ECONOMY & CULTURE
February Goal Setting for the Financially Savvy: Set Aside Emergency Savings Every little bit helps! You just never know when you’re going to need to fall back on some squirreled-away cash. It’s more important than ever to set aside money for emergencies like a layoff or a broken heating unit. Many Americans (even those in upper-middle-class households) live paycheck to paycheck, which can cause huge problems for their families if the economy takes a turn for the worse. Experts generally agree that a cash reserve of at least $1,000 is a good place to start, eventually building up to a dedicated emergency fund capable of covering 3–6 months of expenses. Be Cautious about Carrying Credit Card Debt This one’s a no-brainer (even though it’s not always possible to avoid putting expenses on credit). High interest rates make it even more imperative to pay off credit card debt quickly. If you have no choice but to carry credit card debt month to month, try to allocate any additional money toward your balance to pay it down faster. As any economist or financial advisor will tell you, making minimum payments is a recipe for disaster—particularly when interest rates are as high as they are today. Earn Extra Income If you’re telling yourself, “Well, it’s one thing to advise people to have an emergency fund and pay off debt, but I’m barely making ends meet as it is,” you’re not alone—which is why developing an extra stream of income is so important. There are many ways to make money on the side. Sharing Melaleuca is a proven way to help you close the inflation gap and build something that can pay dividends for years to come.
$
Since the pandemic began, upper-middle-class households have saved less than most people who make less than them, with this group’s liabilities growing by 2% alone in 2022’s first quarter.1
Even amid hopes that we’ve reached peak inflation, it’s clear that the upper-middle
class is feeling shortchanged by rising prices. In addition to dealing with earnings not keeping up with the cost of living, even those with higher-paying jobs fear the effects of a looming recession. 1 That said, we’re not sharing these stats to depress your mood. The point is this: if you’re a Melaleuca business builder, don’t be afraid to introduce Melaleuca’s revenue-sharing program to those on your contact list who seem reasonably well off. Households at EVERY income level can benefit from an extra stream of income—especially during times of general financial hardship.
1 J.R. Whalen, “Why the Upper Middle Class is Feeling the Economic Squeeze,” Wall Street Journal , September 1, 2022.
FEBRUARY 2023 | MELALEUCA.COM 39
Made with FlippingBook interactive PDF creator