Let’s assume you’ve done everything the right way.
You’ve earned a college degree – or two. Or, you’ve risen through the ranks. Going hard in your field for the past 10 – 20 years – or more.
You are the epitome of the middle class.
That’s your thing. You may have house – with a mortgage. Your family might include offspring with their own plans for higher education one day. Student loans – it could happen.
This is just what we do.
If you’re reading this blog, you can probably relate to or either envision a world where – at the minimum – you earn an average household income of $50,000 annually.
Can you imagine barely scraping by – 10 or 20 years from now?
A PBS News Hour segment highlighted a growing problem for the middle class. Financial fragility.
Basically, retirees or those nearing retirement age are being unexpectedly forced out of the labor market without an adequate financial cushion. While very qualified and able to work, finding suitable employment after 50 presents a challenge.
Heck! According to one expert, women should start removing dates from resumes after 35. WTH!
On this episode of the Midday Money Show, I talk about financial fragility and what we can do to avoid it. But it starts now.
Now in my 40s, it feels like 27 was a few days ago (The year WonderMan proposed). I blinked and my son now engages in depth analysis regarding the differences between the new and original Ghostbusters movies (Wonderboy is 5).
Time flies. It can sneak away stealing our most productive working years when we’re not looking.
You can get busy attending to the daily whatevers…and never really make traction eliminating debt. Those burdened with debt can’t save aggressively. Without excess cash, investing becomes a pipe dream.
Before we know it…we’re being interviewed by PBS as part of a growing trend.
Let’s rewrite that hypothetical.
Starting today, I hope that this segment is a wake up call. This hits too close to home. The good news, we have time to turn it around.
What are you doing – right now – to avoid falling into financial fragility? Leave a comment on the new Midday Money Show voicemail. Call: (773) 893-0241
“Today the average family has enough reserves to keep going for about 3 weeks. That’s it. That’s middle income.” ~Edward Wolf
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