Reason Why Most People Stay Broke

[Spencer]

When most people complain of going broke and you look at their situation carefully you will find out that they are the root cause of their problems.

1) Living above your means can keep you broke, because you will always have deficits due to over spending, lowering your living costs is the antidote to this.

2) Lack of budgeting can make it hard for you to keep money, due to lack of a budget to direct you on how the money should be spent.

3) Low income is also another factor, no matter how you want to save money, if you're not making enough money, it'll seem like a grind, solution is to try out new stuffs or apply to more jobs that pays good money.

 

[Monster Masterpiece]

I could say 3 is the most well known reason. Because every day you hear that price of water and food and transportation or even services has increased this week or this month while salary increases once a year and if you calculate difference you will find that this increase doesn't cover increase on life expenses that would let people always broke even having a job.

 

[Spencer]

I could say 3 is the most well known reason. Because every day you hear that price of water and food and transportation or even services has increased this week or this month while salary increases once a year and if you calculate difference you will find that this increase doesn't cover increase on life expenses that would let people always broke even having a job.

Yes low income guarantees a low income and if you have a family that is looking up to you to provide it could be a tough racket to scale through savings and establishing a business, I think the best thing to do in this situation is to try and up skill and land a better job that pays good.

Its not easy and also not doable overnight, but with adequate planning it can be done and also achieved, there's no point staying broke if there are ways to improve your situation, take advantage of those skills or certificates to bring in more cash.

 

[eLdavis]

Another reason why a lot of persons go broke today is because they lack any savings and investment plans. They just spend whatever comes their way without any thoughts on making an investment or even saving. No matter how much you earn, it is very important to have a saving habit and to also invest.

 

[Spencer]

Another reason why a lot of persons go broke today is because they lack any savings and investment plans. They just spend whatever comes their way without any thoughts on making an investment or even saving. No matter how much you earn, it is very important to have a saving habit and to also invest.

Yes, savings is very important because without savings you won't be able to have enough to invest, another point I'd like to make is to increase your means of making money, if you're making money from your job only, how can you learn a skill and teach people the same too, how can you start a YouTube channel and scale it?

You'd have to be willing to do a lot of things that brings in money and be in a position where your income surpasses your expenses and you can spend a lot but you also make a lot, and they even themselves out.