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Apr 12 2011

Celebrities Debt

Famous billionaire Donald Trump owns thousands of hotels and other properties worldwide. This man with a trademark hair style also wants to become president of the United States. Even with all of his properties, companies and television contracts, Trump still has considerable debt. Most individuals are surprised to learn this. Trump’s debts reach into the hundred-millions. He was also ordered to surrender his $25 million mansion in a divorce settlement.

Toni Braxton is a well-known singer. After coming from a small church choir originally, Braxton went on to build her way to the top, winning six Grammy awards and multiple other recognitions. She has sold over 40 million records. Despite her success, fame and fortune, the singer and mother has accrued a debt of more than $10 million dollars. She is certainly not hurting to survive; her record sales are well over $188 million.

M.C. Hammer, legally known as Stanley K. Burrell, also has significant debt. His debt reaches into the $40 million bracket. He is not only a rapper, but an entertainer, entrepreneur, actor and dancer. Even after selling 50 million records worldwide, his monetary problems persist. This could be a result of his desire for luxurious living. To give an example of just how much this famous artist shells out for his accommodations, he spent over $2 million on a marble floor for his bathroom.

Mike Tyson also had debts that reach into the $40 million range. He has spent his life boxing, acting and accepting many other well-paying jobs, but he also has some expensive hobbies. Tyson’s passions include exotic animals. He has several pet tigers, which cost over $4,000 each month to keep.

There are many other celebrities that spend lavishly. Elton John spent $468,000 on flowers, Nicholas Cage reported spending $276,000 on a dinosaur’s skull and Kim Basinger actually purchased an entire town for $20 million. Most average workers read these statistics with their jaws wide open in surprise. Although most people could never fathom spending this much money, it is always possible to earn more than the current salary. Most people simply aren’t in their optimal career field. Take a job aptitude test to determine which fields are the most suitable. Career assessments and job aptitude tests determine the best possible jobs for each person, based on their individual answers.

Debt is something that almost every American is experiencing today. With prices constantly on the rise and wages staying the same or decreasing, it is becoming difficult for many to stay afloat. Many people find themselves taking a career assessment or job aptitude test to find a new better-paying career. Getting a better job is one of the best ways to get out of debt faster. Don’t lose heart, though – everyone experiences debt, even celebrities. It is a well-known fact that celebrities spend a lot of money on houses, clothes and vehicles, but some celebs have gotten themselves into deep debt. Several have spent their money on some strange items, which are certainly not things most people would consider essential.

By Career Explorer

Mar 18 2011

Americans saving money

How Much do Americans Save?

Americans are notorious for failing to put aside money for tomorrow. The median household income in the U.S. is $50,000. This pushes the taxpaying household into the 25% bracket. Adding back the average $3,000 tax refund, the median household disposable income is $40,500 a year.
On average, Americans spend 94% of their disposable income, leaving only 6% for all savings accounts combined. Using the median household income, this means the average household in the U.S. only puts $2,400 total away. That’s $200 a month towards retirement, college, and saving for a home. Not only do most American households fail to save enough, but nearly half – 43% – spend more money than they earn, putting themselves into debt they can’t pay back.

Remember that 6% of disposable income being saved on average? That figure is not proportionately spread, as only 41% of Americans save regularly, leaving more than half as sporadic or non-savers.

Have Americans always had these poor saving habits? While they’ve regularly fallen behind on savings, there have been savings highs and lows in the past. Naturally, the Great Depression was a bad time for savings. Not only were Americans not saving, but the average savings rate during 1932 was a negative 1.1%, meaning Americans spent 1.1% more money than they had. While 1932 showed a low point in savings, 1944 showed a high point in savings in the United States. During World War II, the savings rate soared to 26% of disposable income. For the most part, the savings rate in the U.S. has hovered between 5 and 10%.

So, how do the saving habits of Americans compare to those abroad? The average Chinese worker saves a whopping 30% of their income, while the Swiss save 14% and Germans save 13%. There’s an obvious gap between U.S. savings and other countries.

Why do Americans ignore the future when handling money? American culture is different from other cultures. In the U.S., there’s an attitude of needing to have things now even if you can’t afford it. Credit cards help people secure items they want immediately. Once credit card debt is racked up, many Americans turn a blind eye to their debt and pretend there isn’t a problem. People in the U.S. also need to constantly compare themselves to their friends and neighbors, being sure to have the biggest, best unnecessary toys they can get.

How can you find a career that pays enough to buy what you need and want and still have money to save? Take a free career aptitude test! A career assessment test can pinpoint your strong points and ensure you go into the field that is most lucrative for you. Don’t get caught without savings – take a career aptitude test today and be on your way to a rewarding career.

By Career Explorer