Many of us dream of having our own business. We work, we plan for the day when we can be our own boss. That is becoming more difficult and many who are also freelancers are having a hard time maintaining a steady income. Those that work in an industry that relies on tips don’t know from week to week what they will be making.  All of these things combined make it difficult for many Americans to achieve a level of economic stability.

A new book, “The Financial Diaries: How Americans Cope in a World of Financial Uncertainty,” written by Jonathan Morduch and Rachel Schneider takes a look at 235 low and middle-class families for a period of 5 months. The result of that investigation shows that many families are facing difficulty managing their finances and saving for not only retirement but emergencies.

According to The Christian Science Monitor.,

The Financial Diaries project tells a broader story about the economy. It’s one of heightened insecurity, driven by a confluence of factors: a broad shift in the job market, higher living costs, and employees taking on more of the financial risks traditionally borne by their employers in the form of things like retirement savings contributions and a higher proportion of income coming from tips and commission.

Read more at The Christian Science Monitor

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