RIP to Living Paycheck to Paycheck

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If you’re waiting on your next paycheck in order to pay your bills this month, you’re probably living like 78% of U.S. workers who depend on their check for survival.

Sis, you better start saving and increasing your streams of income!

Have you seen the latest survey from CareerBuilder? O M G! It’s like 8 out of every 10 people you see is living paycheck to paycheck. The 2019 government shutdown and the 2020 pandemic proved it! It’s devastating.

Don’t think you’re exempt from this money syndrome if you’re making over six figures. Research shows that 10% of workers making more than $100,000 admit they live paycheck to paycheck.

It’s time to put an end to this nonsense once and for all.

HOW TO STOP LIVING PAYCHECK TO PAYCHECK 

1. ALWAYS pay yourself first (yeah, before you pay those bothersome bills)

Keep some cash on hand for a rainy day and put some of your money in a high-yield savings account. You can go to bankrate.com to see their list of “high-yield” savings accounts or join The Wealthy Woman Investor to get a list of accounts that are paying more than your standard high-yield accounts.

2. Learn how to INVEST (you better multiply that money, girl!)

Grab your copy of Dividends Are a Queen’s Best Friend here to learn the game of investing and how you can earn an extra stream of income. It’s a female-friendly investing book that makes shopping at the stock market as simple as shopping at the mall. It was also ranked in the Top 100 Stock Market Investing Books on Amazon! If you want investing ideas to help you build a dividend portfolio that allows you to pay your bills, subscribe to The Dividend InvestHER.

3. Never depend on one source of income (where’s your passive income at?)

There are 7 streams of income you can have: Earned Income, Interest Income, Profit Income, Residual Income, Dividend Income, Rental Income, Capital Gains Income, and Royalty Income.

How many streams of income you have? Join The Wealthy Woman Investor if you want to gain access to more streams of income this year and never have to worry on one job to fund your lifestyle ever again.

4. Determine if your daily decisions are increasing or decreasing your net worth (is that cup of coffee from Starbucks really worth it?)

Your net worth is a sum of all the decisions you make. What decisions are you making? Are you investing in education that increases your net worth or wasting your money on expenses that increases someone else’s net worth. Join our NetWorth Challenge on Facebook.

5. Don’t give up your goods so easily (a “sale” shouldn’t be the only metric you use to determine if you should buy now or later.)

Here are the apps I use to get free food and clothes.

6. Upgrade your savings strategy (we’re in the digital age, honey. Schedule your bank transfers from your pay deposit account to online savings every time you get paid and get more money for your money.)

Invest your spare change using this app.

Then, do this save $6K in 6 Months challenge.

7. Track your change (every penny counts and you should know where every penny goes.)

I track some of my expenses on my blog to hold me accountable. Here’s my July 2020 Week 1 Expense Report. For all business expenses, I track that using QuickBooks Online. Let me know if you have any questions regarding that.

8. Stop trying to live like the Smiths (just because you can afford something doesn’t mean you should buy it.)

All you have to do is create another asset to pay for the additional things you want. If you need help getting started with this, join The Wealthy Woman Investor.

9. Find an Accountability Partner (whether it’s a friend, family member, or financial coach, find someone who wants you to succeed just as much as you do.)

Let me know when you’re ready to stop living paycheck to paycheck and start investing! I can’t wait to work with you. It’s time to help you build a stock portfolio that’s bigger than your shoe collection. Let’s go!

If you need financial coaching, send me an email at wealthywomendaily@gmail.com! Let’s put you on track to living your BEST life!

What are you most focused on now to prevent the paycheck to paycheck cycle? Let us know in the comments below!