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How to Deal With Future Income

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There are basically two ways you can deal with income. Which one you choose determines a good chunk of your financial life. 1. Relying on future income for today’s purchases. This usually means buying on some sort of credit, either through loans or credit cards, and usually without the financial emergency backbone to react if income falls or disappears. 2. Relying on past income for today’s purchases. This means saving for purchases before they are made, usually paying cash or a cash equivalent, or utilizing effective debt methods (0% financing, etc.) with the savings to back them up.
Source: http://www.fiscalfizzle.com