Miami Herald Article, January 24th, 2015
Author: Julie Landry Laviolette.
Our very own Glenn Downing was quoted in the Miami Herald! Read on to learn how you can find hidden savings.
About half of South Florida’s residents have less than $6,000 in savings — the amount you need to live at poverty level for three months if you lose your job.
And that adds up to one word: scary.
In Miami-Dade, nearly 60 percent of families don’t have the liquid assets — in bank, investment or retirement accounts — to sustain a financial emergency. In Broward, nearly 45 percent are liquid-asset poor, and in Palm Beach, it’s nearly 39 percent, according to Family Assets Count, a project of the nonprofit Corporation for Enterprise Development.
But financial planners want to let you in on a little secret. You can save money in lots of different ways, through your own hidden savings. You just have to know where to look.
Glenn Downing, a certified financial planner with CameronDowning in Coral Gables, said that when people look at their income and how much they’re spending, many times they come up with a negative number. To fix that, you have two choices — increase income or cut back expenses, he said.