Jackson, a heavy-duty mechanic from Canada, called in to "The Ramsey Show" in April and exposed a troubling gap between income and savings. He earns about CA$200,000 a year ($147,000) with no debt, yet admitted, "I get my paychecks, pay my bills and rarely check my balance," adding that it stays between CA$15,000 and CA$25,000.
Personal finance adviser Dave Ramsey warned that unchecked "lifestyle creep" can consume any salary and urged Jackson to give "every dollar an assignment." Meanwhile, an H&R Block Canada survey released in April reported that 85% of Canadians live paycheck-to-paycheck.
