Financial industry professional Todd Mardis has provided wealth planning services for high-earning clients for more than 15 years. Todd Mardis is also a co-founder of Wealth Without Wall Street, an educational network dedicated to helping members increase their financial literacy and disrupt the paycheck-to-paycheck cycle, which is a growing issue amongst Americans.
Poor savings habits compounded by an uncertain economic environment have resulted in millions of Americans being unable to cover an unexpected expense or manage a short-term financial crisis. According to a May 2020 poll conducted by Marketplace, 40 percent of respondents didn’t have enough savings to pay for a $250 emergency.
An earlier study by Bankrate found that nearly 30 percent of Americans had no savings at all. This leaves households especially vulnerable if income is lost due to sickness, unemployment, or reduced hours. Personal finance experts advise setting a budget and building up an emergency fund to avoid financial setbacks due to unanticipated circumstances.
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