Here’s The Real Reason You Have No Savings

The ugly truth that nobody likes to face

We have a savings problem.

As of 2019, 70% of Americans had less than $1,000 in savings. In the UK, around 25% of adults have no savings at all, and 10% admit to spending more than they earn.

But I think I’ve found the answer — and it has nothing to do with your income.

Let’s be honest — saving isn’t exactly fun. It’s much more exciting to buy the latest tech, a new car, or whatever it is that floats your boat. I used to think so too. It makes me shudder when I wonder how much money I’ve wasted since I started working. I vividly remember the day I got my first paycheck.

I saved it. After all, I was earning £4.80 per hour, it wasn’t exactly a lot.

Then I saved the next one.

And the next one.

Then a really nice TV went on sale, I blew £500 on it and was back to square one.

A Fresh Perspective

I read a lot about personal finance. A few months ago I made it my goal to retire from full-time employment at the age of fifty, if not before — a goal I believe is perfectly achievable with the right saving and investment strategy.