Today we’ll talk about why people, specifically Americans, live paycheck to paycheck. And why the majority of Americans are broke and how you can prevent it.

One of the facts is that debt levels are growing. Households now have debts that add to their burden, ranging from student loans to credit card debts.

A six-figure salary does not automatically imply financial security, as family debt climbs and living expenditures rise across the country.

The 2020 financial crisis due to corona has only made matters worse. Families of all kinds are currently concerned about making ends meet.

The total household debt in the US rose to an all-time high of $14.15 trillion in the fourth quarter of 2019, according to data from the Federal Reserve Bank of New York.

According to a survey San Jose, California is the worst city to live in if you earn only $100,000 a year. After paying all monthly expenses, you have a $454 shortfall per month.

Consequently, in order to cease being broke, you must do the following:  Number 1: Never spend money that you can’t afford just to impress.

Number 2: Freeze your credit cards in the freezer. According to a study, one of the main causes of financial ruin is excessive credit card spending.

Number 3: Make wise investment decisions. Emotional investment is identical to gambling. We gamble rashly; as a result, we either win large or lose big.

Friends we can't explain everything about this topic here due to the google web stories word limit. So we made a dedicated article on this topic, please check below.