Jim Burroughs
It could be the unrelenting inflation, high household debt, or just the cost of living, but according to a survey of 2,000 Americans, nearly half are experiencing negative financial feelings and consider themselves “broke,” with 66% saying that they are “living paycheck to paycheck.”
Lending his expertise to the issue, McIntire Professor Jim Burroughs was quoted in a recent MarketWatch article about the pervasive financially insecure self-image currently plaguing many U.S. residents.
Specifically, Burroughs offers approaches for people with meager means to best cushion the blow of unexpectedly large expenditures, such as large medical emergency bills. He believes that they will be best served by concentrating on the situations that do lie within their control.
“This means setting and sticking to a budget. This will help ensure that obligations are met, and even allow some discretionary spending within reason,” he says. Burroughs adds that it is essential to have the right risk mitigation strategies in place, such as having adequate insurance or that small businesses protect themselves by incorporating.
Read the full article, Survey: Almost 50% of Americans Consider Themselves ‘Broke,’ on MarketWatch.
