Reprinted with permission from Creators.
Smart people living in harm’s way of hurricanes know to fortify their homes before the storm hits. In a similar vein, the prudent will shore up their financial position before the next recession bears down — and one surely will. We’re all in harm’s way of an economic downturn.
How prepared are Americans to weather a financial crisis? The answer is that most are not, to a shocking extent.
Some 46 percent of Americans say they could not scratch up $400 in ready cash to meet an emergency. That percentage would be hard to believe had it not come from the Federal Reserve.…