An automatic savings account is a type of savings system that allows the account contributor to deposit a set amount of money into a savings account at pre-determined intervals. Most commonly, this would be in conjunction with the contributor’s regular pay schedule. It allows an individual to automatically transfer a fixed amount into a savings account, usually on the same cadence they receive their paycheck.
According to a recent article, in November 2021, used car prices jumped up 44% compared to a year earlier. In December 2021, J.D. Power estimated that the average used car price hit $30,000 compared to about $23,000 the previous year. Amazing. The cost of new cars is also soaring, averaging $46,000.
For almost 200 years after the founding of the United States, the value of the U.S. dollar was officially backed by gold. This was called the gold standard. In 1933, in partial response to the Great Depression, Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. In other words, a person could no longer insist on being paid in gold. For a while, at the time, it was illegal for Americans to own gold.
The gross national debt of the United States just surpassed $30 trillion. The big question is, do we need to be worried? The answer is: yes, we do. Now, let’s break down why.
Talking about money is more than just talking about income, debt, assets, and spending habits. You care about money because money provides you with the things you need and the things you want, both tangible and intangible. The question is, what motivates you?
We are currently experiencing considerable inflation in the US with the dollar. Some economists define inflation exclusively as the increase in the amount of currency in circulation, period. The more currency chasing the same amount of goods makes each unit of currency worth less, and therefore, the goods cost more.