Many people argue that you don’t have to make six figures in order to be happy in life. But with prices going up, more income would be essential. Notice that you’re not just making six figures to buy things and then not have money again. With inflation going up as it is, it is increasingly important to have at least a small emergency fund up for when jobs are lost or other emergencies happen.
Inflation vs. Income When Working A Job
When you look at having a job, here is an article that will make you cringe. Take this article for instance if you don’t believe me about the inflation vs. income crisis. It is imperative that you have a side income when working a job because a job alone will not help you keep up with inflation. Plus, if you lose your job, you will need the income on the side to already be in place in order for you to take your time finding a new job or developing something else that will serve more people.
Handling Financial Emergencies
People say that you don’t need six figures to take care of their bills. Oh? What about that lengthy hospital stay you had last year? How are you going to pay the bills that come with it? Many of those bills range from hundreds to thousands of dollars. When this emergency comes, where do you expect the money to come from? Certainly not your job if it doesn’t already pay a hefty price for you to work there. Many Americans don’t have six figure jobs. But, do you have a little money to start a little something on the side and work a little extra to get the job done to secure yourself against an emergency? Who knows? Over time, that little side business can end up replacing your current job.
Steady Inflation For Years
It is alarming how most of us do not make six figures and have been adults for quite a long time. Within a few decades, it may be essential to earn six figures in order to keep at eye level with inflation. Our inflation rate has been climbing at an average rate of 3.4 percent from the year 1914 to 2013. Even though this article shows that inflation rates have leveled off the last four months, this article indicates how much the inflation rate for certain commodities is expected to rise in the next decade. You also have to throw in how many times the minimum wage is expected to go up. When this goes up, so does the cost of living. Add to this all the financial turmoil that is going on in the United States and around the world, it is important, now more than ever, to have a least a savings to the side.
Will Inflation Go Up or Down Within the Next Decade?
Other articles such as this one, have said that while some things will continue to go up in price, the average inflation rate is said to drop to all-time lows. What this translates to for me is, “Great. Now we have time to build up our assets and have more than enough to survive on.” Now is the time to start preparations just in case a downturn comes again. The economy has ups and downs all the time. Having a six figure income would give you insurance in case of a downturn and also allow you to expand and give more to others in need.
We need to be of the mindset of taking care of our families and assets now so we will not have to stress later. This fundamental truth ought to be so clear to people, even in the midst of change, that we should all take a hint and invest in ourselves better, be better financial planners, and from that, be happier people.
How to Make Six Figures Right Away
There are many ways to make six figures from home. One of the best ways to start doing this if you’re on a lower budget, is to start small. Start accumulating online income streams that use sites like Paypal with which to pay you cash money. Let your Paypal balance climb over time and before you know it, your combined income streams will add up into (hopefully) a six-figure emergency fund. There are many more ways to start making six figures here.