Many of my friends are earning just enough, they tell me they would not be able to manage should an unexpected bill arrive. They say they probably would have to resort to cash advance on their credit card or even a payday loan.
The scary part is that these people are not low wage earners. I would say they do draw a comfortable salary and would have no problems bringing up a small family on that amount. Yet, they find it difficult to live on their salary and I think they would go into a financial crisis should they suffer a pay cut.
A friend told me that his son had to take out an advance from him when his salary was cut. It was not a big cut, just a small percentage and yet, he said that unexpected cut caused him much financial distress and had to look for backup from his father.
I guess it all boils down to poor financial management. Back in those days when there were not this many distractions and temptations, entire families lived on such pay without problems. Now, many of us always find ourselves short of money. The problem is, we don't even know where we have spent the money on!
The scary part is that these people are not low wage earners. I would say they do draw a comfortable salary and would have no problems bringing up a small family on that amount. Yet, they find it difficult to live on their salary and I think they would go into a financial crisis should they suffer a pay cut.
A friend told me that his son had to take out an advance from him when his salary was cut. It was not a big cut, just a small percentage and yet, he said that unexpected cut caused him much financial distress and had to look for backup from his father.
I guess it all boils down to poor financial management. Back in those days when there were not this many distractions and temptations, entire families lived on such pay without problems. Now, many of us always find ourselves short of money. The problem is, we don't even know where we have spent the money on!
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