Memorial Day Money Facts
Hi Money Masters,
On behalf of all of us as Mastering Money, I want to express my deepest thanks and appreciation to the servicemen and women we celebrate on Memorial Day. Also, I hope you, money masters, were able to enjoy the long holiday weekend!
Just because the Memorial Day weekend is over doesn’t mean the fun has to be over too! Let’s keep the fun going with these FUN FINANCIAL FACTS!!!
- Last year on Memorial Day, Americans spent almost 40% more money on hotels than on an average day.
- The average lifespan of a $1 bill is 18 months. $100 is 9 years.
- When coins are worn out they are melted down to make new coins. Paper bills are shredded and recycled.
- The origin of the Secret Service was actually to stop counterfeiting during the civil war.
- Until the early 20th century (before the Federal Reserve) banks used to print their own money.
- Mr. Monopoly was originally named Rich Uncle Pennybags.
- The ink used to print money has trackable, magnetic, and color changing properties.
- Only 8% of money in the US is physical money. The rest is from digital transactions.
- Disney World has its own currency.
- It costs 2.4 cents to produce 1 penny.
- Requesting your own credit report once a year doesn’t have a negative effect on your credit score.
- Paying a credit card bill late can result in late fees of up to $35 and can negatively affect your credit score as well as your interest rate.
- About 30% of Americans say they have more debt in credit cards than money in a savings account.
- The average emergency fund for a US household should be about $28,000 the recommended amount for enough to cover six months of expenses.
- The British pound is the world’s oldest currency still in use (over 1200 years!)
I hope these fun facts kept you in the holiday mood as you begin the new week!
Blessings to you all,