Did you know that a whopping 48% of Americans are just one emergency away from not being able to cover basic needs? And surprisingly most in this predicament don’t fit the stereotype of someone living on the financial edge.
I was talking with a friend who feels as if she is rolling the dice month to month. She lives in a three-bedroom house with her husband and two children in a suburb of Dallas, TX. The family owns two cars, the kids participate in high school sports, and they all attend church services regularly. She works full-time, as does her husband, and thanks to her job, the family has access to health insurance. But after covering the mortgage, the cost of insurance for her, her husband and their two children and other basic expenses, the couple had just $223 left in the bank in October.
She and her family aren’t alone in dealing with this constant threat. Nearly 48 percent of American households don’t have enough savings to cover their basic expenses for three months in the event of a financial emergency like losing a job or paying for unexpected medical care, according to a recent report from the Corporation for Enterprise Development. That figure has changed little from last year, the Assets and Opportunity Scorecard found.
Many of the Americans living on the financial edge are employed and living a middle-class lifestyle. There are a variety of reasons why so many Americans with full-time jobs and relatively high incomes are risk: They’re coping with stagnating wages and rising prices.
The big economic trends of the last 20, 30 years are stagnating wages. Other costs are rising substantially — income and wealth are concentrated at the top of the ladder. Everything is more expensive, and they’ve got the same size paycheck to pay for it all.
Times are a Changing. You’d Better Change How You Think and Do.
It’s been established that wages are stagnating and the cost of living keeps rising not to mention employers expect so much more for less these days. The 40 hour work week is non-existent to many with companies expecting 50-60 hour work weeks. Our society has gotten away from some important values in life. The more time we spend at work, the less time we spend at home. The less we spend raising our children. The less time we have for balance and relationships. When this happens, everything suffers including the demise of our society.
There are economic solutions. The most lucrative is to earn profits instead of earning a wage. Brilliant businessmen such as Robert Kiyosaki, Warren Buffet and Donald Trump know the secret to earning unlimited income, obtaining that harmonious balance and how to break the shackles of corporate oppression. In fact Donald Trump has been quoted as saying if he had to do it all over again (build his wealth), he would do it through Social Commerce.
Social Commerce allows you to earn a substantial income as you grow your organization. It’s a passive income meaning you do a little work up front and enjoy royalty income from it for years to come. By working a social commerce business a few hours a week alongside your current job you can build replacement or retirement income in months NOT years. Working more hours means you build faster, but that’s the beauty of it, you work at your pace, on your time, not at the barking orders of a boss. You’re the boss, you call the shots. You are paid off your efforts. It’s a way of taking back your life. No longer will you be dependent on someone else. That feeling of uncertainty will be replaced with confidence and a life worth living.
As a social commerce leader in my company, I can show you how to take 10 hours a week and invest it in your financial future. Think of it for now as a safety net. In a couple of years, it is your ticket to freedom from the corporate world.
It’s time to change your thoughts so you can change your world and regain control. If you don’t your financial worries will more than likely continue to spiral out of control. Be proactive and not reactive. If you will, then you will experience abundance.