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Real life experiences tend to teach the most powerful and lasting lessons.
We were once at a female submission wrestling event and witnessed a beautiful Fem Competitor suffer a head injury that resulted in a concussion. She later felt sick and decided to just tuff it out and not visit a doctor.
That decision seemed very unwise. She bumped her head pretty hard. Why did she not want to see a doctor? We think that you can guess.
She didn’t have medical coverage.
We can’t tell you enough how over the years we have heard stories of famous female submission wrestlers who seem to be making a good living, in fact, we knew of one in particular who was making a great living and yet when she had a medical emergency, she didn’t have medical coverage and had to ask our fan community for help.
This happens over and over.
It’s not just limited to our community.
Part of the solution is when you are making good money, don’t keep spending. Save some of it. In fact, save a lot of it.
Some sobering recent statistics bear this concern out.
According to a September 12, 2016 article in cnbc.com, “Many Americans are not prepared for retirement. In fact, “nearly half of families have no retirement account savings at all,” the Economic Policy Institute (EPI) reported.
Just how much has the average American family saved up? According to the EPI, the mean retirement savings of all families is $95,776.
But that number doesn’t tell the whole story. Since so many families have zero savings and since super-savers can pull up the average, the median savings, or those at the 50th percentile, may be a better gauge. The median for all families in the U.S. is just $5,000, and the median for families with some savings is $60,000.”
On March 11, 2016, the informative site fool.com reported, “Americans sure are good at spending money. In fact, according to a recent study by CardHub, the average household credit card debt is now at its highest level since 2008. Unfortunately, we’re not quite as good at saving money as we are at spending it.
One of the best ways to determine if we’re doing a good job of saving is evaluating our ability to handle unforeseen expenses. And, in this area, we’re failing miserably.
According to a Federal Reserve report, nearly half of Americans couldn’t cover a $400 emergency expense without borrowing the money or selling something. More than half of households have less than one month’s worth of income in a readily available savings account, far from the six-month emergency fund many experts recommend.
Even more alarming is that many people have no savings at all. In fact, almost 30% report having a zero balance, and 62% have less than $1,000 in savings, according to a survey by GOBankingRates.com. An additional 21% report having no savings account whatsoever.”
They then conclude with a very telling summary.
“Many people assume they’ll make the same amount of money in the future, but this is a bad assumption to make. In fact, according to a report by the Pew Charitable Trusts, almost half of households will experience a 25% change in income in any given two-year period, either up or down.”
Boy doesn’t that speak to the nature of the female submission wrestling industry.
It’s time for some independent wisdom.
If you are a female submission wrestler or Session Girl, do you have medical coverage?
How much do you have in savings?
If an emergency came and you lost your income, for how long could you support yourself?
Let’s face it, the only way to have positive answers to those questions is to start saving your money.
We have a visiting writer who will help you with some very practical reasons on why we should immediately start saving money.
4 Reasons Why You Should Start Saving Money
Do you remember the old saying “save for the rainy day”? Can you recall the fable of the ant and the grasshopper we learned when we were young which taught us to save money? Of course, we remember those lessons yet we don’t practice them. It is true that saving money is the greatest secret to building wealth. In order for you to meet financial security and financial freedom, you need to have a good amount of savings. You are lucky if you are part of the rich clans and have huge inheritance from your parents’ wealth. But what if your parents decided to give it all to charities? Then you’re left with nothing. Whether you wanted to become rich or not, you still need to save money.
Here are 4 important reasons why you still need to save money no matter what:
1) Survive financial crises. This is in a form of accident, illness, job loss, failure of a business, or sudden death either you or one of your family members. Whether this is an act of God or act of nature, there are huge financial losses and we need money to survive. We may find a short-term solution to these problems but we might end up having huge sums of debts. Adequate savings will give you peace of mind that you can survive any emergency that comes your way.
2) Improve the life and well-being of your family. They said that money cannot buy happiness, but it can certainly buy things that will uplift our quality of life and our families. Sufficient savings can help us buy a decent house, a car, pay for quality education or to start-up a business. It can also give simple pleasures for your love ones like treating them to vacations or trips. It can also strengthen married life. Most couples argue about lack of money. With enough savings, we can avoid disagreements about finances.
3) Enjoy your retirement. It is not enough that you entrust your future to the government. The pension that you will be getting from your SSS or government benefits and contributions are not enough for your lifetime. Sometimes, you will end up getting small lump sum money from them when you retire due to debts. In this case, you may end up working after the age of 65. What’s worse is that you will become dependent on your children and it will be more difficult if they also have their own families. You will be of less priority when it comes to financial support. To enjoy your life after you retire and live the way you want it, start saving money.
4) Economic development. One of the patriotic reasons why you need to save money not only for yourself but also for others is to have sustainable economic development and financial stability. Many first world countries achieved the best standard of living because of availability of money from people’s savings in the banks. The money provides financing to companies who want to expand their business which promotes economic growth. Thus, more jobs and opportunities will be available for all. Even small savings helps in micro-financing for small-scale businesses and ordinary people start-up their own business to increase income and get them out from poverty. The more you save money, the more you help the country’s economy.
Whether you wanted to become rich or not, you still need to save money. Believe it or not, money makes the world go round. Money is essential for our survival and in this world and age, things are no longer free. To secure your future, you need to save money and start early so you can enjoy its fruits sooner.
Dominic Arceno Haban invites you to visit his website [http://www.financialfreedomphilippines.com] for more valuable information and insights on financial freedom and wealth building.
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Article Source: http://EzineArticles.com/expert/Dominic_Haban/1380840
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