From the course: Personal Finance Tips and Tricks
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How to live on a fixed income
From the course: Personal Finance Tips and Tricks
How to live on a fixed income
- One of the questions we get asked most often by viewers of this course is, how do I make the most of my fixed income? While this is a common question from retirees, there's some great lessons for everyone. Now, fixed income can mean many things, from payments from an annuity to living on Social Security or a pension. The key is that every month, you have a finite level of income. Here's three ways to optimize your fixed income life. It goes without saying that you need a budget, and that your expenses should be less than your income, not break even. You should not spend every dime that you get. This may mean some adjustments to the way you live, and change is never easy, but on a fixed income, with the assumptions that things get easier over time, the sooner you make the necessary adjustments, the better. Life is full of surprises, good and bad. So include a buffer each month, and if you don't have any surprises, great. Put that money aside as savings, and put it to work. Which…
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