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Live beneath your means

Lucy Lockhart, Jerseyville

Re: It’s what you keep that counts, (Letter, May 15).

Although it’s been some time since I worked in the financial services field, I really have to question this writers financial reality smarts.

During 18 years working for a major bank and selling life insurance, I saw many different financial situations. Some situations were fixable and some, unfortunately, had to crawl out on their own.

The true, secret strategy in achieving financial success is to, “Live beneath your means.”  No one said it would be easy.

It is true that what you keep counts. I have seen situations where that goal has worked with very little to work with.

However, what do you do when there is nothing leftover to keep? You’re budgeting just to purchase enough groceries to feed not only yourself, but your kids, rent/mortgage, utilities, dentist, etc. What do you do when you are working two or three jobs just to make ends meet? What if you were able to participate in the ideal financial strategy, then your great job is gone?  I could go on and on with the “what ifs.”

I do believe everyone should take steps to better their lives financially, including downsizing their lifestyle if need be and completing an in-depth budget to find out if anything is left over. There are those who are trying very hard and still find themselves with a couple of minimum wage jobs to make ends meet. Everyone’s situation is unique.

I believe the letter-writer should try working for $11 an hour and attempt to accomplish all he recommended for at least six months. And don’t forget to save at least six month’s salary at the same time and find $25 a months so you can start a monthly savings plan.

 


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