Tuesday, 28 February 2017
GIST: 7 Reasons You are broke
I don’t have to be a certified
economist or chartered accountant to
answer this one. Experience has
taught me more than enough
because I know what it is like to be
broke and even I can testify that I
usually am the cause of my woes.
Let’s see how these tips will help you.
1.You make rash decisions. When you
are broke, it is easy to become
desperate and end up always
borrowing to clear previous debts and
settle arising needs. What’s worse is
that most times, you decide to clear
the smaller debts first so the big ones
will keep trailing you like your shadow.
2.You have not learned how to
manage your finances. It would really
come in handy if you read a book or
two on how to manage what you have
got. You don’t have to study like you
are preparing for finals but a little
knowledge would not hurt. So, stop
being lazy and get learning!
3.You don’t pay yourself first! For how
long are financial gurus going to
preach this gospel? Once your
paycheck or turnover comes in, set
aside your ‘salary’ before settling
expenses. This is the first step towards
financial freedom.
4.You lack discipline. Most times, we
allow rising circumstances determine
what we do but I dare say, “Be the
master of your own circumstances”.
We tend to use the money we kept for
one thing for another thing, just
because another ‘need’ arose. A need
that when critically examined could
have to be attended to in another
way.
5.You don’t have a plan. Make a
reasonable monthly budget with
allowance for emergencies then stick
to it and be accountable for every
penny.
6.You don’t invest in yourself. Think of
the long term and consider what will
pay you in the future and avoid get-
rich-quick schemes. They tend to fail.
7.You overspend so learn to sacrifice.
Curled: Ladynaija
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