The ongoing push & commitment towards establishing a nest-egg for yourself and your family is no longer optional, it is essential.
The vast majority of Americans have under $1,000 saved and half have nothing put away for retirement. By the time this is published, 800,000 Federal employees may not have received paychecks due to the partial government shut-down. Peripheral employees and low-income Americans who rely on food assistance are at risk. Those who rely on income tax refunds for major purchases or to pay off Christmas loans are at risk. If not resolved today, this pending financial hardship is due to events beyond their control.
Unplanned medical expenses for the uninsured – and deductibles for some who are insured – are the biggest cause of US bankruptcies. Many millennials choose ride-share services vs. car ownership to avoid expensive repairs, insurance, and fuel costs. Companies “right-size” to meet business objectives which may or may not include you as an employee.
Having been through difficult financial times in the past with no safety-net, to quote Jerry Maguire in his 1996 hit movie: “It is a pride-swallowing siege that I will never fully tell you about.” And it should only happen once.
If you need to come up with $1,000 tomorrow, can you do it? If the answer is no, I encourage you to do 4 things now.
1) Contribute 1% or more into your 401K or 403B
2) Write down something that you are interested in & good at. Think about a way to make money from it or take classes for it (more on that later)
3) Perform so well at work that managers approach you about new positions & promotions.
4) Use cash instead of your debit card for daily purchases and put the change in a can for a year.
After 18 years as a manager for a multi-billion dollar corporation, the layoff I experienced 10 years ago could have been a devastating blow given my mortgage, recent divorce & health challenges. Except, it had happened before many years earlier & I was prepared. After the initial panic & rush to find another corporate job, I stopped, took a breath and remembered – I was prepared.
I walked away from it all and used one “thing” I was good at to start a business. I used the other “thing” I was good at to volunteer for the YWCA Lake County and now here I am doing important work for CCAP because my YWCA Lake County contact referred me.
Stress and anxiety related to cash emergencies and the insecurity of living paycheck-to-paycheck affects you mentally & physically. Options & control feels good. Self-Sufficiency is Sustenance for your Soul.
Start on this journey by registering for the YWCA Lake County’s “Breaking Barriers Economic Empowerment Summit” Saturday, April 9th 2019. Register HERE today!