Americans remain gluttons for "stuff".

• Position: YOUR LIFE

Of all the statistics and studies that are hoisted upon the American public to cast a reflection of how it lives, the most troubling stat is 15%, contends Fred Sellers, pastor of the Victory Church of Norman, Okla., and author of The Prophet of Vail Mountain.

"We waste 15% of our money. We are so focused on materialism and buying as much stuff as we can that we actually wind up spending more on things like electronics and toys over the course of our lives than we do on education."

Sellers is referring to the 24/7 Wall St. study, which concluded that, despite the Great Recession, consumers still love spending money on things they do not need--to the tune of 15%. The top 10 ways Americans waste their funds are on apparel, tobacco, entertainment equipment, alcohol, fees and admissions to attractions, vacation lodging, pets, electronics, gifts, and meals away from home.

Sellers says that when 24/7 Wall St. posted the study on its site, it dearly did not catch the irony of its own reporting: "The 'average' American household, which has an income of $63,000, spends more than $8,000 on goods and services it does not actually need. The credit crisis might not have been so bad if all that money had been put into savings accounts between 1989 and 2009, but the period would not have been nearly as much fun."

Sellers fumes: "So, even the people who analyzed the spending and saw how we put ourselves into this financial crunch couldn't help but echo...