Pay cheque to pay cheque lifestyle isn’t exclusive to lower income earners or those with few educational qualifications. Having a PhD should – all things being equal – equate to a higher income level, but a higher income level may not stretch to cover increasing costs of living, especially if the holder of the PhD has no savings and relies on credit to cover earning gaps.
If you have a PhD and you are struggling financially, finding ways to break the never-ending pay cheque cycle is vital to achieving long term financial security. While increasing income is one way to break the cycle, not all of us are able to do this. Reducing expenses and eliminating debt are more useful which equates to creating a realistic and robust financial plan.
From the desk of our Risk Manager in London, read on to find out why relying on your PhD will keep you living pay cheque to pay cheque – and how to break the cycle.
This article is a 8 min read.