singapore ($1324),
- India ($752),
- China ($589) and
- Philippines with $575, but gaining fast.
There were a bunch of other countries too, but it’s too hard to remember more than ten.
According to Toshl’s data:
- users in the United States spend, on average, 22% more than their monthly income,
- users in Western Europe spend, on average, 16% more than their monthly income &
- users in China spend 3% more while
- users in the Philippines spend 42% less,
- users in Brazil spend 31% less,
- users in Canada spend 31% less
- users in Australia spend 21% less,
- users in Russia spend 14% less, and
- users in India spend 8% less than their monthly income while
- users in Singapore are essentially at a breakeven level.
Only a handful will see the writing on the wall and take sensible, rational steps to set up their lives and families for generations of success and freedom. Which will you choose to be?
*http://www.sovereignman.com/expat/presenting-the-decline-of-the-west-in-two-easy-infographics-10277/ and **https://d18n5bsb9n63kz.cloudfront.net/static/default/images/Default/financial-infographics/Toshl-Financial-Infographic-USD.png
The Brookings Institute has released an interactive map showing economic growth data (real GDP per capita and employment change) for the largest 300 metropolitan areas in the world for three periods.and ranks each accordingly. How does your city compare? Take a look.
The Canadian ratio of debt to income hit 163.4% in the second quarter, up from 161.7% at the end of last year, according to figures released Monday by Statistics Canada. That’s the highest ratio of debt to income ever recorded in Canada, and more inflated than the levels witnessed in the U.S. and Britain before their housing market collapses in the mid-2000s. Words: 625
StatsCan released a major report Friday that outlines the overall debt situation of Canadians… It only measured what is owed by Canadians who carry any form of debt, not those that are debt free, and according to the report, the typical borrower owed an average of $114,400 as of 2009. That number, however,…is almost certainly higher today due to…[the fact that] low lending rates have been at 1% since early 2008…More worrisome could be that two-thirds of all Canadians who carry debt owe more than the average. Words: 585
Households with credit card debt carry $16,000 at an average rate of 15% and, given that some households have little credit card debt, you can imagine how high the debt is for others.. Imagine, $16,000, but that is actually down by 17% as the grand American household deleveraging continues. [Be that as it may, credit card debt is still excessive with all ages and all income groups. Here are the facts.] Words: 760
Rising education and medical costs, on-going credit card interest payments, well used personal lines of credit and large mortgage debt and home equity loans – most a penchant for living beyond their means – is keeping 75% of American households in some degree of debt. Take a look and then pass it on to your friends, neighbors and co-workers.