Topic: Going bankrupt while working (Read 125 times)

It is what it is, a large percent of people working in my country live from paycheck to paycheck, and yet they cannot still survive as they have to also add debt to that, so by the time the next salary comes, they already have debts to settle and not long after that, they have to borrow again, rinse and repeat.

There are things we can do though, we can try and increase our earning, that is by learning more skills and taking up more part-time jobs, with more earning, we can have enough to feed and live on and still have some left for long term investment, with more investments we are closer to breaking out of poverty.

Everything has happened and must be faced and we must have a strong ability to overcome it, especially increasing income and leaving wasteful habits or buying unnecessary items and also minimizing expenses and just enough so that we can still save and invest no matter how much. In a situation like this we are required to be independent, improve ourselves by improving skills or finding new skills to be able to make money because if there is a will and keep trying, it will definitely be found because complaining will not change the situation. Everyone feels it and they can only be silent and accept reality but most of them are fine without us knowing their hard work to survive for their beloved family because sincere love and affection can change the situation because we see the people we care about and do not want them to suffer and I really love and care about my family and they are the motivation in any situation I will always try and fight for them.

Spirit and freedom.

If you're over 30, haven't secured housing, have zero savings, while you're earning minimum wage, then reality is this: you're cooked. That doesn't mean there's no way to recover, but there's going to be a lot of suffering.

What people should change is their habits. Ask yourself this: how can you find a more profitable job? Maybe you need to acquire new skills. How important is it to you to eat your favorite food? Or do trips? For example, would you consider moving to countryside since rent can be a lot cheaper, and work remotely?

The way to recovery is to save in bitcoin. But, achieving this requires breaking free from living paycheck to paycheck, which often means sacrificing some current comforts.

 I know the feeling. For some, they can't even save enough because of how costly things are and I know of someone who keeps complaining bitterly how it looks as if he's just working for the company and getting nothing in return because he gets a pay cut if he mistakenly damages any of the company property and it's not funny at all. Imagine being paid a $100 and at the end of the month, he goes home with less than $60 so I can really relate to what you're saying, Op.
 Sometimes bills one has to pay also stops one from enjoying the fine things of life so I get it now when some people spend their funds with the mindset of "you only live once".

Nowadays having a baby is a privilege, average men can't afford to provide both women and their kids needs.

So, if the men already have a baby, divorce is a good option here because the men can have more time to study and work for themselves. On the other hand, the women can look for other lucky men or sugar daddy which can provide their needs.

If they haven't have a baby, they can whatever they like without any pressure.

That's the reality, if your salary are not enough for 5 people (you, your wife/husband, your baby, your parents and parents in law) don't get married.

I don't think there is a salary earner that is not corrupt and he or she is comfortable in life especially in the African economy. If we take a look at the rich people, you will see that they don't depend on one source for their income and so they have different types investment across the economy. Some of them despite being rich also have passive income in crypto staking, stock investment, lending services etc apart from their major sources of income and with such investment everywhere, they don't feel the economic crunch of inflation because they also create liquidity by themselves and to wait for government paycheck.

Those who are depending on government paycheck or dependent on a source of income should learn from the lives of the wealthy. On a personal experience, I have not seen someone doing well financially that is only reaping profit from one source, it is not possible. Even the small business people, the micro business people offline, they don't operate just from one shop. They have different shops within the market areas or malls where they sell different kinds of goods and they are sure to make sells on a daily basis from the different malls they operate.

The point is, you have to diversify your portfolio or business investment so that you can steadily increase financially. There are people who work with government and they still operate other businesses by proxy.

What needs to change is the financial system and especially the currency issuance system, which is why bitcoin was created. Politicians talk about inflation, with an average of 3% in the last half century, but just by looking at how much houses have risen in price you realize that something is not right. And while they talk about 3%, they are actually debasing the currency between 7 and 10%, if you are lucky and live in a country that does not spend a lot of money printing, and if you are unlucky the debasing is between 15 and 20%. Then there are the worst cases like Argentina before Milei or Turkey, which are a total disaster.

Yes, income is not increase but expenses increase makes many people suffer to survive. We can not imagine how their life when it is difficult to survive so we must be grateful when we can survive with our family. Life becomes though after Covid 19 because the economic still trying to rise and gives the opportunities to many people. But we must not give up with the situation because I am sure that behind the difficulty, there is an easiness will comes to us. We must keep trying without stop even if that means we need to work in many sources. A working people should search for other opportunities so they can have more source of income because that is the only chance for all of us to survive in the hard situation.

This is not what we should be doing. Drinking away our sorrows will not do anything but make you even more miserable. Not to mention that going to pubs in itself is costing you even more when it comes to finances and your physical health. Life is hard as it is without you getting sick so I would advise strongly for anyone to not participate in harmful addictions or habits such as drinking or smoking. There are other healthier coping mechanisms you can use if you are feeling down. But do not willingly put yourself in a situation where you would be in danger.

Gather yourself and keep fighting. Think of ways or other sources of income to add on to your salary and never hope. You will soon see better days ahead.

Hey man, you talk as though the man who work, and struggles living on paycheck to paycheck isn't suffering for it before having to earn his paycheck despite how meager compared to how that gets to meeting his needs. You're fortunate to live in a town where you could build a house with between 5k to 7k $, it's not same with other persons where they finds their foot on. And just in case you forgotten, the weight of responsibilities does differs too and they get to suffer as twice as hard to get a better life but shit happened.

Even we do want something better but due to lack of opportunity then its really that something inevitable when it comes into this aspect and we dont really have any choice. We do know that this is indeed the reality on here the world we are living on, on which we are living in a world on where we do really struggle up because on the moment or time that we do just solely focus on our paycheck with our dayjob and living with having only that enough for day to day survival then its really that hard but of course there's nothing we can do since this is how we do live our life and we must able to survive. It just turned out that you cant find yourself on having some other options because of lacking some opportunity or does lack out of doing self action.

When you are on a tough situation on which you do look yourself having some hardship on living in terms of finances then the best thing to do is to make yourself finding up another opportiunity on which you  can be able to obtain even more money aside from your job. You can also deal up with investment or business if possible but this will be requiring up some capital for you to make up such action but of course on this action wont really be giving out some guarantees that you can be able to do it On the time that you have been thinking about these actions then you should be doing to act accordingly so that you wont just stick on simply planning.

And whose fault is that?
You wish to have a better life? Don't live from paycheck to paycheck. Took me decades to see that.
 
I learned to live of less then I had income and bought a house, $1.500, building it up cost some 5 to 7k.
It cost me health, hardly any time for me and no trips at all. You wish to have something you need to suffer for it.
If those things fall into you lap you won't see the value it has.

Life is certainly hard in the last days, months and year. Inflation was high and until now, recovery isn't really full. That's why keeping your job is a necessity but never stop there. Learn to develop more skills and increase your side hustles. That could give you higher possibility to make your ends meet. And when you gain extra money, investment is a must. Don't just save but diversify your funds. That way, despite of how hard life is, at least now you already have an edge and have slowly establish your financial stability.

The government can no longer control inflation because it keeps printing money. Just last month minimum wage was increased in my country but it is having no effect on workers since the currency is becoming worthless. The increase helped a bit because life would have been hell without that upward review. So, increasing salaries might be a starting point for life to be manageable.

Secondly, the working man would have to seek alternative sources of income. These days income from a single job is not enough to meet workers' needs, so you cannot even save any money.  

The days of dreaming of buying choice cars or living in an affluent environment are gradually fading away because cutting the cost of living is highly necessary to survive this economic downturn. The focus for now should be living a modest life and seeking for means to invest.    

  

This is the after effects of inflation on the economy, it benefits those with assets typically the very wealthy disproportionately.   The most common avenue for the working poor would be to own your own house ideally and at least see that one asset rise in value.   It still wont be enough especially but this situation will result in insolvency over bankruptcy which is preferable as in theory you can sell the house at some point and flee that circus of working for less then you pay in bills.

Many men frequent pubs just to drink away their sorrows. The thought of not being able to provide for their families, not being able to make ends meet despite work so hard. The harder they work the poorer the economy makes them become.

Inflation is killing them faster than any health conditions.

What should change should be to pick up a new skill. You can't get so old that there's nothing to learn to improve your situation. That's what can change.

I understand the frustration man..., most of us have felt that struggle of living paycheck to paycheck, unable to save enough money for the future. If your job isn’t enough to meet your needs, don’t just rely on it. Try to think of other opportunites to boost your income, like starting a side hustle. Maybe try running a small business, who knows, it could grow into something big. maybe one day you might even focus on it full-time because it’s giving you the financial freedom you’ve been looking for.

If you have a positive mindset, you'll see lots of opportunities, regardless of economic conditions, specially if you'll step out of your comfort zone. Believe me, it’s worth a shot as it worked for me...  you know, i’ve been “jobless” for years now, but that’s because I’ve built a business that not only supports me but also creates jobs for others.

The feeling a worker gets is increasingly being driven out of everything.
You can't buy the food you like, you can't spend on going out, you can't go on trips.
You can't rent in the neighborhood you grew up in etc...

The economy has recovered since COVID and kept doing ok, but the large numbers don't represent more individuals.
The salary has not gone up as much as the costs. Life is too hard now and even with two income earners in a household, expenses are so much you have to give out all your money to pay stuff without being able to save much if at all.

A larger percentage of the the population is unable to save anything now than pretty much anytime before in recent decades.


So I ask you, what do you think should change for the working man to be in a better spot among all this?