Battle Of The Budget
The statistics of people living from paycheck to paycheck are staggering. Most people have not prepared themselves for a major expense such as the transmission going out in their car or an appliance that needs to be repaired. Worse yet, many people are one paycheck away from being destitute. The gradual increase in the cost of living has made it harder and harder for the average middle class family to survive. There was a time when the average family could live comfortably on one income. We now live in an age of dual income households which in theory should provide significant financial benefits. Sadly, we seem to be in worse shape than ever before.
Personal bankruptcy is at an all time high. People are living above their means by overextending themselves with credit. We live in an impulsive society where a person does not have the patience to save enough to pay cash for whatever luxury item catches their eye. The "I want it now" mindset has caused many to fall into financial ruin. Clearly, people need to take drastic measures if they are ever to reverse the direction in which they're headed.
I came across a very interesting video which was a real eye opener about the financial crisis in American today. It's quite long but well worth your time. Especially, if your in dire financial straights. Click on the link below to view the video.
The Coming Collapse of the Middle Class: Higher Risks, Lower Rewards, and a Shrinking Safety Net
