Understand Your Finances
Introducing Resilient America: How we face challenges–and rebound
Americans, by nature, are a resilient people. We're optimistic, driven by a hope in the unseen, and the belief that everyone—with hard work, and determination—can overcome daunting challenges, and get a slice of the American Dream. In a recent Pew survey, 60 percent of Americans said they'd experienced a financial shock in the previous year. More than half of Americans have less than $1,000 in a savings account, and almost one-third of our families don't have one.
Enter Resilient America, a new Chase series in which people share stories of how they've rebounded from various challenges, including job loss and financial insecurity. In the series, you'll meet Rochelle Johnson, a 20-something single mother who tapped into her entrepreneurial spirit, saved money, and opened a nursery school in Brooklyn, New York. When John Iavarone's Connecticut family hit hard times, he took on multiple jobs—and taught his children the value of money. And after Lorenzo Beronilla lost his job, he created a budget for the first time. "I spent money. I didn't really think about saving," Beronilla told us. Luckily, Beronilla mapped out a midlife career transition, and turned his passion for cooking into a thriving culinary career.
We've paired each of these powerful human stories with practical tips from experts. Author Farnoosh Torabi explains how to create a budget—and stick to it. Diane Mulcahy, a Babson College professor and author, shares a blueprint for how the growing number of Americans working in the gig economy can save. Their strategies will give you tools to navigate an increasingly complicated financial world. And they fulfill one of our key missions at JPMorgan Chase: to help you make the most of your money.
Resilience is rarely an easy process, and often takes several years—or decades—to complete. Our national narrative is filled with people who defied tremendous odds and reached the highest levels of business and society. Within all of these human stories are powerful lessons of reinvention, hope, and a refusal to accept failure. They are the stories of Resilient America. And they should give us all hope for the future, especially as we head into the new year.
Let us know what you think.
Steven Gray is Vice President and Managing Editor at JPMorgan Chase. His work has appeared in The Washington Post, Time, Fortune, and The Wall Street Journal, among other media outlets. | Illustration: Allie Surdovel.