Most people live from paycheck to paycheck and continue to struggle financially even after working for many years. Being broke is an epidemic. It has no language, sex or religious barrier. Different people from all over the world share the common bond of financial struggle, even though grudgingly.
Maybe you have been struggling to stay financially afloat despite the fact that you are making more money but to no avail. Or you’ve just not been able to make enough money to be able to enjoy the finer things in life that you crave.
Whatever the situation, this piece is for you. I do hope that after you are done reading this, you will come away with some ideas that can help you make more money and go on to live the life you have always dreamed of.
So what are some of the reasons why you are always broke despite your efforts and desire to have more money?
#1. You Have the Wrong Job
It all begins with the kind of work you do. Some jobs are just not the right vehicles to make enough money. You may work hard all you want but you will still go nowhere.
If you have that kind of job and cannot see a way out of your predicament, leaving the job may be the best thing you will ever do for your financial health and sanity.Start by learning a skill that can become your side hustle and take it from there.
#2. You Have no High-Selling Skill
I have written on this singular point before. Acquiring or developing a high-paying skill can be your lifesaver. It will put money in your pocket all the time and provide the needed funds to invest in your business or investment vehicle.
Robert Kiyosaki divided income into three categories:
- Earned income
- Portfolio income, and
- Passive income
You should be building an income stream that will keep paying you for life even when you stop working. And that’s passive income. The best strategy is to put a part of your earned income into your passive income vehicle on a continuous basis.
#3. Your Friends Are Always Broke
You may not understand it, but the people you hang around with can seriously affect your balance. If you want to start making more money (and keeping it), you may need to change your circle of influence. You need to begin to relate with people that make the kind of money you want and live the lifestyle you desire.
These days you can hang out with people through their social media pages and follow their lifestyle and work closely through their websites. Seek out people who are making progress and doing things that inspire you and affect many lives out there. Soon you will begin to learn their habits and begin to make necessary changes in your life that will affect your finances positively.
#4. You Spend More Than You Earn
Talking about learning new habits, most of us have the habit of spending everything we earn, and then some. We then wonder why we are always broke. When you leave no money to invest in things that will bring you more money, you will always be broke.
#5. Investing is not Your Thing
Now that we’re on the subject, you need to reconsider your stand on this one. Understand that even if you want to win the lottery, you will still need to invest in the lottery ticket.
In today’s world, investing in assets that will bring you cash flow is an absolute must. Whether it is your own business, stocks, real estate or other investments, you have to choose the one you are most comfortable with and stick to it as a way to get to the promised land of wealth or financial freedom.
Whether it is your own business, stocks, real estate or any other investment, you have to choose the one you are most comfortable with and stick to it as a way to get to the promised land of wealth or financial freedom.