QoD: Rank order from highest to lowest: percentage of people who....a) have an emergency fund, b) struggle to pay bills, c) live paycheck to paycheck.
Answer (from Schwab Modern Wealth Report):
- Live paycheck to paycheck: 59%
- Struggle to pay bills: 44%
- Have an emergency fund: 38%
- Why do you think so many Americans live paycheck to paycheck? How much of it is an income problem compared to a spending problem?
- If someone came to you and said "I want to stop living paycheck to paycheck," what questions would you ask them to try and understand their situation?
- Why do you think it's so important to have an emergency fund?
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About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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