Living paycheck to paycheck : Escape living paycheck to paycheck
Someone with a professional job just informed me that she cannot get her dental treatment yet. Her health insurance only covers part of the cost and she needs to save up first so as to pay the uncovered portion. How could this be? She has a good job with reasonably good income.
More than 25 million middle-class American families are living paycheck to paycheck, according to a 2014 study from the Brookings Institution. While many of these households have assets such as their own homes or retirement accounts, they have little or no extra cash on hand. From both financial and security perspectives, living paycheck to paycheck is disastrous. You will not have a peace of mind. You will often find yourself falling short on cash and worry about paying bills or buying food or doing something fun. When you are completely dependent on your current job, your job becomes miserable as it dominates your life. You really cannot afford to lose your job.
If you’re living paycheck to paycheck, dreams of a new house, a new car or a family holiday are simply unreachable with your current financial structure. This makes you powerless! You are also living a risky lifestyle as there is no discretionary cash available. What happens if there’s an emergency, you would rather not think about it, agree?
If you have a dream to escape living paycheck to paycheck, you can make it happen and start moving towards financial freedom. Start looking at expenses that you can trim to ease the monthly pressure on your wallet. As you gain some breathing room, you have to look for ways to earn more. If you do not have additional income, you will not escape living paycheck to paycheck.
There are plenty of ways to earn more. You can start your own home based business that does not require much or any start-up money. You can get a second job. You can sell things online or provide services. Do not let your current situation stop you from thinking like an investor. Rather than just budgeting for needs and wants, an investor would invest his current money in his financial future, making his money work for him. Let your money work for you!
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