The Financial Equation: Why Income is Not the Whole Picture in Debt Solutions
Posted on May 24, 2008 - Filed Under Finance | Leave a Comment
Many people struggling with finances dream about coming into money or boosting their income. The financial equation actually has two parts: what you earn and what you spend. We don’t have as much control over earnings as we do over what we spend, particularly in discretionary areas. In fact, you can dramatically improve your financial situation if you can control your spending patterns.
When you’re in debt, it is easy to buy lottery tickets. That’s because you think that coming into more money will solve your financial problems. In fact, most people struggling with debt will tell you that the thing they need most is more income. But the equation for financial prosperity is actually a little more complicated than that.
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