How to get out of a financial rut and have fun at the same time
Welcome to this weeks edition of the FREEDOM FRIDAY’S BLOG “How to get out of a financial rut and have fun at the same time.” So, if you are in a financial rut, don’t worry, you are not alone, and there is a way out while having fun at the same time.
In fact, people all over the world are worried about their financial future. The top three concerns people have, according to a recent Organization for Economic Cooperation and Development (OECD) study, are: health, losing a job, and money – and they have little faith in their governments and/or employer to do anything about it. Many people recognize they will have to take accountability for themselves and take charge of their future well-being. It will be a daunting task and very depressing if they don’t take the right approach.
The dire financial situation of many people
The middle class in society is becoming less and less financially secure. According to Neal Gabler, the author of the article “The Secret Shame of Middle Class Americans”, the reality is that nearly half of Americans would have trouble finding $400 to pay for an emergency. In the article, Neal sites a recent Federal Reserve Board survey to “monitor the financial and economic status of American consumers” – where respondents were asked how they would pay for a $400 emergency. The answer: 47% of respondents said they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all.
A new survey conducted by Ipsos also revealed that 48% of Canadians feel they are $200 away from financial insolvency, while 26% already find it difficult to pay their monthly bills. Household debt in Canada is among the highest of the G7 countries, and if interest rates rise, this will be sending more people into bankruptcy. What’s most troubling is that experts say many families have “no real plan” for fixing their situations and are ill prepared to handle economic shocks and recession.
According to a new Bankrate survey, most Americans don’t expect their financial situations to improve in 2019. Of those, 12% think their situations will worsen and 44% expect things to stay the same. About half of those who see their finances getting worse blame the government. And if you happen to be an older worker, be prepared for even more turmoil. According to recent analysis from ProPublica, statistics show that 56% of employees over 50 have been pushed out of their longtime jobs. And of those workers who find employment at all, only 10% end up making as much as they did before.
Two options to improve your financial situation and quality of life
If you are in a similar stressful situation, I want to help you get a “real plan” to get out of the worry and into more fun, joy and financial freedom in your life.
- You can choose to live a no-frills existence (with a scarcity mindset): drive a modest vehicle, don’t take vacations for 10 years, get rid of your credit cards, and only keep a debit card, eat out maybe once every two or three months, forgo house and car repairs until they are absolutely necessary and count your pennies. In essence, live a life of mediocrity.
- You can choose to have fun, by learning to do what it takes to develop an abundance mindset, go for what you desire, and design the life and business you love to create your own economy.
Choose to have fun while getting out of your financial rut
For me, and likely you, counting pennies is not that inspiring. Although it is important for money management, it will never set you financially free and live with passion. So number #2 is the only option for taking life full-on, having fun, pushing the limits and seeing what’s possible. We get one chance to live this life and we all need to make it count and leave no regrets.
But many of us will fail in our minds before we even try. It could be all the bad news out there – the challenges of the global economy, job layoffs, the endless conventional dire warnings of the high failure rate of new businesses… the net result is it becomes easy to believe there is no hope or chance of living our dreams through entrepreneuring.
While some of what’s happening in the world is scary, we each have the potential to take personal responsibility and change our financial situation. Everyone, no matter their age, needs to focus on keeping their skills fresh, stay current with social dynamics, and even line up a side hustle. We each need to make sure there’s something to fall back on in a crisis situation.
Discover how to start a profitable online business from scratch (Free Webinar Series)
If you are prepared to to get out of your financial rut and stop worrying about your future…come work along with me and my team and design the life and business you love in a digital economy. Start today by watching our free webinar series. Learn from my partner Stuart Ross on how to start and grow a profitable online business and design the life you love.
Watch as we show you how to earn high-ticket commissions that pay hundreds (even thousands) per sale.
Use our proven business system so you can generate income with just a laptop from anywhere in the world.
Be vulnerable – birth a new you – and live with no regrets!
Doug Howorko- Founder of ZAGGTIME
ZAGGTIME is the source for Lifestyle Entrepreneurs. We are a team of business bloggers and lifestyle enthusiasts impacting the world by sharing inspirational and practical insights for aspiring lifestyle entrepreneurs.