Lately, an article at Better Dwelling mentioned that Canadian weekly wages have been growing the slowest in 2 decades.
Another infographic on Visual Capitalist mentioned the hollowing out of the American middle class. You can read about it here.
All point to a worrying trend where our salaries are not increasing at the same pace as housing and food prices
Here are some tips you need to consider:
- Reduce expenses as much as possible. Try to be lean and nimble because if you saddle yourself with a lot of expenses, it is hard to dig out of that
- Make sure to have income diversification. If you have a full time job, great! Keep it as long as you are getting a good income. Find some side incomes if possible. Maybe do consulting on the side. Personally I’m a marketing and SEO consultant and I’m always looking for ways to deliver value to my current clients. (If you are a business owner and need some marketing ideas, contact me at jen(at) mailbox.org
- Don’t put all your eggs in one basket. Don’t have all your net worth tied up in real estate or equity. Hold some cash, hold some hard assets, have a paid off home if possible and maybe some food insurance (canned items and water in the pantry). You never know how things play out in the future so just be solid (a four legged table is more secure than a one legged one). Here is a great book on why you should have a back up plan
- Be adaptable. Learn to adapt to situations. If you are laid off, reduce expense immediately. If you get a raise, save up that extra money.
Not sure what to do in your life or business? Reach out to me and see if I can help you.
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