How the Other Half Saves: Financial Planning on $2 a Day

It has been well documented how much that Americans like to spend vs. how much they hate to save.  But did you know that in 2005 the personal savings rate dropped below zero?  That means people spent everything they earned plus a little more.

Now lets go around the world to see how some of the poorest people in the world out save the vast majority of Americans.  This Atlantic article explores how people that live on less than $2 per day.

In poor countries without national health care or retirement programs, families have to conserve what they can to guard against the possibility that a family member will get hurt, fall ill, or no longer be able to earn a living. The typical Chinese family saves 30% of its income, according to a Credit Suisse study. The typical Indian family saves 15%. How do families in poverty save?

Full article here