The Silent Income Killer
We all have 2 objectives: (1) maintain our current lifestyle and (2) maintain our future lifestlyle.
For now, let’s focus on objective 1. Most of us maintain our current lifestyle by our labor. We get up. We go to work. We earn income. That income enables us to feed our family, put a roof over their heads, pay for electricity, telephone, insurance, etc. Typically, a cost of living wage increase is granted annually. Ideally, that allows wage earners to maintain their current lifestyle. HOWEVER…
On Aug 10, 2018, The Washington Post reported that between July 2017 – July 2018 wages increased by 2.7%, which sounds pretty good, I suppose. But during that same period, the Labor Department reported an inflation rate increase of 2.9%.
So, inflation completely wiped out that wage increase…and then some.
Not to mention the wage disparity across gender and race groups. According to a report by the Bureau of Labor Statistics dated July 17, 2018, “median earnings for Black men were 73.1 percent of the median for White men. The gap was narrower among women, as Black women’s median earnings were 79.0 percent of those for White women.”
What to do? What to do?
Give yourself a raise! Having a legitimate home-based business can generate cash flow and allow tax benefits to increase your bottom line. Businesses are taxed differently than employees.
How about a mobile app that helps business owners with cash flow strategy, cash flow management and record keeping? This app is free with our online financial education membership. The membership also allows you to start a home-based business to help others get this life-changing financial education. Contact me for details: email@example.com