HOW TO STAY BROKE — [THE MILLENNIALS GUIDE]

If you happen to be in a good place financially then great! This post may not be targeted at you, but feel free to read on and add any useful tips in the comments section below.

This article will touch on the 3 principles that will undoubtedly help millennial’s worldwide along the journey of surviving broke. Its simple, fail to take action on the principles presented — then the chances of you reviving that bank balance are about the odds of winning the big lottery number. If you happen to fall under what hopefully is the majority of readers that want to escape the broke AF lifestyle, the good news is that these principles are far from rocket science and pretty straight forward to apply.

But before we dive in, some stats:

• A recent survey shows that out of 1,639 millennials (ages of 22- 33), 47% devote half of their pay cheques or more to paying off debt.
• 56% of millennials reported living paycheque to paycheque.
• 42% of millennials say that debt is currently their biggest financial concern.
• Even more concerning is the fact that a lot of millennials are pushing back milestones like marriage, having children and buying a home as they struggle to become financially independent.

What is the cause of this you may ask? One could name a few:

• Education (or the lack of with regard to personal finance)
• The economy
• The school system
• The government (Has Brexit even happened yet??)
• University canteens (why the f*ck are they so expensive!?)
• Parents
• Donald Trump (Everything he does seems to be shit so we’ll through him in the mix)

The list could go on…

But in all honesty there is only one reason that should be on that list, and that reason is none other than… yeah you guessed it, Y-O-U! The harsh reality is this — Life owes you nothing. Yes there are external factors beyond our control that can cause hard times & an empty bank account, but it is our reaction to those events that determine life’s outcome. And if you’re fortunate enough to be reading this article before shit hits the fan, then the following 3 principles will have you amply prepared.

Principle 1: Pick Up A F*cking Book & Read

Yes I know, easier said than done and a very daunting task for some. But i’ll be straight with you, if you want to survive broke this must become a top priority. Most of us were taught about basic finance principles from either our parents or the school system, with lessons normally suggesting that if we work hard and save a fraction of our income for a rainy day, things should be ok….

If you’re over the age of 18 and still believe this lie then you probably need to wake up and do so fast! History proves that this way of thinking is outdated, and that new principles need to be learned and adopted. Self education in the form of books, online courses & even Youtube, are excellent ways to for you to invest in yourself & learn effective wealth hacks from those who have actually been on the journey. If parents and the educational system are not teaching you, then I believe it is time to take matters into your own hands.

I recommend books that challenge traditional thinking & inspire action action like: Rich Dad Poor Dad by Robert Kiyosaki, Think & grow Rich by Napoleon Hill & The Richest Man In Babylon by George Samuel Clason to kickstart your self-education (Book or Audio). Its time for us to open up our minds & expectations to inspire change.

Principle 2 — F*ck Liabilities — Purchase Things That Make Money Instead

The sad truth is that we’ve been raised in a system that thrives off us being in debt, and despite stats that show how up to the neck we are in it, many still willingly sign up for more. Our generation has become desensitised to the idea of taking on liabilities ~ This includes that new car you’re looking to finance btw ~ without considering the alternatives of investing in something that can actually MAKE money. And with what seems to be the era of the ‘nothing upfront — fortune to pay later’ organisations, things do not look like they will be slowing down anytime soon — Except for you of course…

A key lesson one must understand is that ‘small holes do sink big ships’. By repeatedly purchasing liabilities, big or small, it will make it increasingly difficult for one to become financially stable, and even more difficult to justify investing in potential money making opportunities. During my transition, I used my initiative and temporarily cut off all unnecessary liabilities such as my car finance, Spotify premium & I even saw myself transfer to the ‘use a friends account’ package on Netflix! (This is not a real thing).

Click here for to take a look at The BAF Guru’s “17 Simple Money Making Ideas”

Principle 3 — Increase Income Without Exchanging Your Time

You have a choice ~ make money your slave or master. Yes it may take a little time for you to learn to delegate its tasks well, and of course it will take some time for money to enjoy working for you, but believe me when I say that money can work 1000000x harder than you could ever work for it. I strongly believe that the words ‘be wise with the small before you are trusted with the great’ should be printed at the top of every payslip of all individuals aged between 16–25. Instead of using the small you have to pay for things that cannot generate more money, why not invest in something that potentially could? People will be surprised with what they can do with just £200 if they only knew how to allocate it efficiently. Believe me, this is more than possible for those willing to take action.

Summary:

1. Read MORE — learn and apply proven finance principles and stick with the few that work best for you.

2. Stop purchasing things that adds to the amount being subtracted from your account & start searching for things than can bring money in!

3. Increase your income without trading your time — Money is the best employee you could ever hire, it even motivates you 😉

I’ll leave you with this:

“We live in a generation where most people will scour through a tip filled with penny’s for a few pieces of Gold, not knowing that the penny’s once amassed are worth far more than what they seek.”

Peace!

~ The BAF Guru ~