emergencyfund
Reaching millionaire status in retirement is a dream for many. However, in reality, a Boston College Center for Retirement Research study reveals that 50% of Americans cannot afford their lifestyle in retirement. Does that mean you can’t achieve your goal of reaching a millionaire status in retirement? Not exactly. In the words of Francis of Assisi, “Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.” When it comes to retirement planning, though, it requires careful planning and disciplined execution. In order to help you along the way, this gu...
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In a recent survey by GOBankingRates, 17.36% of Americans reported their lack of a savings account. In fact, a whopping 28.91% of those 55-64 years of age do not have a savings account. As this demographic approaches retirement age, that’s particularly concerning. In contrast, only 13.51% of those aged 18-24 reported no savings accounts. In addition, the survey found that 18.31% of women and 16.25% of men did not have a savings account. It has been noted in the survey that Americans lack sufficient savings across demographic groups, emphasizing the need to build emergency funds and save. Still...
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When my friend bought his first house, he had no idea flooding didn’t fall under his home owners insurance. A hurricane came through and damaged his floor, windows and wiring. Without an emergency fund saved up to cover the damage, he had to fix up the wiring himself and lived with boarded up windows and warped floors for months before he managed to afford the repairs. Whether you’re facing an unexpected hospital bill, a layoff or a really expensive speeding ticket, when you’re in fight or flight mode, the last thing you want to do is make a financial decision that could impact you for years. ...
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Having stable finances amidst the pandemic has become more crucial than ever. The rising costs of healthcare and rent are crippling, especially to low-income families. Worse, economic uncertainties persist as the threat of the Omicron variant emerges. Also, unexpected home and car damages may happen during this freezing season. Despite the improvement in the labor market, the employment rate has not bounced back yet. It is no surprise that more people are willing to accept lower wages to make ends meet. We are more concerned about today’s concerns due to a lack of resources. So, we do not have...
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