The Income Outcome

In response to my colleague, Meghan's post "what gets measured, gets done"  and the interview that she linked us to, I thought about my benefit bike ride last summer (it is Springtime!).  In training, I needed to "measure" miles per ride, rides per week, etc., so I could "get done" the benefit ride - my goal.  Some people might relate to measuring calories, carbs, fat, sugar, and/or protein for the goal of good health...or measuring progress toward writing a research paper in school...narrowing focus, doing research, connecting with experts and practitioners, then, writing the paper and have someone else review it before the due date - so eventually, you can pass the class, receive the degree, and get a decent job! 

Last year, in United Way's gathering of professionals who deliver financial education in agencies for developing a tool for the field, we highlighted the core competencies of setting goals, making priorities, establishing a budget, establishing good credit, and saving in order to achieve the goal (for example, post-secondary education for yourself or children).  For so many worthwhile things in life, setting the goal...and outlining some indicators of progress along the way...helps us get closer to achievement of the goal, if not attaining the goal!!! 

Last week, I was pleased to read United Way of America's recently released report, "Goals for the Common Good"...the language of Common Good appeals to me.  It tells us that nothing less than what is good for all is at stake.  It tells us that all of us need to be part of the solution, one way or another.  No exemption here!  This report sets goals..and some indicators for progress toward that goal.  (like the examples above).  It is not the play by play, for next year.  It doesn't need to be.

Again, relative to financial stability, the Income section reports that a family needs to earn at least 2.5 times the federal poverty level to be considered financially stable.  Locally, our situation is even graver. According to the Crittenton Women's Union, locally that figure is roughly 3.5 times. (link to MassFESS. Boston's family economic self-sufficient standard is $58,100.  Lowell is $57,384.  That is over $27/hr just to make ends meet (yes, that is significantly over minimum wage)!  As the report states, the modest target of lower-income families having a checking or savings account with a minimum of $300 to weather emergencies shouldn't be so bold, but compared to the reality, it shows us that we have a long way to go.  The report gives us impetus to re-double our efforts...and to work together...for our own and our neighbors' common good.