Are You Prepared for a Financial Emergency?

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. Earlier last month, the same author wrote an article on the "Brutal Recession Destroyed Americans' Wealth, Net Worth Down 40% In 3 Years."

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.

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