Jul 24, 2022
4 mins read
With the cost of living increasing yearly, Americans are forced to spend more than ever on things like housing, medical costs, and food. In light of this, reducing one’s expenses has become a top priority for many people. Therefore, reducing one’s cost of living is a wise strategy that can go a long way toward significantly improving your life. While it may seem counter-intuitive initially, reducing one’s cost of living directly translates into better financial outcomes. For example, a study conducted earlier this year by the National Bureau of Economic Research found that a reduction in one’s cost of living by 20% resulted in an annual savings of $2,300. In other words, 20% reduced price of living translated into $1,200 saved each year. While this may seem small compared to the amount already spent on average Americans every day, collectively spending $1,200 annually would be enough to reduce our country’s budget deficit by $1 TRILLION!
What is the cost of living in your area?
Cost of living is the average price of the items in your area that would cost you $1 in another location. For example, if your neighborhood has a high cost of living (i.e., it costs more than $1 to live in that area), you may be able to lower your living costs by moving to a lower-cost area. Likewise, if your neighborhood has a low cost of living (i.e., it costs less than $1 to live in that area), you may be able to increase your monthly living expenses by lowering your monthly mortgage payment. In other words, lowering your cost of living in one location and increasing your monthly living expenses in another would be positive developments!
Why Housing Market will become a time bomb to fiat currency
The cost of housing artificially increases due to unlimited demand. That is a problem. There is no incentive to change the practice in the industry that is protected heavily through regulations. The price of a house increase because people mindless believe the value will hold, which is a wrong conclusion about the housing market.
There is no store of value in the house because it does not produce anything rather than its own valuation that benefits to the owner of the house. There is no innovation to push the industry. It is too reliable to builders who lack of incentive to innovate.
The housing market is due to collapse no time only because there are more suckers to buy into the market and spend more money on the house that builders can quickly profit from. The 2008 financial crisis will be more frequent in the future because the industry has not changed its way and housing regulations will likely continue relying on due to the greed of the builders and financial institutions until the entire fiat system goes down with it.
What can you do to reduce costs of living?
A number of things can lower the cost of living at your location. One easy way to do this is to buy a new house. Another easy way to lower the cost of living is to change careers. In other words, there are many ways to lower living costs, and each has its specific application.
Health care costs
Health care is another one of those things that has wide- reach effects. In fact, having a higher health care costs in a location can be a good thing. Why? Well, having health care in your home can reduce the risk of certain diseases. You’re less likely to develop certain diseases if you have good health. For example, high blood pressure can lower blood pressure in people who have high blood sugar. Insulin can help people with type 2 diabetes get better, but it’s not the only thing that helps. Other health-related things like medications, surgery, and surgery-type procedures can lower costs of living.
Many people think of food as a pretty basic expense. However, the latest studies show that people are starting to realize the value of this expense. A growing portion of society is making an effort to eat healthy food. This means that people are trying to eat more fruits, vegetables, and fibers. It also means that they are increasing the amount of healthy fats and proteins in their diet.
How to decrease your cost of living?
There are a number of things you can do to decrease your cost of living. One way to do this is to improve your budget. When you figure out how much you’re actually spending each month, you’ll be able to identify any potential savings and make these happen. Another way to decrease your cost of living is to travel more. There are many benefits to traveling. It can reduce your travel costs. It can improve your health. It can improve your credit. And most importantly, it can improve your quality of life!
However, you will run out of options from moving into the lower-cost area where living costs will eventually catch up and traveling costs will too. Because there is no housing innovation, everyone will go down with fiat.
The cost of living in your area can be a significant factor in your financial well-being. If you can reduce your living costs, you can improve your financial situation and make it easier to borrow money. You can also lower your living costs by buying a new home, moving to a lower cost area, or changing careers. However, fiat system will be no longer able to protect your wealth in the long term and Bitcoin can potential help you out. Your ability to reduce your costs of living can have a significant impact on your financial future.
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Photo by Tierra Mallorca on Unsplash