My early morning e-mail alert the other day, curtsey of the CFED, flashed –“Today over 140 million Americans are financially insecure – nearly half the population!!!!! “(I added the!!!!!)
That didn’t sound good, so I proceeded to look up the definition of “financially insecure”.
After a bit of internet browsing, a consensus emerged. Financially insecurity is defined by NOT having enough liquid assets to survive three months in the event of loss of income. Who are these families living so close to the financial edge? They must be in those distant cities noted for cyclical bond defaults and factory shutdowns. Here in Montgomery County, one of the top ten fastest-growing counties in the nation, our residents surely are not numbered in that count. Still uncomfortable, I dug a little deeper.
Per the latest CFED statistics on household wealth and financial access, 34% of the households in Montgomery County do not have sufficient liquid assets to subsist at the poverty level for three months in the absence of income. In the town of Willis, that number clocks in at 73.1%.
Regardless of our zip code or best intentions, life has a way of presenting us with unpleasant surprises. A map well planned with our personalized goals in mind is essential if you are to avoid becoming one of ‘insecure’ statistics. Our financial and non-profit partners through Bank On Montgomery County (BOMC) are ready to help you create a plan to build assets which would protect you in the bad times and enjoy in the good ones.