We’ve
been told from practically the beginning of our working lives (once we
were independently responsible for our own finances) that we should
always have six months of living expenses in our savings. But in an
economy where many of us are working lower-paying jobs (or have no jobs
at all), that kind of saving is unrealistic.
A recent article says that most Americans don’t have enough savings for a financial emergency.
The article,
which appeared in Forbes, says that out of 1000 Americans surveyed, 66%
have no more than five months of expenses in savings, and a shocking
28% have no savings at all.
The economic environment right now is such that only those taking
greater risks or seeking non-traditional ways of earning income will
succeed or rise above their financial circumstances. The banks will not
bail us out, and it is unlikely that we will see any great turnaround,
increase in availability of domestic (U.S.-based) jobs, or pay increases
to complement increased living expenses.
The stakes may be higher, but the opportunity for reward is greater
than in earlier economic conditions. Now is the time to take your
finances into your own hands, and stop spending your valuable hours
working to fulfill someone else’s vision.
No comments :
Post a Comment