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Discretionary Dough: How Much Extra Cash Do American's Have?

DISCRETIONARY DOUGH: HOW MU CH EXTRA CASH Discretionary income is the amount of money left over after taxes are taken out, bills are paid, and basic needs are covered. Thanks to a recent study from Experian Marketing Services, we learn how much extra cash Americans have on hand and what they're doing with it. For most Americans, this money is hard to come by-but not surprisingly, a select few are spending a sizable portion of all the discretionary spending in the country. DO AMERICANS HAVE? THE DISCRETIONARY LAN DSCAPE $1.47 TRILLION annually on discretionary goods and services. In all, Americans spend an estimated The following shows the mean income of Americans based upon their annual discretionary income. Also included is the percent distribution of each discretionary income tier and how much of the total U.S. spend each tier represents. DISCRETIONARY MEAN ANNUAL HOUSEHOLD INCOME, DISTRIBUTION OF U.S. HOUSEHOLDS, INCOME KEY BY DISCRETIONARY SPENDING BY ANNUAL DISCRETIONARY SPENDING LESS THAN $7,000 $25,800 19.5% 34.8% 10.6% 16.7% 12.6% $7,000-$9,999- $48,200 3.6% 2.2% $10,000-$14,999- $66,900 $15,000-$19,999- $92,100 PROPORTION OF NATION'S TOTAL ANNUAL DISCRETIONARY SPENDING, BY SPEND SEGMENT $20,000-$29,999- $131,000 19.1% 20.7% $30,000-$39,999- $204,000 10.8% 17.3% 11.1% 9.9% 11.2% $40,000+- $346,000 THE TOP 2.2% OF SPENDERS ARE RESPONSIBLE FOR 11.2% OF THE NATION'S TOTAL DISCRETIONARY SPENDING. BUY AT YOUR OWN DISCR ETION What are Americans doing with their discretionary income? HIGHEST INCOME HOMES SPEND 10X MORE ON ANNUAL DISCRETIONARY SPENDING DISCRETIONARY GOODS THAN LOWEST INCOME HOUSEHOLD OWNERSHIP AND USE OF SELECT CONSUMER GOODS LESS THAN $7,000 $7,000-$14,999 $15,000-$29,999 $30,000+ ELECTRONICS FLAT PANEL LCD TV 24% 36% 50% 56% TRADITIONAL TUBE TV 62% 65% 60% 55% READ EBOOKS 9% 9.7% 10.3% 17% OWN DVR 26% 37% 46% 53% DISPOSABLE CAMERA 19% 12% 10% 7% LESS THAN $7,000 $7,000-$ 14,999 $15,000-$29,999 $30,000+ HOUSEHOLD HAVE A DOG 27% 41% 43% 47% BOUGHT INFANT FURNITURE 4.7% 3.4% | 3.6% 4.3% BOUGHT MAJOR APPLIANCE 16% 21% 21% 23% USE WATER FILTRATIONS 16% 22% 32% 32% BOUGHT SEEDS/BULBS OR FERTILIZER 32% 55% 67% 70% LESS THAN $7,000 $7,000-$14,999 $15,000-$29,999 $30,000+ AUTOMOTIVE HAVE ONLY ONE CAR 46% 34% 19% 11% HAVE THREE OR MORE CARS 10% 23% 30% 36% DOMESTIC FULL-SIZE PICK-UP 7% 13% 11% 9% ENTRY LUXURY VEHICLE 1.3% 3.3% 6.7% 11.3% MOTORCYCLE 5% 6% 8% 10% LIFESTYLES OF THE RICH AND NOT-SO-RIOH The following are some lifestyle decisions and personality traits of each discretionary income tier. LESS THAN $7,000 $7,000-S14,999 $15,000-$29,999 $30,000+ LIFESTYLE I OFTEN DRINK ALCOHOLIC BEVERAGES 19% 24% 34% 46% EVERYTHING I WEAR IS THE HIGHEST QUALITY 23% 23% 31% 39% I CONSIDER MY DIET TO BE VERY HEALTHY 36% 38% 46% 59% I MAKE A CONSCIOUS EFFORT TO RECYCLE 54% 59% 69% 81% I'LL TRY ANY NEW DIET 14% 10.1% 9.7% 9.8% LESS THAN $7,000 $7,000-S14,999 $15,000-S29,999 $30,000+ PERSUNALITY I'M OFTEN CHOSEN TO BE THE SPOKESPERSON 26% 27% 35% 44% T LIKE CONTROL OF PEOPLE AND RESOURCES 18% 20% 23% 31% TLIKE TO DRIVE FASTER THAN NORMAL 24% 30% 36% 44% I OFTEN DRIVE BY MYSELF 33% 29% 22% 19% FOR A SENSE OF FREEDOM A WOMAN'S PLACE IS IN THE HOME 18% 15% 9% 7% MONEY IS THE BEST MEASURE OF SUCCESS 25% 18.2% 17.7% 19% I DON'T WANT RESPONSIBILITY, 16% 12% 11% 9% I'D RATHER BE TOLD WHAT TO DO I PREFER TO HAVE AS FEW 28% 22% 19% 15% POSSESSIONS AS POSSIBLE Source: Experian Simmons Discretionary Spend report mint.com

Discretionary Dough: How Much Extra Cash Do American's Have?

shared by ColumnFive on Feb 21
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Discretionary income is the amount of money left over after taxes are taken out, bills are paid, and basic needs are covered. Thanks to a recent study we learn how much extra cash Americans have on ha...

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