Everyone likes to be financially secure and have enough amounts of the fund in case of emergency. However, it seems like a situation in the world’s most prosperous country is not good. A new report shows that more than 23% of the total Americans are not in a good financial situation and their situation hasn’t been improved since the great recession. One in four American is going through a bad economic phase, and the reason is weak wage payments and less employment opportunity. More than 54% of Americans said their wages are not good enough, and if USA faced another recession, then things might get ugly for them.
One of the worst things about this situation is that many Americans think their condition is worse than the great recession era. Americans are famous for living a lavish lifestyle, but if we look at the stats, then one would find there’s a vast difference between rich-poor ratio. The average wages which majority of the people here earns is way less than their requirements. One of the worst things about living in such a situation is that people would hardly be able to save enough money.
Experts think that people need to take care of their expenses because those who are living in metro cities would find it hard to save money for emergencies. It’s better to have more than just one source of income because in America the competition in the employment sector has increased significantly. Another primary reason why people are still struggling to meet their ends is those high debts they have on their shoulders. Many surveys have shown people even don’t have basic knowledge about personal financing, and they are not investing correctly. Another solution which experts are giving is to do side jobs because those jobs would bring additional money to your home and will take care of lots of expenses.
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