02 Sep Fun Facts About Money That Could Blow Your Mind
Money is fascinating in so many different ways. We spend most of our time trying to earn it and once we earn it, we spend the rest of our time trying to spend it. Since so much of our lives revolves around money,
1. If you were to stack a million $1 bills, it would be around 361 feet high.
2. Abraham Lincoln was the first person to appear on a regular US coin in 1909.
3. Before the days of paper money, Americans traded animal skins, including deer and elk bucks, for goods and services. Hence the word “buck” to describe money.
4. 60% of working Americans experience moderate to high levels of financial stress. One-fifth of those believe their financial stress has gotten worse in the last 18-24 months.
5. A piece of currency can be folded forward and back 4,000 times before it will tear.
6. In 2007, total consumer debt was $2.5 trillion. Consumer overall indebtedness (including mortgages) increased from $1.4 trillion to $11.5 trillion from 1980 to 2005.
7. When asked how they make their retirement planning decisions, 44% of working Americans say they guess.
8. 53% of Americans have less than $25,000 in retirement savings. 43% of those people are over 55! 30% believe that they only need $250,000 or less in total retirement savings.
9. 70% of Americans live paycheck to paycheck.
10. The savings rate for 2006 was -.6% – the lowest since the Great Depression.
11. Only 32% of Americans would be able to cover a $5,000 emergency with cash without going into debt for it.
12. There are twice as many Payday Lenders as there are Starbucks locations.
13. Bankruptcies in 2009 totaled 1,407,788. Of those, 67% were total Chapter 7 bankruptcies.
14. A Parenting Magazine poll indicates that 49% of us could not cover even one month’s expenses if they were to miss a paycheck.
15. 92% of us would rather be rich than find the love of our lives.
16. The U.S. has about $158 billion in personal savings and an average savings rate of only about 2%.
17. Most people won’t bend over to pick up money lying on the sidewalk unless it’s at least a dollar.
18. More money is spent on gardening than any other hobby.
19. Abraham Lincoln faces to the right on the penny while all the other presidents face to the left on U.S. coins.
20. There are two credit cards for every person in the U.S.
21. 22,000 checks will be deducted from the wrong bank account in the next hour.
21. The average interest rate on credit cards is 18.9%.
22. The average credit card debt among all American households is $8,400.
23. A typical credit card purchase ends up costing 112% more than if cash were used.
24. The average per household debt in the US, not counting mortgage debt, is about $14,500 – Especially noteworthy because in the 1930’s, most middle & working class people had no major debts. Banks would not lend to them; they rented their homes and if they did own a house, it was paid for as it was being built.
25. There are roughly 1.2 billion credit cards in use in the U.S.
26. If you have three quarters, four dimes, and four pennies, you have $1.19, the largest amount of money in coins you could have without being able to make change for a dollar.
27. The average life of a dollar bill is eighteen months. Five dollar bills last about fifteen months, with twenties remaining in circulation for two years. Ten dollar bills have about the same lifespan as singles do, and the larger denomination bills can last up to eight years.
28. The face of a penny can hold about thirty drops of water.
29. The $ sign was designed in 1788 by Oliver Pollock.
30. Excessive use of credit cards is cited as a major cause of non-business bankruptcy, second only to unemployment.
31. 80% of Americans say giving personal information (especially credit card info) over the internet scares them.
What is a fun fact that you have heard about money?
Note: Many of these facts date back to 2010.