The following is a guest post by Savanna O’Conner. Enjoy!
In 2015, it was assessed that no less than 4.6 billion dollars would be spent on St. Patrick’s Day. Of course, that’s not as much as Americans planned to spend on Christmas – but it’s still a pretty large chunk of cash to invest in a celebration associated with the Irish alone.
Is this big-spending just a way in which they take pride in their ancestry and culture, or is there something bigger we could learn about the way the Irish handle their finances?
We’ve gathered three important financial lessons from them – so read on to find out how they can motivate you to save more, live happier and become debt-free.
The Irish Debt
The majority of Ireland isn’t necessarily full of great money-savers. However, considering Ireland as a whole (and, in general, Europeans), they aren’t suffering from as much debt as the U.S. is. While the average household debt in America is approximately $129,500, in Ireland, it’s just over $37,700. What’s more, the Irish household debt has dropped to its lowest since 2005, while it’s grown by 26% since 2003 in the U.S.
Of course, numbers alone aren’t enough to understand the huge gap between the two countries’ debts. The social security, financial, health and educational systems are completely different in the United States – in this sense, it makes sense that Americans would borrow more money than people in Ireland.
However, the point is that people can and should live with less. It’s doable!
The Irish Dream
The American dream is of a house, a job and a car; encouraging entrepreneurs and hard workers to achieve their dreams.
The Irish “dream”, is simply a pot of gold at the end of a rainbow – or, better yet, having three wishes granted by a mythological leprechaun.
Sure, it’s make-believe. But the lesson we can draw from it is that dreams should allow you to aim high. You may not stumble across a pot of money that solves all your problems any time soon – but sprinkling your financial endeavors with a bit of humor and “magic” is definitely a great idea.
Saving money doesn’t have to be a chore. Think of your end goal as the leprechaun and his gold, and remember, your efforts will pay off.
The Irish Courage
Last year, more than 50% of Americans said they would celebrate St. Patrick’s. Plus, the Irish ancestry is the second-most reported in the U.S. (right after German) – so that’s a big community taking part in St. Patrick’s Day festivities.
Despite their well-known folklore about good luck and fictitious fairies being so widespread, the Irish also know how to take luck in their own hands. They know how to get out of their comfort zone and make the best possible life for themselves.
We can certainly learn a lot from this courageous trait and sense of adventure. Your finances may not be stable right now, but once you decide to take action against your financial issues, you’ll be starting out in the right direction.
Today, Irish nationals living America win more money than American households do (almost $61,000 vs. $52,250). They also have a home ownership rate of just less than 70%. And they’ve even made their mark by naming a total of 16 places in the U.S. after Dublin.
In one way or another, the Irish’s leprechaun wasn’t located at the end of the rainbow. It was often just across the Ocean.
Although for others staying in their home country was the better option, the conclusion is still this: the Irish know how to make their own luck – and anyone in monetary distress should do the same to start seeing healthier finances!
How about you all? What other financially motivating tips can you think of?
Share your experiences by commenting below!
***Photo courtesy https://www.flickr.com/photos/infomatique/179122558/
