New Survey Reveals Majority of Americans Now Live Paycheck-to-Paycheck Due to COVID-19 Pandemic… Here’s How to Avoid That

A new survey from Highland Solutions revealed some startling stats about Americans’ spending habits during the pandemic. How many of these describe your situation?

  • 63% are living paycheck to paycheck
  • 47% have run out of their emergency savings
  • More than one-third have opened up a new credit card since the pandemic to help cover expenses
  • 42% have taken on more debt than normal, and nearly a third have racked up over $10,000 in new debt (a recipe for disaster)
  • 82% could not cover a surprise $500 expense
  • 67% regret not having enough savings before the pandemic hit

So How the Heck Did We Dig Ourselves into this Debt Hole?

For starters, you only need to look no further than the conventional advice about emergency funds.

Virtually all “experts” parrot the same advice – have a rainy-day fund equal to 3 to 6 months of your household expenses, which is yet another example of how fatally flawed the conventional financial “wisdom” is!

Didn’t we learn anything from the last recession and financial crisis when tens of millions of people were out of work for one year or even two? And banks weren’t lending and were shutting down credit lines with no warning?

And now it’s déjà vu all over again!

It could take 18 months to two years or more for things to get back to “normal” financially for many. Which is why you need to have safe and liquid savings equal to two years of your expenses.

And you can’t count on the government coming to your rescue, as we’ve seen.

As I mentioned, 67% regret not having enough emergency savings before the pandemic. Let’s look at how you can avoid having that regret the next time the you-know-what hits the fan. (Notice how that always seems to happen when you least expect it?)

What if you could bypass banks and finance companies and become your own financing source? It’s easier to do than you might think…

7 Reasons Why the Bank On Yourself Strategy Beats Relying on Savings and Money Market Accounts or Bank Financing

Reason #1: No nosey applications to fill out, and you can’t be turned down for a loan!

Reason #2: Growth that historically has beaten savings and money market accounts by a country mile

Reason #3: You recapture the interest you pay on loans

Reason #4: Hit a rough patch financially? You can skip loan payments until you’re back on your feet and not have to worry about late fees, collection calls or black marks on your credit report

Reason #5: Your money can continue growing as though you never borrowed a dime! (Note: Only a handful of companies offer this feature.)

Reason #6: You’re not required to pay your loans back, but if you do, you’ll have more money you can use to fund your retirement – this can double as your rainy-day fund and a safe alternative to conventional government-controlled retirement accounts

Reason #7: Millions of people have successfully used this self-financing strategy – including Walt Disney, J.C. Penney, Ray Kroc, Foster Farms and The Pampered Chef – to start, grow and/or finance their businesses!

Read: Why Bank On Yourself Policy Loans Beat 401(k) Loans

Your money has to reside somewhere, and there’s no better, more flexible or safer place than a Bank On Yourself-type high cash value, dividend-paying whole life policy.

So what are you waiting for? Now is the time to take action so you’re ready the next time life throws you a curveball…

Take the next step today by requesting a free, no-obligation Analysis. You’ll get a referral to one of only 200 financial representatives in the U.S. and Canada who have completed the rigorous training required to be a Bank On Yourself Professional. They can answer your questions and look at ways to restructure your finances to free up money to fund a program that can give you priceless financial peace of mind.

Even if you don’t see how you can get there from where you are now, request an Analysis. You may be surprised by the creative solutions available to you, so click this button to get started:

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