Time.com published in a June 2021 article that over 14 million American adults are unbanked or under-banked according to a survey by the FDIC. This number represents 6% of American households. The article also reports that almost 17% of Black households are likely unbanked.
As we learned on Day 10 from the example of Mr. RED, starting to save early on in life, for any purpose, is of great benefit and advantage. It is, however, important to know and understand the different types of accounts you must have and the purpose and benefit of each.
In the Dfree Lifestyle: 12 Steps to Financial Freedom Workbook, there’s a list of some “must-have” accounts, including those mentioned below, to serve as a guide. The context will help you determine which accounts you need. And then go and open what you don’t have.
- Bank or credit union checking account
- Bank or credit union savings account
- Investment account
- Retirement account
- College savings account
If you already have a copy of the Dfree Lifestyle: 12 Steps to Financial Freedom Workbook and still need help figuring out your “must-have” accounts, reach out to us; email firstname.lastname@example.org and we’ll help you get started.
You can read the full time.com article here: What You Should Know if You’re Unbanked Right Now.