Blog One : Emergency Money

Emergency Money

Most families are only a paycheck or two away from complete financial disaster. 71% of employees surveyed said they’d have difficulty meeting their current financial obligations if their paycheck were delayed for just one week, according to the American Payroll Association. (Source: “Getting Paid In America” survey – September 15, 2008) After Bank On Yourself Advisors (a life insurance agent with advanced training on this concept) complete a financial analysis with a client, it’s rare that they find a family that has more than $3,000 in liquid cash savings they can tap into. Whether headed into cloudy financial downturns, or in more stable financial environments, it’s difficult to predict life’s twists and turns. Financial emergencies are a fact of life and can occur at anytime, from your furnace unexpectedly breaking down, to losing your job, to a medical emergency (the cause of 50% of all bankruptcies, according to Health Affairs, “Illness and Injury as Contributors to Bankruptcy” – February 2, 2005).