The Canadian Payroll Association in its 6th annual survey (2014 data) found that 51% of employees would find it difficult to survive if they missed ONE paycheque. Those numbers are even worse for people aged 18-29, where 63% of people live paycheque to paycheque.
Equifax Canada released their latest report this week, and excluding mortgages, the average debt load carried by Canadians is $20, 967.00.
How much is your student debt? Are you still paying it off years into your career? How will you ever save enough money to pay off your debts? The answer is bleak, because we’re focusing on the wrong end of the equation.
Stop worrying about saving, and start focusing on BRINGING IN MORE INCOME. The way out is to have multiple revenue streams.
How else can you bring in an extra $500 a month or $500 a week?
Working your 9-5 job won’t do it….you’ve got to get outside that bubble of thinking safe job, with good benefits that you’ll have for life. Those jobs are gone, and the ones that are left are precarious, short-term, contract, unstable, low-paying with no benefits.
Your Starbucks habit isn’t what’s killing you financially. You’re not bringing in enough $$$. That’s what’s killing you.
You don’t want to string together 3 crappy part-time jobs to pay the bills. You need to think about how you can bring in more money via multiple pathways. You don’t just have ONE skill set. You have many. You don’t have just one talent. You have many.
TIPS: Are you currently being underpaid? Can you negotiate for a higher salary or a bonus? Know what you’re worth.