According to data issued by the US Bureau of Labor Statistics, the average hourly earnings of individuals on private payrolls in the goods-producing sector increased by only 23 cents between May 2020 and March 2021. Between May and March, the average wage increased by 1%. According to a 2020 report by the Harvard Joint Center for Housing Studies, American households with earnings between $30,000 and $75,000, the median renter household in the United States, pay more than 30% of their income on rent. Twenty-one percent of Americans do not set aside any of their annual earnings for savings. According to a new report, Millennials and Gen Xers do not save any money at all. This is mainly due to rising student loans and the rising cost of basic necessities like food and water. Because of the COVID-19 problem, some Americans were able to save a significant amount of money.
Insider Monkey has compiled a list of the experts’ top ten money-saving tips. Investing in index funds, such as exchange-traded funds (ETFs) or mutual funds, can help you grow a small amount of money quickly. Two of the better possibilities are the Bridgeway Small Cap Value Fund. Achieving the ideal balance between spending and saving is a feasible goal. Fisher Asset Management’s Ken Fisher has amassed a fortune by investing in dividend stocks that can be used to fund Roth IRA contributions. Pfizer Inc. and Chevron Corporation are two of the top companies in his portfolio. Warren Buffett, arguably one of the world’s most successful people in recent decades, made his fortune in the stock market when he was eleven years old and sold them for a six-dollar profit. Investing in dividend stocks is a safe way to save money. New investors should consider United Microelectronics Corporation and MGM Resorts International. Rising chip prices are expected to help UMC this year, as well as MGM’s early post-pandemic rebound gains. The advent of online banking and mobile payments, combined with fintech advancements in recent years, has given the concept of cashless societies a whole new meaning. Cash also helps to acclimate the mind to different types of spending and saving amounts. For more details, click 10 Best Money Saving Tips According to Experts.
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