As much as we want to believe we are all good with managing our finances, statistics will tell us otherwise.
According to Forbes Advisor recently, 70% or 78% of Americans are living paycheck to paycheck.
(Source: Majority of Americans Live Paycheck To Paycheck – Forbes Advisor)
These were not the optimistic numbers we were hoping for from the world’s largest and strongest economy.
Given the significant probability of such a scenario, it begs the question: What if it HAPPENS TO YOU? What if you lived paycheck-to-paycheck? Maybe you find yourself in a season of slack or misfortune?
In reality, we would try to do both but if you had to pick just one: What would you do IF YOU WERE RUNNING ON A DEFICIT in your personal finances?
Decrease your expenses
Increase your income
0voters
Would you decrease your expenses until the deficit is resolved? Would you try to hustle and increase your income to cover the deficit? Tell me a bit why you made that choice.
This is surely not a binary choice - either do this or do that. Because everybody should always be trying to increase their income, no matter how high it is right now. But of course I have selected Decrease your expenses because that can be done immediately.
That is true. In reality, both should be done and as soonest possible! But yes, this is a test and a comparison of schools-of-thought that’s why it requires one or the other.
Another great point! I agree. Decreasing expenses can be done immediately and has no other requirements to get done. It’s what anyone can do as a quick fix on things. Thanks for sharing your thoughts!
Cheers. The main advice I would give everyone is always try to build a second or third income stream. Doesn’t matter if you’re wealthy or have a great salary in a secure job - expand and grow income.
