Dr. Boyce on Money: Checking Your Financial Security

by Dr Boyce Watkins, Syracuse University, Your Black World

I'd like to ask you a quick question that I ask my students here at Syracuse University. It is also a question I had to honestly ask myself when I thought I was on top of the world after spending 12 years going through college and graduate school to earn a PhD in Finance (which was unbelievably difficult). The question is this: Do you have financial security? If you don't have financial security, do you at least have job security? If you believe your job is secure, then how many jobs do you have?
If you are like most Americans, you probably have just one job. I am not here to tell you that this is wrong. But, I am here to tell you that you might want to rethink what it means to be economically secure.
At worst, economic security is not provided by just having a high income. In fact, in some ways, having a high income can make you less secure, since you are more likely to have higher monthly expenses. To some extent, having a high income from just one job can fool you into believing that you are financially secure, when the truth is that you might be one paycheck away from economic disaster.

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