At times, you find that people with very modest salaries have high standards of living while people with high incomes can’t seem to live as well as they like. Why exactly does this happen? Obviously, everyone’s aim is to create more than they consume. And they’re constantly trying to achieve this aim. No one sets out to live outside their means.
Here are some of the reasons why you might be making less money than you’re consuming:
- You’re genuinely making less money than is needed to live on. This might happen if you’re freelancing or working at a job where the hours are irregular. In this case, the answer might be to bite the bullet and get a full-time job.
- You’re spending too much. Maybe you’re used to a certain standard of living. This might be because you used to make more money in the past than you do now. If this is the case then you need to adjust your spending. Think of it as an interesting game. Try to figure out where you can buy cheaper clothes and food. Are there cheaper forms of transportation or entertainment available to you? There are always ways to save money if you make an effort.
- Your spending is lopsided. Sometimes, people spend too much on one thing, like going out with friends and too little on others, like healthy meals. Take stock of your spending and figure out if you need to change your spending pattern.
- You need to be more qualified. There are certain occupations where you need to be more qualified to make more money. If you’re in one of these professions, why not look at what needs to be done to increase your salary?
- You’re afraid to present your ideas. You could be doing better at work and getting promotions if you weren’t afraid to present your ideas. Try to speak up whenever you have an opportunity—at meetings, in one-on-one conversations with your boss etc.
Interested in learning more about this and related topics? Visit the Career Advice section of our blog.
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