Green is the New Gold
The economy in the United States has been in a rollercoaster ride for the last twenty-five years. What used to be the medium and continue middle class population of twenty-five years ago is not the same middle class of today. The medium class in the 90’s use to make an average household income of around $50,000, and now is only $59,039 according to the latest 2016 US Census Bureau. You might say, what do we have in here? Well, for short, middle class has shrunk to almost extinction. Most people cannot live with this type of income anymore, thanks to credit cards and product advertisement. You see a product been advertise every second, ads are in your phone every time you look at it, they are on televisions, they are on the road, they are in the local market, in the bank, in schools, even in the church to be honest. We have forgotten to take control of our own emotions when it comes to spending money. Why green is the new gold? is because now a day every hard-earned cent in your pocket is very valuable. Have you notice how much it will cost you to dine out in a nice restaurant with your significant other? how about a pair of sneakers that cost about around two or three dollars to make in South Korea, you could be paying about one hundred dollars in the United States, a simple light bulb for a car can cost you seven, ten or even twenty dollars, but it only takes a few cents to make if that. Every cent in your wallet counts, if you add all expenses that you can incur every month in just simple things that you might think you need, you, yes you, my friend reading this article will be in total shock. When tax time arrives, and we see that federal return check, our eyes turn into snake eyes, and our brains start to say, what do I need to buy now, instead of how can I save my money now. We get “Hood Rich” for a while, like a friend of mine Mom says, when we get that nice tax return, but quickly after just a few days, we are back were we started because we spent all the money in things that we didn’t need. Now a days more important than ever is to learn how to save money for the future, budget for what is really necessary, spend those hard to earned green dollars wisely, and train your mind not to be an impulse buyer, instead train your mind to buy only things that you really need, trust me it works, but like every time you try to learn something new, you need practice and be persistent, otherwise it might not work. Remember that now a day your hard-earned green is your new gold!
Article by: Angel L. Pomales
Co-Host/Producer Spanglish Business Show
To Check if you are consider in the Middle Class, check out this link below by the Pew Research Center.
Information from the 2016 US Census Bureau; http://www.businessinsider.com/middle-class-income-us-state-2017-9