On this episode of Millionaire or Bust, I start off by announcing that I’ll be doing the show solo for the foreseeable future. Talli is on hiatus due to the demands of her other podcast and blog, Being Healthy for Busy People and work and the baby. So, I’m encouraging you all to take a more active part in the show and send me feedback & comments that I can use on the show.
This week’s topic is “Should we spend or should we save?” I set the stage by discussing a few news stories, including the biggest news of the week that the Senate passed a $787 billion stimulus bill.
Then I talked about an article that says that the average price of a wedding has dropped nearly $6,000 as couples scale back.
Then in what looked like good news, I talked about the foreclosures easing in January by about 10%. Unfortunately, that was mainly driven by the foreclosure moratoriums of Fannie Mae and Freddie Mac.
With that poor news, I jumped into a story that detailed the extreme measures some people have gone to earn some extra cash to make ends meet. With that extra cash, I guess Starbucks wants us to buy some of their new cheaper coffee-and-food combos. That seems less likely though since, US jobless claims were above 600,000 for the week.
Luckily, retail sales rose unexpectedly in January, but only by 1%. The economy hasn’t turned around yet though because closures in Nebraska, Florida, Illinois and Oregon bring the number of bank failures to 13 this year as the financial crisis continues.
All this news led to the net worth of American families falling drastically according to the last story. It also led to my conclusion on whether you should spend or save in this economy. The answer? It depends. Give the show a listen to get the details.
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