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5 Things You Must Know About Annual Incomes

Right now, the government is concerned about inflation taking over and affecting entirely too much of the economy. I have to say that I agree with the majority of the concerns. Sure, prices are skyrocketing on practically anything you might buy or want to buy. It amazes me how much houses are selling for nowadays. My husband and I certainly aren't rich, nor are we poor, but for us to buy a new house that suits our needs, we'll be spending over $200,000. I'm not sure that with our annual incomes we'll be able to afford a house in that price range. I think it is absolutely ridiculous. Someone is making a fortune, and it isn't me. Our annual incomes only increase when the tiny cost of living raise is given to us by our employers. That cost of living raise doesn't increase our annual incomes enough to keep up with the rising costs of everything else in the world. I suppose that is what the government is trying to eliminate.

I know that I am not in the minority when I say that our household annual income hasn't gone up more than a tad amount each year. Our debt is becoming more and more of a burden and reality. I drive past some of the fancy and large homes in my area and can't help but wonder how people can afford it. I read recently that the main way that people are affording to live like millionaires on an average income, is that they are overextending themselves. Some people are taking advantage of some unconventional loans that are in existence and going into debt that seems unlikely they will ever see the end of. I find it horrible that my family's credit card debt is around $15,000. However, I have discovered that some people who are living lavishly make my debt seem like pocket change. I can't imagine living in that much debt. Yet, some people are surviving quite well when their annual incomes aren't much more than mine is.

A year ago, the government changed the bankruptcy laws. I completely understand why it was necessary but yet, feel horrible for the people who truly could use a fresh start. The reason it was changed was because of people whose annual incomes were lower than what they were spending. They couldn't afford their bills anymore, for obvious reasons, and bankruptcy made most of their debts vanish. To me, that is stealing. Living within your means might not be easy or desirable, but at least you won't be getting yourself in over your head. Figure out your household annual incomes and budget accordingly. At least, attempt to.