It’s interesting that over half of America is living paycheck to paycheck. I read a pretty good write-up on articlebase that talked about this in depth. We’re going to dive into some coaching pointers we all can use…
The most fundamental pathway to wealth is still having more money coming in than is required to go out in order for you to survive and to feel secure about yourself. Our expenses are normally made up of the things that we must spend money on to survive and the things that we purchase to feel better and more secure about ourselves–as a result both of these must be managed very closely.
What you need to spend to survive is usually directly related to the obligations you make surrounding where you live, what you drive and which service providers you choose to use. In addition to these expenses, there are many other niceties of life that we all tend to explore to help us feel better about who we are. Whether it’s the brands we must have, the places we must go or the internal needs that we have to just feel like we’re a part of something, all of these require additional money which must be carefully managed. When income increases, the need to feel secure also grows creating one of the biggest reasons that many who have achieved income upwards of $100k a year are still living paycheck to paycheck.
The process for this is simple: as new money came in, new desires took it out. So we see we have a deeper issue with respect to people living paycheck to paycheck than just money. To increase your wealth it is not as simple as getting a new job, getting a promotion or finding the next get rich quick scheme, but it IS about being disciplined. We have to look inward and honestly assess ourselves asking, “how expensive are my values and how affordable is my need to feel secure?” The key is after becoming aware of your desires, start to be disciplined and have self-control over what you spend.
Once you master self control, and become more secure with who you are, you won’t have to spend as much money for happiness and the feeling of completeness. The end result allows you to create wealth because your wealth is still merely the difference between what comes in and what you have obligated yourself to send out (or go out). So in short, the true solution to stop living paycheck to paycheck doesn’t just lie in evaluating what it takes for you to survive financially, but more importantly it takes knowing who you are and then creating a financial scenario based on your core values that makes sense for your life.
Read “Are you living paycheck to paycheck…” on articlebase.com
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