Ahh, the good ol' piggy bank. The one thing most of us never use, another word for it could be savings.
I have something very important to discuss on this matter, something most of us never think about until it's too late. Let's get into it.
There are many words to describe it, self protection, insurance, etc. However, I prefer to use the word self protection because insurance these days have an abysmal reputation in some cases. Perhaps this is why it is few who think and or attempt to think about the matter. There are many important things to consider about how finances work and your financial situation but here are some key statistics for the current topic;
- Nearly half of Canadians are living paycheque to paycheque.
- Most Canadians have a negative net worth (Assets - Liabilities)
- 69% of Americans have less than $1,000 in their savings account's and 34% have no savings at all
Which emotion or feeling do these statistics incur within you? For me, it's frightening.
It's frightening knowing that if some severe accident or sickness were to happen (which they do...) then you or I could possibly be left on the streets or be forced to sell off asset's just for survival. It's amazing how we have no problem spending money on "stuff" that doesn't matter all while never giving thought to what really does. It's mind blowing.
However, all hope is not lost as we have entered a time where protecting ourselves from financial ruin has become much easier to accommodate. I'm helping to spread awareness about how to prevent financial catastrophe.
I hope my quick blog has given you some value and brought more awareness to your own personal situation.
Let's take control of our financial future, let's protect our financial future!
References:
http://business.financialpost.com/personal-finance/retirement/nearly-half-of-canadians-living-paycheque-to-paycheque-and-that-has-big-consequences-for-retirement-security/wcm/31330057-2e5c-434c-b572-2268537e62e1
http://www.cnbc.com/2016/10/03/how-much-americans-at-every-age-have-in-their-savings-accounts.html
Personal observations & Google images.