41% Say Financial Success Is Living Debt Free & Average Debt By Age #Finance

hey guys what’s up I’m Ain and welcome back to the channel the total Debt for all Americans comes in at 17.3 trillion dollar and our Debt levels are only increasing increasing in each and every category and specifically one of the most damaging

types of Debt Credit card Debt has increased by 133% since the same time 1 year ago what’s really interesting is that we have a culture that is very accepting of Debt carrying Debt of one type or another is

seen as normal in our culture but in that same breath 41% of Americans Define financial success as living completely Debt-free so it’s kind of interesting to see that such a large percentage of people say that financial success is living completely free of

Debt of all types but then living in a time where Debt is very normalized more than that 47% of Americans say that money and Debt specifically has a negative impact on their mental health including anxiety stress worrisome thoughts loss of sleep

and depression according to the Federal Reserve 23% of American adults live a completely Debt-free lifestyle that means no mortgage no auto Loans no student Loans no Credit card Debt no Debt of any

type so overwhelmingly most Americans are not living a completely Debt-free lifestyle most Americans are carrying Debt of one type or another when it comes to Debt it is important to distinguish between different types of Debt make

no mistake about it if your Debt burden is too large no matter matter what the Debt type it’s probably going to cause a lot of stress and anxiety and a whole swirl of negative emotions but there is a distinction to be made between say a mortgage and say

Credit card Debt so let’s look at how much each person is carrying of each Debt type broken down by generation if you were to break things down by generation the youngest working generation gen Z has a total Mortgage Debt of

roughly $235,000 Auto Debt of about $20,000 Credit card Debt of about $3 $3,000 and personal Loan Debt of nearly $9,000 the oldest members of gen Z as of 2024 are 27 years old so for those members who have already

bought a home I think that’s an amazing accomplishment unfortunately the members of this generation are also racking up other Debt types as well honestly one of the best moves you can make is to start out your life with as little Debt as possible building

financial success and Building Wealth is exponentially easier if you don’t have Debt working against you and pulling you back looking at Millennials typical Mortgage Debt is about $300,000 Auto Debt about $24,000 Credit card

Debt about $6,500 and personal Loan Debt is nearly $177,000 for Gen X Mortgage Debt sits around $280,000 Auto Debt around $27,000 Credit card Debt around $9,000 and personal

Debt around $22,000 Millennials and Gen X are sort of in that messy middle of Life a time of life where it feels like everything is coming at you fast and hard and it all comes with a price tag it really is the middle years of life that are most expensive this may be a time where

you have extra family related expenses maybe that’s related to Children maybe it’s related to furry children maybe it’s related to helping care for aging parents and all of this comes while trying to balance everyday life’s wants and needs and this could be at a time where

you’re early in your career or still in the middle phases of your career so your Income is still ramping up and still trying to catch up to your expenses and all of this can stretch your Income to its breaking point and this is why so many people turn to

Debt for Baby Boomers Mortgage Debt is around $190,000 Auto Debt around $22,000 Credit card Debt $6,600 and personal Loan Debt of just under $23,000 as of 2024 the youngest members

of the baby boomer generation are 60 years old so that means the idea of retirement is at least in the Forefront of their mind even if they haven’t yet retired the average age for retirement in the US is around 63 years old it tends to be a little bit older for men and comes in a little bit

younger for women and finally the silent generation Mortgage Debt of around $143,000 Auto Debt around $116,000 Credit card Debt around $3,400 and personal Loan Debt of around $115,000 it’s

probably not surprising to see that the oldest generation has the least amount of Debt in a lot of these categories they’ve had more time to get their none;">Finances in order they’ve had more time to pay down their mortgage they’ve had more time to accumulate wealth which helps to keep Debt at lower levels I want to go back to the stat at the beginning of this CashNews.co that 41% of Americans Define

financial success as living completely Debt free yet still so many of us carry Debt in one form or another I think the goal of living Debt-free is a wonderful goal because I think it can be incredibly freeing but just as so many people are saying

the definition of financial success is living a Debt-free lifestyle almost just as many people are willing to take on non-essential Debt 38% of people say they’re willing to go into Debt for simply a fund purchase 27% would be willing to take

on Debt for travel 14% would be willing to take on Debt for dining out and 133% would be willing to take on Debt to attend a live entertainment event and Beyond these simply hypothetical situations 36% of people say they expect to take on

Debt to fund a travel plans this year and I think these kind of stats signal that for some there’s too much of a willingness to take on Debt to fund today I think this eagerness and this willingness to take on Debt to fund today is

detrimental to Financial Health but it can also be detrimental to Mental Health Mr Arthur Brooks Harvard professor and researcher on happiness says that we’re kind of wired to think about money incorrectly he says the two biggest errors when it comes to money are that the consumption of stuff

will bring you happiness and that borrowing is somehow okay but time and time again his research has uncovered that Debt tends to tank individual happiness levels when it comes to Credit card Debt and auto Loan

Debt and student Loan Debt all of these Debt types reduce overall happiness Mortgage Debt is the only kind of Debt that doesn’t lower happiness unless it’s too big at the end of the day

you can really only do five things with your money one you can buy stuff two you can buy experiences three you can buy time four you can give it away or five you can save it each choice that you make with your money will fall into one of these five categories and Brooks adds that only four of these

choices tend to bring us happiness and those are to buy experiences to buy time give it away or save it and the IR of all ironies is that most of the time our desire is to Simply buy stuff but that’s the only choice that doesn’t lead to an overall increase in long-term happiness when

you buy something that’s new you get that immediate hit of happiness that immediate newness but eventually that newness wears off that happiness tends to wear off no matter what the item is but if you were to buy an experience especially shared experiences with friends and loved ones the

memories you create last a lifetime or in instead you use your money to buy back your time maybe you hire someone to cut your lawn or clean your home and then you use that time to go do something you truly enjoy that will make you happier when you use your money to help a cause or people you care

about that comes back to you in the form of Happiness when you set aside a little bit of money today for Savings and Investments you’re investing in future happiness you’re giving your future self more options a little bit of sacrifice today leads to

exponentially more happiness down the road it can can be incredibly easy to take on Debt especially when we live in a culture that promotes a lifestyle that leverages Debt but I think once you become aware of how Debt can negatively impact your

mental health not just your Financial Health it’s easier to sidestep the Debt traps it’s easier to be much more cautious with taking on Debt at the end of the day it comes down to one thing living within your means and not overextending yourself

realistically looking at what your Income is and keeping your expenses in line with that goes a long way to a app your life it’s not about a life of deprivation it’s about just living within your means how do you think Debt impacts your overall mental

health leave your thoughts in a comment down below I post new CashNews.cos every single week if you got anything at all out of this one please give it a like if you’re new here please consider subscribing or if you know of someone who might get something out of this type of content please

consider sharing I’ll see you soon bye says that we’re kind of wired probably should look at the camera my bad G ridiculous