Are You Prepared For A $400 Emergency?
Update: July, 2020 - Well, it looks like the recession has arrived suddenly! With the Coronavirus/COVID19 pandemic currently sweeping the world, I put together a FREE Financial Crisis Survival Guide (blog post with available printable PDF) to help those of you either preparing for or responding to a cut in hours, layoff or termination.
Here's the blog post for the guide: Financial Crisis Survival Guide (Version: COVID19) Blog Post Version
Here's the free downloadable PDF version of the guide: Financial Crisis Survival Guide (Version: COVID19) Downloadable PDF version
The statistics are staggering. 78% of the America population lives paycheck to paycheck and would not be able to afford a $400 emergency.
To get a better sense of this, I highly recommend that you read this MarketWatch article (recommended by a subscriber, thanks Dave!):
"Millions of Americans are just one paycheck away from ‘financial disaster’"
I found this quote from the article to be particularly terrifying:
"Research from the Federal Reserve found that 4 in 10 Americans couldn’t afford a $400 emergency, and 22% say they expect to forgo payments on some of their bills."
Do you find it terrifying? I hope so, because you should.