Spending More Than You Earn – You can find out how Dabshir became a slave. Think about how you got your first credit card. Why did you apply? Because sometimes you spend more than you earn. Now you can get almost anything with a credit card. In addition, your income may increase every year, you get a promotion and go from success to success in your career. Do you notice something? The more money you make, the more you spend. Then Dabsir became a slave; He spent more than he earned, went into debt, and defaulted on his debts.
So here’s a question: In your opinion, has this process changed in the last five thousand years? Get up early, work for your master. Pay your loan back to the employer with interest and pay it back. Do you see the difference between Babylonian slavery five thousand years ago and modern slavery today? I will try to answer this question through the story of a Babylonian named Dabsir who lived five thousand years ago. A story about a man who was able to achieve financial freedom…
Spending More Than You Earn
But Dabsir was determined. He had the spirit of a free man, and he should be free. After a brief exile in Syria, he fled to Babylon to pay his debts. He had three goals:
Why Do Some People Consistently Spend More Than They Earn?
He became a camel trader and paid his debts and got his freedom.
And this is it. What did you expect? Dabsir who ran to war and became rich with booty? He is a simple slave like us.
The story is long; Nothing has changed in five thousand years. This is both a good thing and a bad thing. Good, because the way out of slavery has not changed either. But it’s bad, because some of us can’t get out of this loop. Fortunately, Dabsir carved some of the steps to financial freedom on clay tablets five thousand years ago and their truth has not changed over the generations.
The alarm that you set for your sleep at 12 am goes off loudly at 7 am. You have to leave your warm bed, eat something and get dressed. Now, leaving your lovely home is even more difficult than all the hassles. Well, you do and suddenly it’s 5 p.m. You need to rest and go back home and prepare for the next day. Very nice, isn’t it? And why? So you can pay your credit card bill in full next month.
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I’ve only been using it for a few days now, but I’m getting answers to questions I’ve never thought of, or problems I face every day at work or at home. I wish I had seen this before, much appreciated! Many experts will tell you that if you want to be rich, you must live below your means. That is, spend less money than you earn. This advice is true whether your annual income is $25,000, $50,000, $100,000, or $1 million. Sounds simple, right?
Of course, if you make $80,000 and have a wife and two children — one of whom is entering college next year — it’s easier to live on less than if you have $30,000 and no dependents. But whether you’re young and just starting out, have a lot of responsibilities on your plate or just received a big bonus or promotion, it may be worth checking your standard of living against your income level.
One of the truths of American life is that we are often told how we can be happier and more successful by spending money on things. Through the Internet, television, signs, magazines, and newspapers, we are bombarded with advertising messages that encourage us to spend money.
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The truth is that people who spend too much feel anxious and miserable, while people who spend too little feel safe and happy. Of course they are. They found out how to get rich slowly.
Of course, if you regularly run out of money before the end of the month, you are living beyond your means. But here are some other signs that you’re spending more than you should:
Cutting out small expenses like lattes, magazines and gym memberships is a common way to cut costs. But if you want to be rich, you need to learn to live less than you have. To do this, you need to verify the necessary expenses for your life.
The biggest expenses for most of us are housing and transportation. Most Americans living within their means do so because they spend too much on both of these things. Other necessities include food, clothing, and health or medical expenses.
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Depending on who you ask, experts recommend that the total cost of a home should require 20% to 25% of your take-home pay or 28% to 33%. on your salary. The total cost of ownership includes not only your mortgage or rent, but also utilities and homeowner’s or renter’s insurance. If you own your home, your total housing costs include property taxes and maintenance and repair costs.
Homeowner’s compensation is needed to cover unexpected expenses, such as plumbing repairs for broken pipes in the winter, as well as certain expenses for maintaining your home. Big ticket maintenance items include a new roof, approximately every 25 years, and painting the house every 5-10 years. Other small expenses are replacing appliances as needed, as well as other house (and yard) maintenance expenses. A maintenance budget of at least 1% of your home’s value, set aside annually, is a reasonable estimate.
You can reduce the cost of owning a car by buying an economy model, buying a car that has been used for at least two years, and keeping the car for at least six years (and preferably eight years or more). Maintaining a used car is often more expensive than buying a new car. I spend about $2,800 a year running my used car (and paying it off). I have no plans to sell it anytime soon. It’s going well and I continue to care.
Some families reduce transportation costs by owning just one car. When they need a second or larger car for special needs, they simply rent a car. There are also less expensive transportation vehicles to consider, such as motor scooters.
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Some cities have good public transportation that is cheaper than owning a car for common trips like walking. Other cities and towns also have walkable areas with good shopping and services that reduce the need for regular driving.
Your ability to travel with little or no car or use alternative or frequent public transport is determined by where you work and live. If you are thinking of changing your situation, also look into your transportation options.
The more cheap products you buy (packaged or prepared foods), the more you spend on food. As much as possible, buy seasonal produce, seconds, portioned or generic foods and store brands. But be careful what you buy in bulk. Buy only what you can use. Five pounds of cheese or a gallon of marinara sauce that goes bad before you use it won’t save you. (Here are more tips on saving money on food.)
For the packaged products you buy (from applesauce to tomato sauce), clip coupons if you have plenty of time to devote to exercise. Better yet, learn to cook from scratch. All you need are basic recipes for soups, stews and stir-fries. Then change the ingredients seasonally or according to what you can buy cheaply
Steps You Can Take To Avoid Credit Card Debt
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