Archive for the ‘salary’ Category

Like Filipinos, Americans Have Money Troubles Too!

July 16, 2008

In an article by Glen Curtis (Investopedia.com,) an interesting graph from US Bureau of Economic Analysis caught my attention. It’s a telling illustration of our floundering savings rate when the cost of living around us is skyrocketing.

Waking up to a world threatened by economic uncertainty and global recession, Americans are unable to save enough for the future. They have pressure from poor countries who ask them (plus their rich counterparts in the developed world) to share and redistribute wealth worldwide to stave off scarcity and famine.

But like Filipinos, Americans are aching in their pockets too. They don’t save as much money as before.

Burdened by impulse buying, house mortgages, and rising costs of credit card debts, the average personal savings rate of Americans is negative 0.5% in 2005, a time when they dug deep into their savings and spent all their incomes. This was close the worst savings rate in 1933 at the height of the Great Depression when savings rate plunged to negative 0.7%.

Today, the US income savings rate is about 0.5%, far short of the recommended 10%, to protect from unexpected money troubles in the future. According to experts, a savings below 5% of income brings serious possibility of financial ruin. They advise an allowance of at least 6 months of salary savings to cushion for any unforeseen change in our cash needs—unemployment, loss in natural disasters, illness, divorce, death in the family to name a few.

More belt-tightening is required of us to avoid becoming a bankruptcy casualty. We need to work harder and longer. It’s important to know where we are in our finances so we can make the needed corrections before our money situation worsens.=0=

Significant Numbers

July 9, 2008

10%
-The percentage price of one gallon of gasoline Saudis pay (45 cents) compared to Americans who pay $4.50/gallon on the pump.

P11.583 billion-The National Disaster Coordinating Council (NDCCl’s ) estimate of Typhoon Frank’s destructiveness. The amount constitutes 96.5% of the total expenditure the country shells out each year, covering an average of 20 typhoons, costing about P12,000 billion

P8,599/month
-What the lowly paid government street and utility worker needs to survive the rises in prices of commodities. According to Ferdinand Gaite, president of the Confederation of Unity, Recognition and Advancement of Government Employees (Courage,) this means a needed increase of P3,000 to the present salary of P5,999.

105 million
-The number of people who could drop below the poverty line due to the spiraling rise in fuel costs and prices of commodities. According to a World Bank study issued last week, 30 million of these people come from Africa.

$624 million
-The Asian Development Bank, one of the country’s biggest foreign lenders is thinking of loaning the Philippines in 2009 to help boost the economy. An additional 300 million loan is scheduled for 2010.

550 metric tons
-The amount of uranium transferred from Iraq to Canada last week in a secret operation according to Pentagon. The yellow cake was discovered in 2003 by US forces in Iraq’s Tawaitha Nuclear Research Facility which was placed under the supervision of the International Atomic Energy.

2012
-Based on an ancient Mayan calendar, the year the world is expected to end. Survival groups from Europe, Canada, and the US are preparing for the apocalypse—catastrophic events such as typhoons, nuclear detonations, tidal waves, earthquakes which they believe would usher in the end of days.

P50,000 million
-Sen. Jinggoy Estrada’s planned budget to repatriate more than 100 OFWs stranded in various countries in the Middle East.

$200
-The monthly salary of Filipino nurse-turned-maid Marichu Suarez Baoanan received from Amb. Lauro Baja who was accused of racketeering, illegal human trafficking, peonage, and forced labor. As of January 1, 2007, the General Industry Minimum wage of New York is $7.15/hour, roughly $1,601.60/month. Investigation of Amb. Baja is being urged by the Philippine government authorities.

$459,000
-Nazi hunters peg the reward money leading to the arrest of Aribert Heim, 94, known as Dr. Death who’s believed to have escaped to Chile with his daughter. =0=