According to latest research, money, or lack of it, is the biggest reason for divorces. Amount of money that the couple makes is not important, but finance issues are behind many breakups. Not only couples, but businesses and organizations, irrespective of their size and turnover, are generally prone to financial issues. It is estimated that 4 out of 5 American adults, at some point during their lifetime, have faced serious financial issues.
Most people, even after achieving some financial success in their life, are concerned due to worries and anxiety related to sudden lay-offs, medical expenses or some other financial crisis. Their biggest worry is related to regular expenses and cost of living, including rent or mortgage payments, credit card payments or monthly bills, since most of them live on monthly paychecks.
Most young people, due to lack of financial education and job opportunities, do not have enough money at the beginning of their career. Their spending and saving patterns, credit card debts and car loans are their biggest reasons for money problems.
People nearing retirement, in their fifties, with almost zero savings and rising medical expenses, report the same financial issues. According one survey, 60% families were living comfortably but not lavishly, 25% families were just getting by, and the rest of the families were struggling to make the ends meet. Incorrect financial decisions, single source of income and zero investment were the main reasons for their financial problems, the survey observed.
All these financial issues, faced equally by poor and those in higher income bracket, take toll on families, relationships, and the society. Kids are affected when their parents are depressed and cant spend quality time with them.
No matter whether you are self employed, salaried professional or even a high priced and successful Kelowna personal injury lawyer, managing money wisely and saving it for your future, adopting a good money spending system, and planning for emergencies would go a long way ensuring you financial stability and peace of mind.