Here’s today’s neologism, and it’s a great one: “pre-solvent.” It comes from a comment on one a Money Talks News article called “The real reason Americans struggle to save.”
The article cited a couple of surveys that put the fault not in our stars, but in our cards: “Lifestyle spending” and “lack of financial discipline” kept anywhere from 44 to 71 percent of respondents living paycheck to paycheck and/or prevented them from achieving financial goals.
I’d like to point out that underemployment, lack of education and impossible-to-pay medical bills can also hinder the ability to save. But I agree that the “buy now, figure out how to pay for it later” attitude is definitely nudging some folks toward insolvency.
Which brings us to pre-solvency. A commenter named “Y2K Jillian” writes that she and her husband lived paycheck to paycheck for years and loathed the lifestyle. But change happened.
How? “Gradually, gradually.” Which is how I’d bet it happens for a lot of people.