Fixed income might sound attractive at first, but it’s only until you have to live on fixed income that you truly understand the meaning of fixed income.
I believe that fixed income has different types but all of the types still have the same pros and cons.
Situations may differ, but the same financial problems are always lurking around the corner and it can be extremely hard to live on a fixed income for some people.
I know all about it since I’ve been living on fixed income as well. However, I was lucky enough to learn a way of creating an online business to support my fixed income.
Down below, you’ll find more about the fixed income, but I’ll also share some advice and even share actionable tips so you can take action today to change your fixed-income lifestyle!
Meaning of Fixed Income
Fixed income is a broad term and yet it applies to so many different situations. In a nutshell, fixed income is one stream of income that doesn’t change every month (not by much).
While this might sound like a super-secure way of life since you know you’ll receive a paycheck once or twice a month – there’s much more to the story.
I am not saying that there are no pros of fixed income. But oftentimes, fixed income has odds kind of stacked against the people at most times.
If you’re about to start living on the fixed income – the last thing I want to do is make you scared. However, you should prepare yourself as it’s not as easy as it might seem.
Down below, I’ll tell you more about the people who live on a fixed income, why do people get to live in fixed income, and what are some of the pros and cons you can expect.
Therefore, keep on reading as you’ll learn more about the meaning of fixed income below, but also how to immediately take action so you can be well-prepared!
Who Lives on Fixed Income and Why?
It’s very common to see retired people living on a fixed income. After all, we all work for a huge part of our life and we contribute to our personal pension fund.
However, other than retirees, there are also people who live on any type of benefit. Most of the time, people who live on a fixed income have very limited opportunities for finding work or increasing their income.
And if you’ve read about me page of this blog – you’d know that it’s my mission to help everyone who lives on a fixed income, just like me.
Even though work and income-increasing opportunities are limited – there are many ways to work on increasing your income with the help of the internet.
After all, we’re living in a very modern age and you should take the opportunity and take advantage of the technology.
Pros and Cons of Living on a Fixed Income
It’s not all that bad about fixed income. There are a couple of pros and they definitely add up.
After all, I believe that fixed income is a really great way to live as long as you have a way to supplement your income.
The biggest advantages of fixed income are regular monthly payments that don’t vary by a lot each month.
That’s a big help, and if you have a second stream of income (as I recommend) – you wouldn’t have to worry about half of the financial things you might be worrying about now.
However, there’s one big downside to fixed income that not many people think about. Can you guess what it is?
The fixed income you receive right now might barely be enough but we all know how inflation works and that it would only get worse in the future.
Unfortunately, not many income types can keep up with the inflation rate. Figuring out your budget, cutting down your expenses, or trying to save as much as possible might be a great quick way to help improve your financial situation in the short-term.
That’s just another good reason to look for ways to supplement your income or even create another source of income that will help you out in the long run.
Are There Ways to Improve the Life on a Fixed Income?
Yes, there are definitely ways to improve your life on the fixed income! How?
It’s not all about finding another job. However, with the help of the internet, you have access to billions of internet users.
Among them, there are companies who are looking for remote workers. If you have a skill or are happy to learn a skill – you could get a remote job you can do from your laptop.
A great place to check out these remote jobs is Dynamite Jobs.
You can also do things on your own and freelance one of your skills. This is the quickest and easiest way to start making money online and start supplementing income.
But my favorite and probably the best way considering the long-term plan is to create your own online business.
Don’t have an idea of how to start or what type of business to start?
I highly recommend you check out a learning platform called Wealthy Affiliate. I am a long-time member and this platform helped me learn more about affiliate marketing and how to create an online business only with the help of the website and social media.
I’ve mentioned Wealthy Affiliate in many of my other posts, and I even have a Wealthy Affiliate review (with video) that you should check out. Or you can go directly to Wealthy Affiliate and check it out for yourself (it’s free to get started!).
Life on a fixed income can definitely come with financial pressure that many might not be able to bear.
However, it all comes down to the cash flow (income streams). We live in a very modern world so you have the ability to change the meaning of fixed income and turn it into a very enjoyable lifestyle.
What is your favorite of cutting expenses or increasing income while living on a fixed income?
I would like to hear what you think of living on a fixed income. You may leave your comments and questions in the section below and I will be happy to respond.
All the best!
Founder/Creator: Living On Lean Means💰