How Expensive Is Your Drunk Shopping Habit?

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iStock

A night of heavy drinking can lead to more than just nausea and a killer headache the morning afterward. It can also leave you with a credit card bill for some taxidermied alligator head you don't remember buying on Amazon. This is all thanks to tipsy shopping, which, according to a recent survey conducted by the Archstone Recovery Center, may be more expensive than you think.

Drunk Americans may be spending as much as $30 billion annually while shopping online, The Daily Dot reports. A separate survey conducted in February 2018 by the website Finder suggests as many as 46 percent of people have made a purchase while under the influence. Those drunk purchases add up: According to Finder’s research, Americans spend an average of $447.57 per year shopping while buzzed.

Gin is apparently the most dangerous alcohol for your wallet, according to the Archstone Recovery Center. Gin drinkers in Archstone’s survey spent the most on Amazon shopping sprees—an average of $82.40—and they were also likely to splurge on more expensive items (an average of $235.10 for the most expensive purchase). Whiskey drinkers, on the other hand, spend the least amount of money when they’re drunk ($38.84 on average), but they’re right behind gin drinkers in terms of splurging ($204.70 for the priciest Amazon orders).

But who spends more while drunk shopping on Amazon? Women, says Archstone, who spend an average of $45.39 on a drunk shopping spree (men spend an average of $39.87). Men spend more than women on their most expensive splurges, though ($198.27 and $154.81, respectively).

People regret some purchases more than others, Archstone says. Almost 67 percent of people in the survey regretted purchasing cell phones and phone accessories, and 34 percent regretted purchasing books. On the other hand, nobody regretted buying musical instruments, and a full 93 percent said they enjoyed their purchases of pet supplies.

Archstone’s survey wasn’t exactly scientific. According to the center’s methodology report, the study surveyed 1094 people, and the only qualifier for participation was that subjects had to have purchased an item on Amazon while drinking alcohol.

But the results are fascinating, and it’s a good reminder that shopping—like driving, texting, and exercising—is better left for when you’re sober.

[h/t The Daily Dot]

The Average Age When People Become Millionaires

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iStock

If you start investing in a retirement plan early in your career, you don’t have to bring home an insanely high salary to become a millionaire—eventually. (Thank you, compound interest.) The average age when bank accounts reach the seven-figure mark is in a person’s late 50s, according to Business Insider and The New York Times.

The average age when women become millionaires is slightly lower than the average age for men, despite the persistent wage gap in the workforce. For women, the average age is 58.5 years old, while for men, the age is 59.3. Or at least that’s the case for people with Fidelity 401(k) retirement plans, according to the investment firm’s research. That means that millionaires are reaching that milestone several years before the usual retirement age of 66 to 67 years old.

Nevertheless, how much money you need to retire comfortably varies based on your current salary, your expenses, and the number of years you’ll be living off your nest egg. Many financial advisers say you should aim for $1 million or more, which will hopefully last you through a 30-year retirement.

Reaching that million-dollar mark may seem like a long shot, but Fidelity has found that more and more of its savings plan customers have become millionaires in recent years. One of the firm’s recent analyses found that 133,000 of its customers had $1 million or more in their accounts in 2017, compared to 89,000 in 2016. (The company oversees 401(k) accounts for around 15 million people, so that’s not exactly a huge portion of its customers, though.) Between 2005 and 2017, the number of women who had $1 million in their retirement accounts doubled.

Fidelity attributes this increase to people putting more money away for retirement than in past decades. On average, the firm’s customers making less than $150,000 a year become millionaires by saving around 22 to 25 percent of their salaries in retirement funds, including employer matches. That may seem like a lot if you aren’t making a six-figure salary, but keep in mind that the earlier you start saving, the more your money grows. Investing just a little money in your 20s is a more effective way to save for retirement than investing a lot of money in your 30s and 40s. So if you want to become a millionaire (and who doesn’t?), now would be a good time to start investing in that 401(k).

[h/t Time]

How Rich the U.S. Is Compared to the Rest of the World, Visualized

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The U.S. is often called the richest country in the world. But how rich is it, really? A new infographic from How Much, spotted by Digg, explores the average household income across the 36 countries in the Organization for Economic Co-operation and Development (OECD). As you can see in the graphic below, the U.S. is, on average, quite rich compared to most other countries.

The infographic explores finances on two different levels. The size of each bubble corresponds to household wealth: in other words, assets minus debts. That means it takes into account savings, stocks, and other financial assets as well as loans. (It doesn't include property holdings due to a lack of data, so it doesn't encompass the big boost of wealth that comes from say, owning a penthouse overlooking Central Park in New York City.) As you can see, the U.S.'s bubble is a pretty big outlier. On average, U.S. families have a net worth of $176,100, compared to just $128,400 in the second-wealthiest country on the map, Switzerland.

Colored bubbles represent household income and wealth across the OCED
How Much

The colors of the bubbles correspond to "household net adjusted disposable income," as the OECD refers to it, which has to do with the money you bring in each year rather than what you own. That takes into account salary, income from things like stock dividends and rental properties, and government benefits (like Social Security, unemployment, food stamps, or housing subsidies). It also takes into account what each household pays in taxes, providing a snapshot of the take-home pay people actually have available to spend, rather than their pre-tax salary.

The U.S. has relatively high salaries, at $44,000 a year (the top of the scale) in disposable income. Only Switzerland, Luxembourg, and Norway have disposable income levels greater than $35,000. Mexico falls at the bottom of the scale, with average adjusted disposable incomes of less than $15,000. Most of Western Europe falls within the $25,100 to $30,000 range, while income in Eastern Europe, Israel, South Korea, and New Zealand is a little lower.

There could be a lot going on behind this data, though. The U.S. has an increasingly stratified economic system, so while the averages seem fairly high, that's probably because the few billionaires among us are skewing the numbers. The U.S. also doesn't have the social safety net offered by governments in much of the rest of the world, meaning that while we have relatively high salaries and pay lower taxes in some cases, we have to pay for things like healthcare and retirement on our own.

Read more about the OECD numbers here.

[h/t Digg]

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