I am sure you have read the news and it is sobering.
Wages are increasing more slowly and actually if our wages did increase, we should count ourselves fortunate.
Some people I know are not seeing any increase in wages.
One of the things we must never take for granted is that wages will always increase year after year.
There will be years when we might not get any increase.
There will be years when we might have to take a pay cut.
What? You have never experienced a pay cut before?
Lucky you.
What could be worse than not getting any wage increase?
Getting a pay cut, of course.
What could be worse than that?
Retrenchment!
What could make that worse?
To see inflation marching on.
That would make everything a double whammy.
What to do? Take on another job?
I guess we would have to do that if we didn't have a choice and if we could get another job.
There would be bills that still need to be paid, wouldn't there?
There would be expenses that could not be avoided.
It could get very depressing but human beings have the tendency to feel invincible when things are going swimmingly their way, never preparing for how things could go wrong.
Of course, if we had money stashed away, it could lessen the pain.
This is why an emergency fund is important.
Having said this, even emergency funds could get depleted.
So, for double protection, we should own assets which consistently generate income.
Indeed, this is something that should benefit all of us who want a secure financial future.
These are topics I have blogged about often enough.
So, here are a few chapters in another "e-book" which you might be interested in reading.
Don't depend on wage increases for higher income:
Chapter One
People who depend on their monthly wages just to get by are wage slaves.
Don't be a wage slave.
See: Freedom from wage slavery.
Chapter Two
We need to put aside a meaningful emergency fund.
This is probably the most basic thing we must do to have a measure of financial security.
See: A meaningful emergency fund is important.
Chapter Three
In order to own income producing assets, we need to have money. How do we have money?
See: The first step to becoming richer.
Chapter Four
We always hear about how we should start investing to grow our wealth as soon as possible.
Starting young would give us more time to grow our wealth.
See: Retiring a millionaire?
Chapter Five
Remember, however, that it is never too late to learn how to invest for income.
The best time to start is always "now".
See: Retirement adequacy for late bloomers.
Chapter Six
It is also important to always have a war chest ready.
In good times, I would never ever be 100% invested. Why?
See: Ready to come out on top from a recession?
Chapter Seven
As we embark on our journey towards greater financial security, try to involve everyone in the family.
Mutual understanding and support will make the journey perhaps more enjoyable and, hopefully, easier.
See: Achieving financial freedom is a family affair.
If you are new to my blog, I hope that this "e-book" has inspired you.
If you are a regular reader, you might want to share this with people you care about, especially people whom you want to journey towards financial freedom together with.