A 4th of July wish list
July 04, 2011
The 4th of July may be the only holiday that celebrates aspiration. After all, independence is a pure expression of aspiration, that heady combination of desire, hope, and confidence. So, to celebrate Independence Day, 2011, here are 5 financial aspirations for the United States - a 4th of July wish list:
- Americans learn to enjoy saving. Saving for the future is often discussed as one of those unpleasant responsibilities, like cleaning the garage or regular dental visits. Instead, try thinking of it as one of those satisfying tasks where progress can be measured and milestones celebrated. No, you can't take savings accounts out for a spin for the neighbors to look at, but who said success had to be about showing off? A little quiet satisfaction can be a very sustaining feeling.
- CD, savings, and money market rates rise. According to the FDIC, the average rate on U.S. savings accounts is down to 0.14 percent. Money market rates are at 0.20 percent, and CD rates range between 0.12 percent and 1.57 percent. They've been down so long that the notion of letting a bank use your money for almost nothing has started to feel normal. Here's hoping that CD, savings, and money market rates get closer to their true normal levels by next Independence Day.
- Inflation subsides. One reason those low CD, savings, and money market rates hurt so much is that inflation has crept up to 3.6 percent. An easing of inflation would allow people to get more value out of their savings.
- Employment rallies. A jobless recovery is not a sustainable recovery. It's time for corporations to stop cashing in easy profits, and start investing in the future.
- Politicians find the courage to act on fiscal responsibility. The founding fathers risked their lives to declare independence. Today's politicians won't risk a slip in the polls to fulfill their financial responsibilities. America deserves less politics and more leadership.
So, best wishes for a happy 4th of July from MoneyRates.com - with the knowledge that next year's Independence Day could be even happier if some or all of these wishes come true.