Living paycheck to paycheck is a concept many can relate to. It doesn’t matter if you’re a three job hustler, 9-5 grinder, career professional, or a broke college student. Most people have lived this type of lifestyle but few know how to break free from it. Below are three reasons you’re still living paycheck-to-paycheck, and a couple of action steps to help you change this.
Reason #1: You Need Instant Gratification
Gratification is satisfaction, fulfillment, or indulgence in gaining what is desired. For many, an example of this is going to purchase our favorite brands, going on trips, and blowing money on things we want.
Action Step: It’s Friday and you’ve just gotten paid so what do you do? You definitely don’t go out to buy your favorite brands and blow money. You take care of your financial responsibilities such as paying off debt, avoiding consumer debt, and keeping the future in mind.
Reason #2: You Don’t Understand The Concept of Money Working For You
The norm is to go out and work for the money. When we don’t have enough money, we go out and work harder in hopes for promotions and raises. There’s nothing wrong with achievement and climbing the corporate ladder for better pay. However, this usually results in more responsibility, more work, and little satisfaction other than money itself.
Action Step: Allow the money to work for you by making wise and knowledgable investments. Study people and cultures that know and use this concept. Invest in yourself and invest in others as one persons dream can be a multitude for many.
Reason #3: You Live For Today, Forgetting about Tomorrow
Many of us enjoy the mindset of “living for today” as it gives an excuse to give in to instant gratification and provides a path for unwise decision-making.
Action Step: The bible says it best, “A good man leaves an inheritance to his children’s children, and the wealth of the sinner is laid up for the righteous.” – Proverbs 13:22. This alone tells us that life is about much more than living for today only. We are not to worry about tomorrow, but we definitely shouldn’t forget about it. We are called to plan for it. The wisdom in God’s word is often used to protect His children. Planning for tomorrow financially helps protect yourself and your family generationally.