Why People Get Broke Easily
The funniest thing about being broke is the extent to which it is among those who are employed.
Some groups of people who have jobs frequently complain about being broke.
The question is, if you earn something, how do you become broke frequently? It indicates that these people need more knowledge and skill to manage their financial resources effectively.
People always say my salary is not enough. Yes, there will only be enough money with financial knowledge. But have you ever considered how you stayed alive without payment?
Few Suggestions that make you go broke
Show Off And Comparison
Some people are fond of showing off how buoyant they are in their community, workplace, etc. People who value flaunting their money give in to unplanned items of expensive goods, the latest clothing and shoes.
Some will purchase the latest phone, and they will move around with a lot of expensive gadgets.
These purchases are frequently beyond their price range, quickly deplete their funds, and result in significant debt.
Meanwhile, some people have a small income flow but want to prove to the community that they are big and financially buoyant.
Comparing yourself to someone without knowing their source of income could leave you in a difficult financial predicament.
Never spend money you are yet to receive
The major challenge is that most people spend the money they have yet to receive.
Some people expecting money have taken out loans or purchased groceries on credit to repay them when they get the money.
In the end, they might not receive the money they are expecting.
Some people borrow to cover a debt and borrow again to cover another debt until it is no longer possible to keep borrowing.
If you ever find yourself in such a situation, stop borrowing, and adjust your cost of leaving.
One Source Of Income Is Not Enough
No matter how much money you earn in a month, try to build another sustainable source of income.
Having several different sources of income will improve your ability to make ends meet.
Whenever one source of income is down, other sources will help you avoid being broke.
In conclusion, manage your finances prudently. Adjust your cost of living; experiencing a dry season won't hurt you. Live a shallow life, cutting costs until you are financially stable.
Congratulations @actordontee! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 14000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Check out our last posts:
One source of income is indeed not enough, multiple streams of income is key to financial freedom.
That's right bro. How are you doing today bro?
Debts bother me too. I usually wait to spend all of the money I receive until I get paid again. In this manner, I will have additional money from the previous month as a reward when I receive my salary. But because I'm a mom of three kids, I don't always manage to do it))
As an Ecency curator I have approved and upvoted your boost!
Responsibilities are among the reasons why people go broke. But I think by having multiple sources of income, we get closer to making ends meet.
Thank you for the approval, you are amazing !!!
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating to @indiaunited. We share more than 100 % of the curation rewards with the delegators in the form of IUC tokens. HP delegators and IUC token holders also get upto 20% additional vote weight.
Here are some handy links for delegations: 100HP, 250HP, 500HP, 1000HP.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited.
I was talking in a recent article about the care we should take with our finances. Moderation is an essential quality in the life of any investor or person in general.
Managing finances prudently, building alternative sources of income, and being judicious in day-to-day spending are the ways to avoid bankruptcy. We cannot spend more than we have.
The moment will spend more than we have, there will be a problem. You will need to balance up, but unfortunately, some cannot balance up.
That is why it's important to have multiple sources of income and we should be prudent in our spending as you said.
Thank you for this wonderful comment, and nice to meet you.
My pleasure