Latest news with #Americanhouseholds
Fast Company
3 days ago
- Automotive
- Fast Company
The household auto fleet is a money pit
There's a financial crisis hiding in plain sight: the American household vehicle fleet. Families are hemorrhaging money through car payments, insurance, fuel, maintenance, depreciation, parking, and registration. In many cases, this adds up to more than a family's annual savings—or the cost of sending a child to college every four years. Car ownership is nearly universal in the U.S., with 92% of households owning at least one vehicle. About 37% own two cars, and 22% own three or more. In 2023, the average annual cost to own and operate a new vehicle climbed to $12,182. For households with two cars, that's nearly $25,000 per year—a recurring expense that too often escapes scrutiny. Now consider how those vehicles are used. In 2021, more than half of all daily trips in the U.S. were under three miles. Nearly 30% were less than one mile. We're paying a fortune to go nowhere. The rise of remote and hybrid work has amplified the mismatch between cost and use. As of 2023, more than a third of U.S. employees worked remotely full time, with another 41% following hybrid work models. Pew Research Center reported that almost half of remote workers would look for a new job if their employer took this option off the table. Cars are parked roughly 95% of the time, depreciating as they collect pollen and bird droppings. And yet they demand monthly payments, insurance, fuel, and maintenance. The long-distance commute has been the primary reason for every working member of the family needing their own vehicle, but our travel habits have changed. What if owning fewer cars was a sign of more success? A growing number of families are experimenting with a car-lite lifestyle—ditching the second or third car and rediscovering local travel through bikes, transit, or walking. They're not doing it to make a statement. They're doing it to make ends meet—and to take back their time. At the center of this quiet shift: the e-bike. Part appliance and part liberation machine, e-bikes are redefining what a 'vehicle' can be. School drop-offs, grocery runs, commutes, and social visits—trips once assumed to require a car—are increasingly accomplished with battery-assisted pedaling. Terrain and distance fade as barriers. In 2022, more than 1.1 million e-bikes were sold in the U.S., nearly quadruple the number from 2019. E-bikes now account for over 20% of total bicycle sales in the U.S., and they represented 63% of revenue growth in the bike industry between 2019 and 2023. Bikes have become robust enough to handle everything from kid pickups to bulk grocery runs, and more cities are creating rebate programs to accelerate adoption. Replacing a car with an e-bike can save a household $120,000 over a decade—enough to wipe out debt, fund a college account, or boost retirement savings. And as infrastructure improves with more protected lanes, slower streets, and secure parking, the e-bike can graduate from practical to preferable. What if you spent less on movement and more on meaning? What if streets worked as well for bikes as they do for cars? What if getting around town felt like a lifestyle upgrade? For too long, success was measured by how many vehicles fit in your driveway. But those cars aren't status symbols—they're financial sinkholes. Remember, more than half of America's car trips are under a few miles. If you're going broke to go nowhere, the journey needs a new map.
Yahoo
5 days ago
- Business
- Yahoo
I'm 29 with plenty of cash, a robust 401(k) and own a condo — but I feel left behind and lonely. What now?
Picture this: You own a home, along with $130,000 in cash savings and $40,000 in your 401(k), and you're not even 30 years old yet. On paper, this is a great financial situation. But after years of pinching pennies, turning down dinner invites and putting fun on layaway, was the sacrifice worth it? Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Welcome to the emotional hangover of hyper-saving, a side effect of the FIRE (Financial Independence, Retire Early) movement. If this sounds like you, we've got some strategies for how to be fiscally responsible and still enjoy your life. The FIRE movement is a financial movement that is made up of intense saving and budgeting to support an early retirement. Saving 50% to 70% of your income sounds glamorous on paper, and for the ultra-disciplined, it's a path to fast-track financial goals. But when social life takes a back seat to spreadsheet life, the returns may not always be what they seem. According to the Federal Reserve data, as of 2022, the median net worth for American households under 35 years old is just $39,000. So, if you're in your late twenties with six figures saved and real estate in your name, you've already lapped this figure several times over. But while your bank account may be full, what can you do if your social calendar is blank? Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Once you've nailed the basics, like establishing an emergency fund, bolstering your retirement savings and acquiring some equity, it could be time to rebalance. Financial stability should be your launch pad to life, not the finish line. Here are some ways to reclaim your social life: The 'Yes Month': Say yes (within reason) to social invites for a month. Go to that concert. Grab rooftop drinks. RSVP 'yes' to life. Giving yourself permission to live a little can revitalize your emotional well-being. Create a 'Fun Fund': Set aside a guilt-free allowance for everything you used to say 'no' to, such as weekend getaways, dinners out, shopping or even grabbing a coffee. Book a short trip: Whether it's a road trip or something more exotic, a short, reasonably priced escapade can reset your perspective and your priorities and give you time for self-reflection. Talk to a professional: A financial advisor can help you pivot from survival-mode saving to intentional living. Think of it this way, you take your car in for service regularly, right? So consider these meetings to be a tune-up for your money mindset. You may also want to ask yourself: 'What does 'enough' look like — for me?' This can be used as a baseline for your saving mindset. Defining what's 'enough' — whether it's a certain amount of savings or a paid-off mortgage — can help you figure out how much room you have to enjoy other things while you work toward achieving that goal. Saving aggressively in your 20s is a powerful move. But financial independence isn't just about escaping work; it's about designing a life you actually want to live. If you're sitting on a growing bank account and a shrinking social life, maybe it's time to rebalance the books, not just financially, but emotionally. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
6 days ago
- Business
- Yahoo
I'm 29 with plenty of cash, a robust 401(k) and own a condo — but I feel left behind and lonely. What now?
Picture this: You own a home, along with $130,000 in cash savings and $40,000 in your 401(k), and you're not even 30 years old yet. On paper, this is a great financial situation. But after years of pinching pennies, turning down dinner invites and putting fun on layaway, was the sacrifice worth it? Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Welcome to the emotional hangover of hyper-saving, a side effect of the FIRE (Financial Independence, Retire Early) movement. If this sounds like you, we've got some strategies for how to be fiscally responsible and still enjoy your life. The FIRE movement is a financial movement that is made up of intense saving and budgeting to support an early retirement. Saving 50% to 70% of your income sounds glamorous on paper, and for the ultra-disciplined, it's a path to fast-track financial goals. But when social life takes a back seat to spreadsheet life, the returns may not always be what they seem. According to the Federal Reserve data, as of 2022, the median net worth for American households under 35 years old is just $39,000. So, if you're in your late twenties with six figures saved and real estate in your name, you've already lapped this figure several times over. But while your bank account may be full, what can you do if your social calendar is blank? Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Once you've nailed the basics, like establishing an emergency fund, bolstering your retirement savings and acquiring some equity, it could be time to rebalance. Financial stability should be your launch pad to life, not the finish line. Here are some ways to reclaim your social life: The 'Yes Month': Say yes (within reason) to social invites for a month. Go to that concert. Grab rooftop drinks. RSVP 'yes' to life. Giving yourself permission to live a little can revitalize your emotional well-being. Create a 'Fun Fund': Set aside a guilt-free allowance for everything you used to say 'no' to, such as weekend getaways, dinners out, shopping or even grabbing a coffee. Book a short trip: Whether it's a road trip or something more exotic, a short, reasonably priced escapade can reset your perspective and your priorities and give you time for self-reflection. Talk to a professional: A financial advisor can help you pivot from survival-mode saving to intentional living. Think of it this way, you take your car in for service regularly, right? So consider these meetings to be a tune-up for your money mindset. You may also want to ask yourself: 'What does 'enough' look like — for me?' This can be used as a baseline for your saving mindset. Defining what's 'enough' — whether it's a certain amount of savings or a paid-off mortgage — can help you figure out how much room you have to enjoy other things while you work toward achieving that goal. Saving aggressively in your 20s is a powerful move. But financial independence isn't just about escaping work; it's about designing a life you actually want to live. If you're sitting on a growing bank account and a shrinking social life, maybe it's time to rebalance the books, not just financially, but emotionally. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
