Why Am I Broke? It’s A Question Many Don’t Ask But Need To
Most often than not, a majority typically reveal how broke they are or how desperately they need a certain amount of cash but never really bother asking an important question: how did I get here?
Becoming wealthy, achieving financial success, and living life on your own terms — are all things that many of us want for ourselves when we think about our futures.
The sad reality is many will never actually realize their dreams of becoming financially successful, not because they can’t but because they are never in the right mindset.
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Many never take time out and look deeply at the question of “why am I broke?”
People behave in ways that don’t promote their financial success, often without even realizing it. They sabotage their financial futures, ensuring that they stay broke.
There is a difference between being broke and poor. Poor means you don’t make enough to cover all of your necessities. Broke means you can cover the essentials but never have enough money to save or pay down debt.
Below is a deeper look into the answer “why I am broke” that many are afraid to ask themselves.
1. You Spend What You Expect To Make
Stop rushing into spending what you don’t have. The reason why you are broke is that you have already spent money you are projecting to earn soon. Be it a raise or someone paying a debt back.
Spend based on what you make right now, not what you think you might make one day soon or worse, believe that you rightly deserve.
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2. You’re Too Cheap!
Do you always buy the cheapest version of whatever it is you need? Do you sometimes have to buy a second one soon after purchasing the first one because the first one broke? If this is you, you are not saving money by doing this.
Cheap is always expensive. Buy something that will last.
3. You’re Lazy
Being lazy costs money, whether it’s because you don’t want to walk to your bank’s nearest ATM, you don’t feel like cooking, so order out, or don’t like doing laundry, so you call mama fua. Try as much as possible to cut necessary costs by doing what you can by yourself.
4. Your Socializing Is Expensive
Your lifestyle determines whether you’ll have money, save some and invest the rest. Lower your lifestyle if you want to escape brokenness.
We are not saying you shouldn’t eat in a fancy hotel once in a while, don’t just try and do it daily. Cut back a little.
5. You Don’t Make Enough Money
Sometimes there’s no other way around it other than just increasing your income. If you’ve already minimized your living expenses, cut all your frivolous spending, and still can’t make ends meet, then there is only one way to fix that- you need to make more money.
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6. You Have the Wrong Mindset
In today’s society, there’s a lot of emphasis to keep up with others. You’ve probably heard of the phrase “keeping up with the Joneses” and that’s certainly true for many people.
Poor people always try to look wealthy and rich to others while drowning in debt.