ILENE DAVIS, CFP: Make it a Resolution to Practice Simple Laws of Building Wealth

By  //  January 6, 2019

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less than 50 percent of households in America have enough to pay a $1,000 unexpected expense

According to a variety of surveys, less than 50 percent of households in America have enough to pay a $1000 unexpected expense.

According to a variety of surveys, more than one out of every two households in America don’t have enough in reserve to pay a $1,000 unexpected expense and 40 percent can’t cover a $400 unexpected expense without having to borrow it. 

If someone saved just $3 a day for a year they would have over $1,000.

I challenge all leaders of organizations in Brevard whose mission focuses on helping people in need to work together to help each person seeking their financial assistance accumulate at least $1000 in a personal emergency fund.

Of course, the initial commitment of any humanitarian endeavor is to strive to provide resources that meet the immediate needs of people in distress, which may keep them able to survive day to day, but never get ahead.

Instead of exclusively providing resources that help someone “get by” for a day or week, perhaps those who have such a mission should include as an integral element of their programs a pathway to work to eliminate (or dramatically reduce) the need for their assistance.

Imagine if every church in Brevard would do as Brevard Rescue Mission has done and take at least one family in need this year and help them “break their cycle of need” and help them move to a cycle of self-sufficiency, even wealth.

Assistance in creating a cycle of self-sufficiency where the goal is to help each person learn how to accumulate resources beyond the next day, week, or month’s needs would complement any benevolent program.

A frequent New Year’s resolution is to save money, but for many, it seems so difficult to make it happen. Practicing a few simple laws for building wealth can break the cycle of dependency and create a cycle of wealth.

I wish for each person in Brevard County, and even the country, who do not have $1,000 available for emergencies to make a commitment to save at least $3 a day throughout 2019 and then to do that each year after.

Wealth is a choice. Hopefully, those of you reading this who don’t have that $,1000 set aside will give this simple idea a try. After all, there is so little to lose, and so much to gain. Isn’t it worth at least trying?

ABOUT THE AUTHOR

Ilene Davis, CFP

Ilene Davis, a resident of Brevard County since 1971, is a Certified Financial Planner with a bachelors degree in Mathematics from the University of Michigan, a bachelors degree in Accounting from Rollins College, and a Masters in Business Administration from Webster University.  Davis became a stockbroker in 1982, earned her designation as a Certified Financial Planner in 1984, and with a desire to serve clients more on her own terms, opened her own financial consultant office in Cocoa Village in 1986. She has combined her professional and personal experience with keen financial insight and instinct into her first book, Wealthy By Choice: Choosing Your Way To A Wealthier Future, which was recently published by Tablet Publications of Cocoa Beach and is now available on Amazon.comBarnesandNoble.comTabletPublications.com and ChoosingWealth.comShe is committed to helping each client create their own “Financial Freedom Fund,” and believes strongly in free market capitalism and a “hand up rather than a hand-out” as the best path to prosperity.

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