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Lonnie Glosup
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Lonnie Glosup   My Press Releases

Financial Fragility

Published on 9/9/2016
For additional information  Click Here

The responses to a survey conducted by the Federal Reserve Board reveals a very high level of financial fragility among Americans.

 

 

The information shared by respondents to both this recent survey by the Federal Reserve Board in which the question was poised of how respondents would pay for a $400 emergency indicates that almost half of us would have to borrow, sell something, or they would not be able to come up with the $400 at all. Four hundred dollars! 

 

In a similiar survey conducted by Bankrate in 2014 when asked how people would handle a $500-$1,000 emergency found that only 38 percent of Americans would cover a $1,000 sudden expense with money they had saved.

 

Reports from The Pew Charitable Trusts stated that 55 percent of households didn’t have enough liquid savings to replace a month’s worth of lost income, and that of the 56 percent of people who said they’d worried about their finances in the previous year, 71 percent were concerned about having enough money to cover everyday expenses.  For more insights on the challenges we face in these troubled economic times read the article written by Neal Gabler and published in the Atlantic Journal titled:

The Secret Shame of Middle-Class Americans

 

 

We are in a transition from an economy based on the Industrial Revoluntion to an emerging new cyberspace economy.  The future is going to be see more and more "cloud based" enterprises; if something can be done online then that will probably to the preferred way of doing it.

 

How does this "sea change" in our economic world affect each of our personal economies?  Many of us have adapted to making purchases online and even paying our bills online, yet are we also successfully earning income online?  

 

The challenge faced by many people is that the work structure of traditional employers is not usually found in online opportunities.  Therefore instead of having a defined role to play as a part of a larger successful endeavor, many online opportunities require people to "wear ALL of the hats" from receptionist to chief executive officer.  For many people that are attempting to find ways to earn income online there are too many skill sets involved to be able to figure it out.

 

Thankfully there are some companies that are recognizing this dilemma being faced by those that are attempting to go from working for an hourly payscale to the alternatives offered by online opportunities.  It helps to replicate the desireable aspects of the traditional work models while also celebrating the ability to break free from the linear income payscale in which people have only been paid for the number of hours dedicated to doing the tasks as defined by a job description.  The online companies that have figured it out best are now defining roles that people can perform as ways of making valuable contributions to the success of the company... and share in the collective earnings!

 

 

 

If you would like to have more details on a great example of a company that is leading the way into the new cyberspace based economy then click HERE.

 

 

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