-- In today’s workforce, 46% of two-parent households have both adults employed full-time—a notable 15% increase since 1970. However, renowned financial strategist Anthony Joseph Amaradio asserts that living on a single income is entirely feasible. “Earning two paychecks while spending only one can be incredibly freeing,” he explains. “This simplifies the process of achieving financial stability.” As the founder of Select Portfolio Management, Inc. and Select Money Management, Inc., Amaradio helps clients structure and oversee their financial plans. He notes that the motivations for adopting a one-income lifestyle differ among families. “Some prioritize eliminating debt and allocate the second paycheck toward paying off creditors,” he observes. “Others focus on bolstering their retirement savings.” Amaradio also highlights couples who dedicate their surplus income to charitable giving, while others adjust their spending habits to better align with their long-term financial goals.
For those who might consider jumping on living on a single income, Anthony Joseph Amaradio advises that discipline is key. He suggests that small changes in spending habits can reap tremendous savings. People may, for example, pay monthly fees for services they no longer use or that could be obtained free of charge. Because Americans spend as much money dining out as they do buying groceries, cooking meals at home instead of frequenting restaurants will slash food expenditures. Choosing different entertainment options, such as borrowing DVDs from the library rather than springing for movie tickets and popcorn, will also save money. Amaradio suggests that creativity can fuel other lifestyle adjustments and conserve cash. Virtually everyone has items stashed around the house that could be repurposed, bartered, or traded, he maintains, thus eliminating the need for additional purchases. Similarly, household expenses that seem set in stone may not be. Amaradio recommends that families review every expenditure and try to negotiate lower rates. Cable television fees and credit card interest rates can be lowered, while shopping for more reasonable auto insurance rates or a health plan that aligns costs with needed services can shave money off of fixed expenses.
When a family moves from dual incomes to a solo salary, Anthony Joseph Amaradio states that communication must be a priority. Tackling a budget as a team and agreeing to make sacrifices in service of a larger goal can bring couples closer together and teach children crucial lessons about the value of money and the importance of cooperation. With proper planning and dedication, Amaradio says that living on a single income is within reach for many families. “It’s simply a matter of making a series of choices that will lead to significant rewards,” he concludes.
In addition to being a wealth management innovator, Anthony Joseph Amaradio is a sought-after presenter who travels the U.S. speaking about advanced market strategies. He and his wife, Carin, are philanthropists and co-authors of the inspirational book, “Faithful with Much: Breaking Down the Barriers to Generous Giving.” The couple assists nonprofit organizations in capacity building and in guiding major donors toward becoming more effective benefactors.
Anthony Joseph Amaradio - Visionary & Strategic Philanthropist: http://anthonyamaradionews.com
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