According to LendingClub, a financial services entity, 64% of Americans live paycheck to paycheck. GoBankingRates also found that wage increases are failing to keep up with inflation, which has been running at 7% or higher. When adjusted for inflation, real hourly earnings have actually decreased. This raises an important question: How do we combat these alarming facts?
Development takes time. Just like building a house requires patience and planning, so does building wealth. The good news is that it’s never too late to start the wealth-building process. However, the sooner a person starts, the more wealth they can accumulate over time. Just start by saving small amounts, and you’ll find that saving more will naturally follow.
Once again, it’s never too late to begin developing financial security, and it becomes even more impactful when we pass down financial knowledge to our children. Teaching the fundamentals of financial independence at an early age can set them on a path to success.
We all must take responsibility for our financial future as well as the well-being of the next generation. If we want to break the cycle of living paycheck to paycheck, we must stop blaming external factors and start making the necessary sacrifices today. The power to change our financial future is in our hands.
The purpose of Vmgreview.com is to inspire, inform, encourage, and empower others……
Marvin Dixon/Founder
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