National unemployment rose to 9.8 percent during November, equaling 15.1 million Americans out of work. While foreclosure rates have fallen in recent months, the number of people delinquent on their mortgages doesn't seem to be changing, instead it appears banks are becoming more lenient on late payers in an attempt to stem the flood of foreclosed properties on the market.
How does this affect Christmas?
Many American families are planning on having fewer gifts under the tree this year. But, what does that translate to in real dollars? Per this Gallup poll, Americans plan to spend an average of $715 on gifts for the 2010 holiday season.
For some of you this will seem like an outrageous amount of money and for others, this may not seem like enough. So for purposes of perspective, let's consider this based upon percentage of annual income. Per this article, the average American income is right around $44,000 per year. The median income is approximately $33,000 per year.
Average - $715/$44,000 = 1.6% of gross income spent on Christmas presents.
Median - $715/$33,000 = 2.2% of gross income on Christmas presents. How does this fit with your personal spending plans? Does it seem on track?
For further perspective, the woman's husband that I lent money to in Cambodia earns $4 US per day. What we typically spend on Christmas is nearly his entire annual salary.
Why do we spend so much?There are plenty of external pressures to spend more and more each year.
Per Wikipedia:
"Consumerism is a social and economic order that is based on the systematic creation and fostering of a desire to purchase goods or services in even greater amounts."
How are the pressures pushing consumerism?
Christmas ads starting in September.
Keeping up with the Jones's,
Outdoing an ex-spouse perhaps,
- Status symbol of your success,
- American cultural trend that how much I spend on you is a direct reflection of how much I care about you...
What are we trying to accomplish, really?
Are we spending for the sake of our children?
Per this NY Times article, parents' average contribution to their child's college costs vary between $3,500 and $18,000 depending on income bracket. Of those funds, $700 to $2,800 is borrowed by the parents. How about we cut Christmas expenditures in half and put it into college savings instead?
Continued on the next pageNational unemployment rose to 9.8 percent during November, equaling 15.1 million Americans out of work. While foreclosure rates have fallen in recent months, the number of people delinquent on their mortgages doesn't seem to be changing, instead it appears banks are becoming more lenient on late payers in an attempt to stem the flood of foreclosed properties on the market.
How does this affect Christmas?
Many American families are planning on having fewer gifts under the tree this year. But, what does that translate to in real dollars? Per this Gallup poll, Americans plan to spend an average of $715 on gifts for the 2010 holiday season.
For some of you this will seem like an outrageous amount of money and for others, this may not seem like enough. So for purposes of perspective, let's consider this based upon percentage of annual income. Per this article, the average American income is right around $44,000 per year. The median income is approximately $33,000 per year.
Average - $715/$44,000 = 1.6% of gross income spent on Christmas presents.
Median - $715/$33,000 = 2.2% of gross income on Christmas presents. How does this fit with your personal spending plans? Does it seem on track?
For further perspective, the woman's husband that I lent money to in Cambodia earns $4 US per day. What we typically spend on Christmas is nearly his entire annual salary.
Why do we spend so much?There are plenty of external pressures to spend more and more each year.
Per Wikipedia:
"Consumerism is a social and economic order that is based on the systematic creation and fostering of a desire to purchase goods or services in even greater amounts."
How are the pressures pushing consumerism?
Christmas ads starting in September.
Keeping up with the Jones's,
Outdoing an ex-spouse perhaps,
- Status symbol of your success,
- American cultural trend that how much I spend on you is a direct reflection of how much I care about you...
What are we trying to accomplish, really?
Are we spending for the sake of our children?
Per this NY Times article, parents' average contribution to their child's college costs vary between $3,500 and $18,000 depending on income bracket. Of those funds, $700 to $2,800 is borrowed by the parents. How about we cut Christmas expenditures in half and put it into college savings instead?
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Stubborn Joblessness Among Vets Darkens US Economy - AOL <b>News</b>
The newly reported drop in jobless claims belies continued rough going for America's Iraq and Afghanistan war veterans, who are experiencing 10 percent unemployment.
Police: Fox <b>News</b> Flubbed 'Granny Terrorist' Story | TPMMuckraker
Law enforcement officials says Fox News' report of a probe into a Indiana grandmother for alleged terrorist ties was taken out of context and that the reporter based her report of an investigation off her own tip.
Good <b>news</b>: School officials destroy girl's college plans over <b>...</b>
Good news: School officials destroy girl's college plans over knife mix-up.
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