I’ve just heard that more than 750,000 home owners are at risk of defaulting on their mortgages over the next two years.
On top of that, I see that every ten seconds a person who uses pre-paid metres loses electricity or gas due to lack of credit forcing them to buy more or go without.
3.5 million people in 2022 ran out of credit with 19% of those going without gas and/or electricity for 24 hours.
Pre-paid metres were originally bought in around 20 years ago to help people struggling to afford bills after a couple in their 80s died from cold and hunger when they were cut-off over a bill they couldn’t pay… a bill that was around £100.
Two people died for £100!
Pre-paid metres are supposed to help people but it seems that they are actually keeping more and more people in poverty.
The idea is that people pay for what they use. If you can’t afford it, you don’t use.
Maybe energy companies believe that it will force people to manage their usage and money better.
Unfortunately, that isn’t always easy when you are vulnerable or have families.
I get that companies don’t want to be constantly supplying items to people that they are not getting paid for, but it’s not like they are providing handbags or beer.
Energy is a necessity, people need it to keep warm, wash and cook food.
Surely, the idea of pre-paid metres was doomed to fail from the start.
To me, it seems obvious, if a couple can’t afford to pay £100 for a rolling bill, how can they afford to top-up a pre-paid metre?
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The production, collection and delivery of power needs to be paid for, I understand that, but is it right that vulnerable people can be plunged into darkness, unable to stay warm and eat and drink something warm?
For me, the point that most people are missing is that it is far easier to make money when specific conditions are favourable.
I won’t go into Maslow’s Hierarchy of Needs theory too much, but it states that when a person is relatively comfortable, they are able to focus their attention and efforts on better things… like making money.
When a person is cold and hungry, their first priority is to find food and warmth, not go and get their hair done.
When people have no gas or electricity and short on funds, those basic needs can force some to steal or forage for food and burn wood or rubbish to keep warm… speculating on the markets is the last thing they will consider.
When a person is at their lowest and struggling to scrape together enough money to pay the bills, it takes enormous amount of discipline, motivation and effort to come out on top.
It can be done, but it is incredibly hard.
Now, I believe that you are not in a situation that dire… well I hope not!
As a reader of my articles, you should know a thing or two about money management and future proofing.
If the government won’t step in and help people who are struggling to pay for the basics, then the next best thing is to teach people to actively take steps to protect their future.
Maybe this should be taught at school instead of expecting them to do more maths.
Basic arithmetic is vital, but for most of the population, understanding algebra etc, is not.
There are more important life skills – and life truths – that people need to be taught.
One truth I think people need to be taught is to create a least one other income stream that pays your bills.
This income stream ideally wants to be passive, or as passive as possible.
Bills such as gas, water, and electricity should be covered so that should any problems unexpectedly crop up in life, you don’t have to fear having them cut-off and leaving you in a far worse situation.
If you can earn enough to cover rent or mortgage as well, even better. The fear of losing your home is not good either.
Hitting rock bottom may motivate a few to fight back hard and win, but for most people it is simply soul destroying and crippling.
A second passive or semi-passive income is a must.
There are many ways to make money today that you can set up from home for little money, but one of the best is publishing your own eBooks and digital courses.
There is some work involved at the beginning, but you could start this for round £100.
If you only publish eBooks to Amazon Kindle you could possibly start for free.
Yes, there is a little work involved, but once you have the system set in place, have several eBooks published that are selling well, you will be making money passively.
You only need to make the product once and it can then be sold for many years giving you a passive income.
To discover more, click the link below:
Generate Your Own Passive Income
Kind Regards
John Harrison
PS… On today’s This Morning, Philip Schofield and Holly Willoughby were thoroughly disappointed when they asked an economic expert his views and he stated that the people of Britain needed to get used to the current cost-of-living crisis because research shows that it is here to stay for a while.
If there was ever a time when people needed a second passive income they can manage from home, this is it!
Here’s that link again: