If there is one thing I’ve discovered while monitoring my own finances through the years it’s this – the future is friends with worry. It’s inevitable. At some point I will worry about money.
I think many people are right there with me. A recent survey showed that 73% of Americans ranked their finances as the #1 stress in their life. That’s over things you’d think would cause more stress like relationships, career, family, kids and traffic on the freeway.
So what’s to worry about when it comes to money? Well, everything really.
First and foremost, we worry about how to make ends meet. Again, recent studies show that just over 60% of Americans are living paycheck to paycheck. That means they can only make ends meet from one paycheck to the next. That’s no way to live, wondering if you can make it to the next pay stub.
But there are other areas where people worry about money.
We all have things that affect our actions from day to day. Things we’ve done in the past affect us in the present. Things we are doing in the present affect us in the present. And believe it or not, things that we will do in the future affect us in the present even though they haven’t happened yet.
The unfortunate reality is that there is no silver bullet to avoiding an IRS audit. The IRS can choose to investigate and audit anyone they please at any time. Even low-income earners can be subject to an audit if the IRS becomes suspicious.