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5 Reasons Why Finances Could be Tight

by Real Estate With Maghielse & Company, LLC 07/28/2019

Have you been wondering lately about why you are always broke? You will need to ask yourself a lot of important questions to know exactly what you are doing wrong. These are the questions that will help you point out the primary reasons for your financial woes. 

Going by data made available by the World Bank, a considerable number of workers can hardly survive through the month and also there is an increasing gap between the rich and the poor. At this point, you need to take measures so that you do not join the league of people who never have savings. Here are some reasons you could be facing financial issues:

Reduced Income 

The mistake people make is that they base their spending plans on their gross income instead of their net income. The outcome is spending more than your earrings. In order to avoid being broke due to this situation, it is advisable to adjust your lifestyle according to your disposable income.

Medical Expenses

Medical expense is one of the reasons why many people go broke. Do you pay your medical bills from your pocket or you have medical insurance? It has been discovered a lot of people go bankrupt as a result of substantial medical bills. The best way to minimize your medical expenses is by choosing the appropriate insurance coverage.

Overspending 

When you spend more than your income, there is a high tendency of going broke. You should try and minimize some lifestyles that attract lots of spending. Examples of such lifestyle are driving posh cars, going on frequent holidays, dressing in designer clothes and many more. Such an expensive lifestyle can make salary earners go broke if they don't take care.

Costly Housing 

Many young adults spend nearly half of their income on housing. To avoid massive spending on housing, you should look for affordable housing that should not be more than 20% of your income. Staying in the city outskirt, getting a roommate, or renting a room that is smaller will help you save on housing.

Lack of Saving

Many people go broke today because of lack of money. A good practice that all workers should cultivate is saving for a rainy day. When you don't save money, you are likely to incur enormous debt when there is an emergency. Saving can put an end to debt and brokenness. You should know that nothing is too small to save.

About the Author
Author

Real Estate With Maghielse & Company, LLC

Having been a Real Estate agent for over 30 years now, I have helped literally thousands of families buy, sell and accomplish their Real Estate goals. Both my husband/partner and I grew up in Kent County, so we know the cities and their neighborhoods like the back of our hands.

I also have a strong eye for finding opportunities in the market and this, coupled with my knowledge of market trends and changes in the Real Estate industry, has led to a strong sales history of customer service that is reflected in the confidence and trust my clients have in me.

For over 15 years I have been in the top 1% of all Realtors in the Greater Grand Rapids Board of Realtors, a record of success very few Realtors can lay claim to. While it is essential to be sales driven, it is also critical to balance this by fostering a professional relationship built on trust and understanding with my clients because our end goal is always client satisfaction. You can see this reflected in the countless testimonials we have received from our clients. Stop by our office and ask to review them at any time, for smaller samples scroll to the bottom of this page or visit our YouTube channel at:

https://www.youtube.com/user/MaghielseandCompany

One of the unique advantages and key elements to our success is the team we have built here at Maghielse and Company. Working with us on the sale or purchase of your home, you have the advantage of a team with a broad array of talents supporting you in almost any situation and you should never experience that neglected feeling that can occur working with a single agent. I make it my business to exceed my clients' expectations and I won't rest until they have found a great new home, or sold their current property and are beyond satisfied with the results.