My concern is most people have forgotten 2007-08. Consumer confidence is high. The US savings rate is abysmal. Many aren't saving. Why should they. New flat screens, cars and homes make us feel good. Money in the bank? Pfftt... What's that? You mean I need an emergency fund. Please.
The average car loan is $500 over 5 years. That's stupid. Invest at least $300 a month in an Roth IRA, 12% ROI from 25-65 and you'll be worth at least $3m. Yet, many are going to have little in the way of retirement and they'll be relying on the government to bail their asses out. And, we all know how well the government is with their finances. I haven't even talked about student loan debt.
IMO, you should have 2-3 years saved for worst case scenarios. You should be paying yourself first at least 30% of your paycheck. Pack that away. Save to invest. Wealth isn't measured by how much shit you have in the garage and driveway.
Not a huge Dave Ramsey fan, but I will say he makes sense when he states that many Americans make stupid decisions with their money.