Submitted by MICHAEL DURR , Monday, 18^th June 2007

To Some The American Dream Is:
A Secure Job until you can Retire
Own your Own Home
Retire Comfortably
Visit Your Children and Family
Have a Summer Home by the Lake

A Survey Of What People Want:
56% want a house by the beach
66% expect to become millionaires
Only 8% have made it so far
46% of all millionaires own investment real estate
26% of millionaires own their own business
56% of Americans dream of owning their own business
4.2% are in the process of starting a business
1 in 3 will actually launch a company
56% of those will fail within 4 years

What Is The Realty? Snap Shot of American Finances:
According to the Wall Street Journal 70% of all consumers live paycheck to paycheck
According to the American Bankruptcy Institute 1.3 million file for bankruptcy every year
97% are personal not business bankruptcies
70% are Chapter 7’s (total bankruptcy)
95% of those are declared “No Assets”
In 1929 only 2% of homes had a mortgage / 1962 only 2% did not have a mortgage

The Typical American Household
A poll published in USA Today stated that 55% of Americans worry about their money
The typical American household has $38,000 in debt and the total consumer debt has tripled since 1980
20% of workers would not be able to make a mortgage, utility, or card payment if they missed a paycheck
46% of all Americans have less than $10,000 saved for retirement

If you average $25K annually over 40 years, you will have earned 1 million dollars in your lifetime.

So where does it all go?
37% - 50% to taxes
20% to home mortgage interest
10% to other credit interest
Only 20% - 33% for you!
That’s $8,250 per year… $687 per month… $159 per week for you to live on.

So What Should You Do? Two Simple Steps:
Stop the Credit Spending (plastic surgery)
Make the Plan to get out of Debt!

CLICK HERE to see the full PowerPoint slide show.


About Michael Durr: Married for 29 years and father of three terrific children, and is a graduate of the University of North Texas, Michael began his path in the financial services industry in 1997 as a loan officer who worked his way up to branch manager and is now the Vice President of Real Estate Department for First Community Credit Union. If you would like more information about how to take control of your debt, then call him today at 281-856-5525 or email mDurr@FCCUhouston.org.