Financial impotence goes by other names: financial fragility, financial insecurity, financial distress.
Whatever you call it, the evidence strongly indicates that either a sizable minority or a slim majority of Americans are on thin ice financially. How thin? A 2014 Bankrate survey, found that only 38 percent of Americans would cover a $1,000 emergency-room visit or $500 car repair with money they’d saved.
Respondents were asked how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all. Four hundred dollars! That’s two flat tires on the same day, or one broken windshield or a busted water heater.
Two reports published last year by the Pew Charitable Trusts found, respectively, that 55 percent of households didn’t have enough liquid savings to replace a month’s worth of lost income, and that of the 56 percent of people who said they’d worried about their finances in the previous year, 71 percent were concerned about having enough money to cover everyday expenses.
What are you, or what could you be doing to generate another stream of income? At the end of the day people don’t really care about THE economy, rather they only care about THEIR economy and that is something you and I and every individual has complete control of. You can increase your skill set and beg your boss for a raise, or start your own business.
Bottomline > You are solely “Response-Able” for your economy. You have the ability to CreateYourFate.
Live With Intention,