If only I made more money…
Typically, middle-class people who are struggling financially think that things would be better if they only made more money.
There are cases where making more money helps immensely: usually when you’re making minimum wage or when you’re at or below the poverty line. In those situations even a 50 cent an hour raise can make a huge difference.
But if you’re already making a decent wage (or even a very good wage) and you are struggling financially, it’s probably not your income that’s the problem.
More income might be a good short term solution, but chances are you’ll just end up struggling again as you automatically adjust to that increased income.
In that situation, your problem is almost certainly your financial habits:
- Do you get a bonus or a tax refund, and go out and splurge?
- Do you get a raise, and start thinking of all the things you’ll be able to do now? (And then do them.)
- Do you pay off your car, and buy a new one?
- Do you lease a new car every couple of years?
- When your car breaks down, your house’s AC unit quits, or your relative dies, do you put the expenses on a credit card because you don’t have the money but feel like you have to do something about the situation?
- Do you buy a lot of books, DVDs, games (and their associated players), clothes, or restaurant meals all of the time?
- Do you carry a balance on your credit card(s)?
- Do you have a home equity loan?
Those are all financial habits that can leech away money, keep you from getting ahead, and (frequently) put you or keep you in debt.
Changing THOSE habits will make all the difference. And once you’ve done that, making more money is just icing on the cake.
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