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Living below your means.

Why some people can’t get ahead.

Living below your means would seem easier for some than others. Those with little means usually proclaim that they would be able to save or invest in their IRA’s more if they had more money. To a certain point that may be true. The minimum amount of income is calculable, and therefore the amount left to save or invest is obviously less than it would be if the income were more.

With that understood, then why do those that have more income still have trouble saving and investing? The answer is simple; they have trouble living within or below their means. As they make more, they increase their standard of living, buy more stuff, and spend more. If they were to actually live below their means as their income increased, they would be able to retain more of the income.

However, some actually cannot sustain the basic level of living on the income they are taking in. They struggle just to pay for basic needs. In those cases they should seek more education and experience to pursue a better paying job. If they don’t want or feel like doing at least that, they really have no place to complain.

Some feel they need to have a smart phone instead of a regular cell phone, or cable TV instead of antenna TV, or smoke, consume alcohol and other money consuming vices. There are many things that can be cut out but won’t be. That’s where many people start to justify why they need those vices more than they need a savings or to contribute to their IRA account.

If they want to keep those vices that continue to consume their money, then they have no place to complain about their financial income.

The solution is one of two things, one is give up those vices, and two is to get the education and experience that will help them obtain a higher paying job.

Unfortunately in most cases those who make more money without eliminating the money gobbling vices, will continue to struggle and never get to their goals.

Because when they allow one or more vices they are subject to allow more.