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Just because a person makes more money does not necessarily mean they save more money. So stop making excuses that just because you don’t make as much as Joe Shmo means you can’t save any money. In fact the more people make, the more they spend on crap that they don’t need and they actually end up saving less or nothing at all. Here’s some food for thought. Let’s say Joe makes 100K a year but his total expenses are 105K a year. And then you have John who makes 50K a year and his total expenses are about 30K a year. Who do you think is better off? If you said Joe because he makes more money and has the nice big house and fancy car, then you are wrong.
Even though John makes less and lives in a modest space and rides his bike to and from work, he is actually better off than Joe is. John has no debt and can save and invest 20K of his income every year. Joe on the other hand is drowning in debt just to keep up with the Joneses. He has no savings and spends more than what he makes in a year. In this case, not everything that glitters is gold.
Just because you think you can’t save money because you don’t bring a lot of money home is a complete delusion. You just need to know where to start and budget more efficiently. You don’t need to make more money to save more money. Check out the related articles at the end of this post, where you can learn how to become a better saver and ways to save more money.
There are many benefits that come with having a lower income. You can qualify for low income housing in your area. I know in NYC, there are tons of these available. Your income is also taxed less and you can qualify for numerous government funded programs. If you wisely use all the resources that are available to you when you have a lower income, then you will be able to save and invest more of your money and have that money work harder for you. This also applies for people that are retired and are making no money or have lower incomes.
Big houses and fancy cars are all part of the American Dream. But what most people don’t realize is that having those things is like having a monkey on your back. The payments to keep and maintain those luxuries are endless. Unless you are a millionaire or billionaire (which I am not…maybe someday) then you really have no business trying to buy those things and going into massive debt in the process. If you live below your means, then you will be on the right financial track. In my earlier example, John lives below his means. He does not have the added pressures and stresses of trying to pay for all the things he truly cannot afford. Unlike Joe. I do not envy Joe one bit. I would never want to live way above my means the way he does. It’s only a matter of time before it all catches up to him and it will also put his health at risk.
So no more excuses on why you can’t save money if you are on a limited income. As you can see it can be done. You just need to be smart about it and approach saving money differently than you have. I’ve provided the tools for you to start saving today. Live below your means, stop trying to keep up with the Joneses and you can make it happen. I challenge you to start saving today and in exactly one year from now, see how much you have saved. You’ll be pleasantly surprised.
5 Insanely Free & Easy Ways to Make More Money Now
How to Pay Yourself Automatically
13 Super Easy Ways to Save Big Money
Where You Should Put the Stuff You Don’t Need If You Can’t Sell Them
Where to Get The Latest Movies for Free and it’s Legal
The One Thing You Need to Do to Become a Better Saver