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Yahoo
28-07-2025
- Business
- Yahoo
How To Finally Break Out of the Paycheck-to-Paycheck Cycle, According To Lewis Howes
The size of your paycheck isn't necessarily the key to financial stability. Lewis Howes, a personal finance expert and host of The School of Greatness podcast has lived this journey and now he's sharing it with others. He recently uploaded a video to his YouTube channel explaining how to stop living paycheck to paycheck. If you're ready to break this cycle in your own life, keep reading to find out what he had to say. Find Out: Read Next: Overcome 'Victim Mentality' 'I was scared, and I was scarce emotionally, spiritually, mentally, and I was living from that place of financial brokenness and also emotional brokenness and those two things are not a good place to be in,' Howes said. Thankfully, he said something inside him changed and he started to shift away from 'victim mentality' to do something with his life. If this sounds familiar, you can also work to overcome a sense of victim mentality. For example you might set personal and career goals to work toward, start saying no to habits that don't align with your goals, surround yourself with positive people and learn to manage your reactions to situations you can't control. See More: Face Your Fears Howes decided to put his fears in the rearview mirror by tackling them head on. For him, this included learning to work past his fear of speaking on stage by going to Toastmasters on a weekly basis, learning to salsa dance, writing a book, playing Olympic handball and starting his own business. This can feel terrifying, but you have the courage to face your fears. Get started by being kind and patient with yourself, concentrating more on the goal itself than your fear, acknowledging your feelings without immersing yourself in them and focusing on the facts, according to advice from Psychology Today. Expand Your Knowledge 'I started to figure out money eventually,' he said. 'It took a few years, but something clicked inside of me after having mentors teaching me and coaching me where I was just willing to obsess over it.' No one — including Howes — is born with a solid understanding of personal finance. Expanding your knowledge of key concepts like learning to budget, building an emergency fund and eliminating debt can help you build wealth. Create a Richness of Life No longer living paycheck to paycheck is about more than just your bank account balance. Howes said you also need a 'richness of life inside of you, so that you can have the health, the relationships, the purpose, the vision, the career — whatever it is you're working on — and feel abundant, feel peaceful, feel whole, feel like you're home.' Believe in Yourself When you believe you're capable of doing something, you're more likely to show up, manifest and achieve your goals, he said. One of the keys to learning how to believe in yourself is changing your inner voice to a supportive tone. You'll also need to learn to trust yourself by keeping your word, being honest with yourself and following your gut. More From GOBankingRates 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on How To Finally Break Out of the Paycheck-to-Paycheck Cycle, According To Lewis Howes Solve the daily Crossword
Yahoo
31-05-2025
- Business
- Yahoo
Suze Orman's 5 Best Tips for Saving Money Even When Living Paycheck to Paycheck
With around half Americans reportedly living paycheck to paycheck, saving money might seem impossible. But financial guru Suze Orman has some surprisingly doable advice for squeezing savings out of even the tightest budget. Read Next: Learn More: Here are Orman's five best tips for how to save even when living paycheck to paycheck. 'You have to strike the word 'can't' out of your vocabulary,' Orman told CNBC. Instead of saying you can't save, start looking for places where money is slipping through the cracks. That $10 lunch out? It could be going into your retirement account instead. Try This: Think you're too broke to save? Orman said to look closer at your spending. According to she challenges everyone to cut utility bills by 10% (hello, lower electric bill!) and examine those credit card statements. There's usually some 'hidden money' in there you could redirect to savings. Here's a trick that actually works: Have money whisked away before you can spend it. 'You will find that you do not miss it,' Orman explained to CNBC. Even $50 a month adds up — especially if you put it in a Roth IRA, where you can access your contributions if you really need them. Every time you're about to buy something, Orman suggests asking one simple question: 'Is this a want or is this a need?' Medicine and groceries? Needs. That new phone case? Probably a want. Being ruthless about this distinction can free up surprising amounts of cash. While it might seem impossible, Orman insists everyone needs an emergency fund covering eight to 12 months of expenses. Start small — even $20 a week adds up. 'The most important thing is that you have got to live a life below your means, but within your needs,' Orman said. You don't need to make six figures to start saving — you just need to be strategic about it. Start with what you can, automate it and slowly increase your savings as you find more 'hidden money' in your budget. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on Suze Orman's 5 Best Tips for Saving Money Even When Living Paycheck to Paycheck
