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Study says typical American family spends first and saves later
A Detroit based study based on census and industry data finds the typical four person American family earns about 16 208 annually and spends 12 370 a year. It urges saving first even if it requires cutting corners and notes families often lack sufficient college funds and retirement readiness. The profile lists assets including a 1989 home loan, life insurance policies, and modest bank balances, with net worth around 44 570 and equity of 39 500, while highlighting reliance on savings in emergencies.
MENTIONED IN THIS ARTICLE
B. James Theodoruff
Detroit Bark & ‘Trust
Government Agen