Press Release
December 12, 2015
According to a recent survey by BankRate.com, 26% of Americans (tens of millions of people), have no savings – Zero! Nothing!).
So, when an unexpected emergency hits, they only have two options:
- Put it on a credit card, many times at 16%, 25%, 35% interest. Unless they can quickly pay it off, they will pay 2 or 3 times over for the product or service purchased due to the enormous interest rate.
- Chaos, because they can’t afford the unexpected car repair, home repair, medical or dental procedure that they or their child needs.
Robert Benedict, founder of the Institute for Economic Freedom says: “There is hope and there is a better way!”
In his book, The Freedom Account, Benedict details 15 small, but powerful ideas (he calls them Freedom Weapons), that have helped individuals and families to rapidly set aside $1000 - $10,000 in a dedicated emergency account. For instance, he details how packing one’s lunch from home rather than eating at a restaurant, can save an individual $1300 annually – and how choosing to drink free ice water rather than soda or ice tea, can save a typical American family of 4 over $2000/year.
According to Benedict, “it’s little things, done consistently, over time, that have a huge impact.”
Key to all of this, Benedict says, is understanding the enormous difference between just saving money (and wondering where it went) – and capturing it. At the core of this process, is the Freedom Jar that sits conspicuously in the middle of the kitchen table and houses the daily savings until they are deposited at the end of each week in the Freedom Account.
“The Freedom Account,” Benedict emphasizes, “is a dedicated savings or checking account that exists for the one and only purpose of meeting life’s unexpected financial emergencies. It is not co-mingled with any other account – and can be established at the credit union or back of your choice.” Most financial advisers call this type of account the most important first step toward financial freedom.
This book details very specific and practical ways to do it.
