REASONS PEOPLE LIVE PAYCHECK TO PAYCHECK
November 25, 2021 2023-04-05 19:13REASONS PEOPLE LIVE PAYCHECK TO PAYCHECK
REASONS PEOPLE LIVE PAYCHECK TO PAYCHECK
REASONS PEOPLE LIVE PAYCHECK TO PAYCHECK
One of the most recent reasons why people are living paycheck to paycheck has been the COVID-19 pandemic. The Center on Budget and Policy Priorities reported that 34 percent of adults reported difficulty covering basic expenses such as food, rent or mortgage, car payments, medical expenses, or student loans.
These difficulties were a result of the pandemic affecting the world’s economies due to lockdown restrictions and the closure of businesses. The reality on the ground is that many people’s finances suffered a major blow.
- In what way has COVID-19 affected you the most?
- What lessons have you learned from this pandemic?
- Was there a time money issues caused a problem in your marriage or relationship? What did that experience teach you?
- What expense have you made that ate a huge chunk of your budget? In retrospect, was that expense worth it?
- On a scale of 1-10, how would you rate your rate mastery over money?
- Write down various ways you can improve your mastery over money?
- Carefully examine yourself to see that your assumptions and spending philosophy aren’t harmful.
WHEN THE SYSTEM IS TO BLAME
In America, the Covid-19 pandemic showed the reality of a systemic form of racism even in the economic sector. The first group of people that started living from paycheck to paycheck were African Americans, Hispanics, and immigrants. A report by the Center on Budget and Policy Priorities suggests that the impacts of the pandemic and the economic fallout have been widespread, but are particularly prevalent among Black, Latino, Indigenous, and immigrant households. These disproportionate impacts reflect harsh, longstanding inequities—often stemming from structural racism—in education, employment, housing, and health care that the current crisis is exacerbating.
- What are the ways the governing system is affecting your finances and your ability to make money?
- If you were in government today, what would you change about the system?
- If you had the opportunity to leave your economically hostile environment, would you leave? Likewise, what’s stopping you from leaving your hostile environment?
- If quitting your job will lead to improvement in your financial situation, are you willing to take that risk?
- Write down your fears of quitting your job.
- Address how you can overcome each fear.
Check out: THE GRAVENESS OF THE MATTER : PAYCHECK TO PAYCHECK
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