Stop winging it. Why you should start your financial plan now
As our friends at Charles Schwab post their 2018 Modern Wealth Index data[1], their research findings are eye-opening:
Sixty percent of Americans live paycheck to paycheck
Only twenty-five percent have a written financial plan.
Ultimately, the Schwab findings point to a challenging financial future for most American. About one-half of all American households with residents age 55 and older have no savings such as a 401(k) plan or IRA. The latest GAO report findings make sense given the number of workers living paycheck to paycheck.
Money isn’t something a whole lot of people enjoy talking about, but at some point, the tone should change so that we can put these glaring facts on the table and work towards a flexible solution. It seems the findings are explicit (at least with the 2018 Modern Wealth Index): if you have a written plan, you’ll be in the top decile of financial performers. In other words, you’ll put yourself in an optimal position to have both financial peace and wellness.
[1] www.aboutschwab.come/modern-wealth-index-2018