(NNPA)—We are at a critical stage in the economy when “more than one-third of workers (36 percent) have a measly $1,000 saved for their later years,” according to a study by the Employee Benefit Research Institute. “Compare that to the 28 percent of workers who said they had $1,000 saved in last year’s survey, and the picture gets a little more grim,” the article continued. The report refers to all workers; that 36 percent likely skyrockets when applied to Black people. You know what happens when America gets a cold—we get pneumonia.
With baby boomers at the head of the mortality line, all we can do now is reflect on the financial “what ifs” in our lives and try to figure out how to live with a $1,000.00 or less in the bank. The millennial generation had better pay close attention to their finances and start saving as early as possible to keep from making the same money mistakes their parents and grandparents made.
First and foremost, be very careful with those student loans. Leaving school with a debt of tens of thousands of dollars, even before you get a job, is a prescription for financial disaster. I know the money is great to have, especially what some of you call your “monthly check,” which is in excess of what your tuition requires. But you will have to pay it back no matter what, with interest, of course. Imagine trying to find and keep a job, a car, a place to live, and food to eat, while having to pay a monthly note of $400-$600for a student loan for the next 20 or 30 years! When you get old you may also end up in the group with less than $1,000 saved for retirement.