One Salary is not Enough

I have been relying on the same salary for the past five years to cover my expenses, but that has become increasingly difficult. As bills continue to rise, my stagnant income is no longer sufficient. I recently spoke with my HR manager about the current rent prices—$1,500 for an unfurnished one-bedroom apartment and $1,800 for a partially furnished one. After paying rent and bills, I find myself unable to afford groceries. It's clear that one stream of income is not enough to support my financial needs, so I have decided to pursue starting a business. This choice is motivated by the desire for growth and financial stability.

It wasn't my initial choice after school to endure long working hours, returning home exhausted and stressed, only to invest another four hours into my business. I had to weigh the substantial financial commitment required to launch the venture and the lengthy process of turning a profit. However, given that our jobs no longer provide sufficient income to cover basic living expenses, I find myself with no alternative. We have reached a point where the idea of living in my vehicle seems increasingly appealing.

Asking an employer to adjust compensation in response to inflation and the current economic climate was clearly too much. Expecting recognition for my years of dedication through a promotion seemed equally unreasonable. Their focus remains solely on the bottom line, while my grocery bills continue to climb. In response, I decided to take control of my own financial destiny. I established a press-on nail business—a venture that not only alleviates stress after my day job but also allows me to express my creativity. Designing nails and tackling unique requests has proven both fulfilling and challenging. While building a business demands hard work and resilience, the sense of freedom it provides is invaluable if I remain committed and steadfast.

You need a second stream of income because relying solely on corporations may not meet your financial needs. Promotion decisions can take years, and in the meantime, your goals continue to await action. Should you pause your life until they recognize your value? Establishing a small business can offer the additional income you're seeking. While it comes with its own set of challenges and stresses, the rewards of entrepreneurship make it a worthwhile endeavor. By taking control of your financial future, you not only create opportunities for yourself but also pave the way toward achieving your aspirations, at your own pace.