Getting your money mind right is the cornerstone requirement I order to be successful in business in a life. In this episode we discuss the philosophy that a you must think differently in order to get your money mind properly aligned with success. Here are some personal financial statistics from The Motley Fool (https://www.fool.com/retirement/2017/03/31/10-incredible-financial-statistics-that-sum-up-the.aspx) :
- The average American gross household income is $71,258
- The average American household with debt owes $132,529
- The average American gave $5,491 to charity in 2015
- The average American has a FICO credit score of 700
- The average American’s 401(k) balance is $96,288
- The average personal savings rate in the U.S. is 5.5%
- Only 18% of Americans actively contribute to an IRA
- The average American’s tax refund in 2016 was $2,860
- The average American pays an effective federal income tax rate of 13.5%
- The average American’s Social Security retirement benefit is $1,363 per month
Learn also the top reasons why businesses fail. The top 5 reasons from Fortune (http://fortune.com/2014/09/25/why-startups-fail-according-to-their-founders/ ) are:
- No market need
- Ran out of cash
- Not the right team
- Get outcompeted
- Pricing and cost issues