By Paul Morrone CFP®, CPA/PFS, MSA
Our current economic environment is such that the onus of fiscal responsibility is falling more and more on the American individual. While previous generations relied on comprehensive healthcare coverage, low deductible insurance policies, defined benefit pension plans and robust social service programs, the working individual of today has a more limited set of resources available. This Darwinist approach to self-directed finance may leave many unprepared if the unexpected occurs, resulting in financial hardship and even bankruptcy if they have not taken a prudent and disciplined approach to spending and, more importantly, saving. Further reinforcing this assumption is an alarming statistic published in a 2018 Bankrate survey that revealed a staggering 61% of Americans say that would not be able to pay for a $1,000 unplanned expense.