So many Americans are into immediate gratification and practice no delayed gratification. To me that is the first, and most often repeated, step to financial disaster. You live the moment on a day to day basis, not worrying about where $$ will come from for an unexpected bill, give no thought as to what you’d do if unemployment showed up at your door, etc. etc. Most people are just one missed paycheck away from extreme disaster. JMHO
This reminds me …. has any one seen that show Life or Debt? I saw an episode for the first time over the weekend. The couple was totally oblivious to reality, had an unreal case of denial and could not talk facts about what they earned vs. what their bills were. They guys on the show that were there to help seemed like they had good ideas but just could not get through to them.