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Daily Tribulations

Updated: Nov 29, 2023

There's not a day that goes by that you don't read about some poor soul or individual facing problems that they never thought would happen to them. The Maui Fire Storm was a perfect example.

Daily Tribulations Impact Our Financial Wellbeing

Life is full of challenges and difficulties that can test our resilience and coping skills. Some of these tribulations are major and life-changing, such as losing a loved one, getting divorced, or facing a health crisis. Others are more common and mundane, such as dealing with traffic, paying bills, or managing work stress. But whether big or small, these tribulations can have a significant impact on our financial wellbeing, affecting our income, expenses, savings, and debts. The effects of tribulation on income One of the most obvious ways that can affect our financial wellbeing is by having our income reduced through no fault of our own. This can happen when we lose our job, get demoted, or must take a pay cut due to economic downturns, poor performance, or personal reasons. Losing income can also happen when we must take time off work to deal with personal or family issues, such as illness, injury, bereavement, or caregiving. Major financial losses or health shocks can take an average of four years to recover from emotionally.

Reduced income can also result from decreased productivity and motivation at work due to stress, anxiety, depression, or burnout. When we are overwhelmed by our problems, we may find it hard to concentrate, make decisions, or perform well at our tasks. We may also lose interest or passion in our work or feel dissatisfied or unhappy with our career choices. These factors can lower our chances of getting promoted, receiving bonuses, or finding better opportunities.

Why having a second income stream can help.

It can help you save more money for your future goals, such as retirement, education, or travel. Saving more money can also give you more financial security and peace of mind in case of emergencies or unexpected expenses.

It can help you reduce your tax burden by diversifying your income. Depending on your tax situation, some types of income may be taxed at lower rates than others or may be exempt from taxation altogether.

It can help you learn new skills or pursue your passions. Having a second income source can allow you to explore your interests and hobbies or develop new abilities that can enhance your career or personal growth. You may also find more satisfaction and happiness from doing something you love or are good at.

It can help you create more opportunities for yourself and others. Having a second income source can open new possibilities for you, such as investing in the stock market, or donating to a cause you care about. You may also be able to inspire or help other people who are looking for ways to earn extra income.

Having more money does not necessarily make us happier, but having too little money can make us unhappy. The optimal income for happiness is around $75,000 per year in the U.S., and beyond that point, money has diminishing returns on life satisfaction. Therefore, it is important to find a balance between spending and saving that meets our basic needs and allows us to enjoy life without compromising our future security.

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