April 2011: Financial security

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April 2011: Financial security

By Bankrate.com

Q:

Compared to 12 months ago, do you feel your overall financial situation is:

The number of people who feel worse off was up significantly from March's 28 percent.
The proportion of people who feel better off was down 2 percent from March.
The 30-to-49 age group was most likely to report feeling worse off, at 37 percent.

Michael Masiello

"Candidly, I think way too many people were overexposed and living right on the edge."

I don't see that any of the recent economic positives have filtered down to the general public. The corporations have done the belt-tightening; they've done the expense reduction and the cost-cutting, and I think they are starting to see some of the uptick as the economy improves. But I don't think the individual person has seen that happen. It just supports and sustains the premise that if you do the basics of paying yourself first, living within your means and avoiding debt, you'll survive up and down markets. It's not rocket science.

- Michael Masiello, founder, Masiello & Associates, Rochester, N.Y.

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Posted: April 25, 2011

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