Job = “Just Over Broke”

      For the vast majority of people, maintaining a certain quality of life hinges on having a nine-to-five. When considering the weak state of the economy, this is a scary position to be in. With many high paying jobs shipped overseas or replaced with automation, scores of workers are barely scraping by. For most, a job means “just over broke.”

     According to an article in the Wall Street Journal, more than three in five Americans wouldn’t have money in their accounts to pay for an unexpected car repair or medical emergency.

     Only 38% of those polled said they could cover a $500 repair bill or a $1,000 emergency room visit with funds from their bank accounts, a new Bankrate report said. Most others would need to take on debt or cut back elsewhere.

     “A solid majority of Americans say they have a household budget,” said Bankrate banking analyst Claes Bell. “But too few have the ability to cover expenses outside their budget without going into debt or turning to family and friends for help.”

     The survey found that an unexpected bill would cause 26% to reduce spending elsewhere, while 16% would borrow from family or friends and 12% would put the expense on a credit card. The remainder didn’t know what they would do or would make other arrangements.

     There is a saying that “Hope isn’t a good strategy.” Many people hope they don’t encounter an emergency or hope they have enough money to make ends meet. Having hope alone can be dangerous.

     A better solution would be to take action by getting financially educated. People lean on the excuse that it takes money to make money. Money is knowledge. What can you offer someone?

     Increasing your knowledge – and well-being – through financial education can be done. It requires action.

Entertain money.