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Jul 04, 2016

Chart: Where Do Households Go When They Need $2,000?

Answer: Lots of different places with Checking/savings account #1.

This question and chart is a good opening question for your savings lesson and demonstrates the importance of having an emergency fund! Note all the painful ways listed to raise $2,000 in a hurry.

From Bloomberg article “7 Habits of Highly Successful Investors”:

chart-1

 

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About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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