“You have two options in life: stay home, and stay hungry, or go out there, pluck some cashews, and convert them into cash.”
[Michael Bassey Johnson]
Photo credit: www.clevergirlfinance.com
Do you ever wonder why you're broke at the end of the month because you never seem to have any money?
There is a distinction to be made between being broke and being poor. When you say you're poor, it means you don't make enough money to meet all of your needs. Broke refers to a situation in which you can meet your basic needs but never have enough money to save or pay off debt.
Stop asking yourself why you’re broke and start addressing the problems before they make you poor. But, if you’re really curious, here are 3 reasons why you’re broke and what to do to avoid it:
1. You Aren’t Earning Enough:
This may appear to be self-evident, but what are you doing about it? If you’ve already reduced your living expenses, eliminate all unnecessary spending. And if you’re still struggling to make ends meet, there’s only one more solution: you need to earn more money!
You can continue to feel sorry for yourself, but unless you’re willing to live off the grid and make your own shampoo, you’ll need to work harder. There are times when there is no way to avoid it, you can only save a certain amount of money. However, there is no cap on how much money you can earn.
What to do:
If you put in long hours at work but don't feel like you're getting paid fairly, you should request a raise from your boss. If that isn't an option, it may be time to look for a new job that does.
Working long hours at work yet going broke at the end of the month is absurd. Such type of a job wouldn’t give a breathing space for a passive income or a freelancing job.
2. You are Lazy:
I personally despise having to use cash, but there are a few instances where it is required. As a result, I’ll have to go to an ATM to get it. The nearest branch of my bank is three looooong cross-town blocks away, which is a lot of blocks when it’s cold and icy or raining.
I was too lazy to walk three blocks in the rain twice, so I went to the nearest bank and paid $3 each time to withdraw my own money.
It costs money to be lazy, whether you don’t want to walk to your bank’s nearest ATM, don’t feel like cooking but order takeout, or don’t want to do laundry but send it to the cleaners. It still costs money!
What to do:
I understand that some things are inconvenient, but they will not kill you. This type of laziness is a bad mindset to have, and it will work against you when it comes to making sound financial decisions.
I’m now withdrawing more funds. I’m taking out more money at each ATM trip now, so I don’t have to go as often. Perhaps you should try that too. Having a little extra doesn’t mean I’ll spend it more. I still only use it for things that require cash.
Just don’t be lazy, try to cut unnecessary expenses.
3. You Waste Too Much Time:
Even though you might spend a lot of money, feeling poor isn’t always a result of poor money management. It also has something to do with how you use your time. What do you do the majority of your time?
Are you constantly acquiring new knowledge and reading more material? Or are you neglecting your own life while observing how others live theirs? What do you do with your spare time when you’re not working, looking after your kids, or managing your business? How much time do people spend watching TV? How much time do you spend on Facebook, Twitter, and Instagram?
What to do:
Utilizing the time management tools on your social media apps and in your phone’s settings will help you get started managing your time on social media. Start keeping track of how much time you spend on social media each week.
I have four words for you if you find yourself scrolling, commenting, and liking on social media for an excessive amount of time:
Put.The.Device.Down.
Conclusion:
Going broke could sometimes be inevitable but proper planning saves the day even if it eventually happens.
Spend more time reading, taking more classes, attending seminars, listening to motivational podcasts, working out, or meditating instead of spending hours each day on social media.
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