[center]10 WAYS TO BE DEAD BROKE OR STAY POOR[/center][/b]
You can’t be rich without your personal commitment except in your dream

1. [b]SPENDING MORE THAN WHAT YOU EARN: You don’t need any prophet or any university degree in Harvard Business school to tell you that you will die broke when you engage in spending more than what you are earning or making. That is a simple mathematical calculation. Always try and keep your expenses below your income if you don’t want to die broke. If you kick against this principle and spend more than what you earn, you will end up in the canal of poverty. Please if you see yourself in this habit, you need to do something about it before it is too late for you. Remember Pareto law that says “expenses will always rise to meet your income”. You need discipline in this area. Because people tend to spend more than they make, this will need to number two reasons why people die broke

2. BORROWING MONEY NOT TO INVEST BUT TO MEET NEEDS: if you constantly engage in the habit of borrowing most of the time to meet your needs, it is an indication of two things. One, it is either you are spending more than what you earn (you are not discipline enough to put your expenses under control) or you are not making enough money to meet your needs. Please with respect to government worker or civil servant, this is the major reason why most civil servant will die broke. You can cast me for this but this is the truth. Before their present salaries come in, they are already in debt and most of the salary will be used to pay the previous debt. This is the chain that continues for years and if something is not done to this on time, they will die broke. Imagine some people even borrow money to buy clothe. I called this the highest form of madness because there is always what you can buy with what is available in your hands. Some even borrow money to buy phones expensive ones for that matter. If you engage in this habit, if you like go to church and meet your pastor or go to mosque and see your imam to pray for you, you will always die broke. Life is governed by laws and control by it. This lead us to the third step

3. LACK OF BUDGET/ POOR SPENDING HABIT: It is funny how some people spend money at impulse. Anytime they see anything, they just buy. They can’t just control their eyes, appetite and desires. They simply buy at impulse. Let me draw a line here. Some people think because they are high income earners they are license to spend anyhow or they are rich. They are making erroneous mistake. There is different between earning high and being wealthy. Most of the people that earn high end up always broke. They always highly waiting for the salary to come in. They only depend on the salary. But a wealthy man can be classified has someone who have enough money reserve for him and may not need to work again for the rest of his life. You need to sit down and budget your expenses. Prioritize your expenses. Go for what is most important. “Anytime you buy what you don’t need you are cheating from yourself. Budget your expenses below your income. If you are the kind that never think before you spend you may end up your life a dead broke man. Sorry, no matter how much I worth, I never enter restaurant without asking for menus with price attached to it. Don’t let your stomach becomes your bank, I mean your fixed deposit account.

4. SINGLE MEANS OF INCOME: One of my favourites part in the bible is when Jesus asked Peter to cast his NETS into the sea. According to Peter report in the bible, their two nets were filled with fishes and began to break. Meaning Peter engaged in more than a net. If you are having a single form of income, it is time for you to have a rethink. Think outside the box by creating one or two additional means of generating income. Let me ask you, just think about it, if that your present job or work is being challenged financially, how will you cope? Will you result to prayer and begin to bind the devil because that is the first thing most of us do? That is pure waste of time. We fell into problem because we don’t think or we don’t think ahead. Presently, I have more than 10 things I am doing that is generating income. I don’t need to think about generating income. They must keep on coming. Look at Warren Buffet, the guru of business investment and the second richest man in the world always preach diversification and having more than a single income. Look around you and look at any wealthy guy around you if he is not having more than single mean of generating income. Why then will poor man stick to one income?

5. LACK OF SAVINGS: talking about Charles Schwab that made over five hundred million dollar ($500, 000, 000) in his life time said “if you cannot save, the seed of greatness is not in you”. Most of us are guilty of this and this one of the major reasons why people died broke. We often complain that what we are having is not sufficient for us to spend. Let me tell you they will always be insufficient for us to spend whether we save or not. It is simply Pareto that said our expenses will always increase in proportion to our income. The old book, the richest man in Babylon has this to say “Pay yourself first”. If you are not a good saver, you may die broke. I mean dead broke always in need of money all the time. I am writing this for us to avoid this obstacle that make us retire poor in order for us to avoid it before it is too late. It is recommended for us to save at least 10% of our income. If you deep neck in debt and expenses you can start saving 5%. This is the seed for our financial future. No matter how small your present income is, this is what to do if you want to change your future financially. Once you start, it will master you. Do what the poor will not do in order to have what they will not have.

6. ASSOCIATION: some people wonder why association has anything to do with what I am saying. Never underestimate the power of influence. Hear this “if you are the smartest guy in your group I bet you, you need a new group”. If you are running around with nine broke people, I can bet you, you will be the tenth person according to les Brown. There is one proverbs in South West Nigeria that says “a rich man among six poor people means seven poor people.” It is reasonable at least if you don’t want to die broke to at least associate with people that are doing better than you financially. This will stimulate your mind and provoke your ability to do something about your state. But if all your friends are in the same financial peer like you, you will always believe that there is no other side to life rather than one day I know he go better mind set”. If it will be better it must start from you because nothing change around you until something change within you. I want you to do a little analysis about the power of influence or association. Check your five friends that you always hang around with all the time. Your day in day out pals. I bet you, your income will be the same with them or slightly above them. By now, I think someone is thinking of changing friends. LAUGH. It is advisable once in a while to go around nice neighbourhood better than yours to stimulate your mind out of struggle.

7. LACK OF FINANCIAL GOAL: people are dead broke also because people don’t set financial goal in life. They don’t really know how much they want to make. There is no such thing as this year I want to double my income over last year or something like, I want to make extra #50, 000 a month outside my present job. They don’t make commitment to their finances hoping that things will change if they want to change. This principle looks easy but it is one of the reasons why people die broke. When you don’t have a financial goal, there is nothing to stimulate your mind to work on. Broke people don’t have financial goal, they take life as it comes while wealthy people have financial goals. They tend to control their finances. Listen, there is abundance in the universe, destroy all these scarcity mentality. Challenge your mind to be productive. You deserve more in life than you are presently achieving. You are not created to scratch or scavenge on this earth. You are too loaded to die a pauper. Challenge yourself today, set a financial goal for yourself. For instance by December 2015, I want to have this and that in my account and you sit down to analyze ways and means to achieve it. Commit yourself to it daily. Paste this goal where you can see it daily. I bet you, If you don’t achieve this, but you will not be where you used to be.

8. ACQUIRING LIABITITIES INSTEAD OF ASSETS: what is an asset. According to Robert Kiyasoki of rich dad poor dad, asset is simply put as something that put money in your pocket while liability is something that takes away money from your pocket. Most dead broke people are experts in acquiring liabilities rather than an asset. They keep on buying. Before your next purchase you need to ask yourself a very simple questions. One, did I really need this, can it wait. Two, is this a liability or an asset. I love this saying by someone “people borrow money from someone that does not like them to impress people that does not care about them. Take a good inventory of your life and make a lists of all the liabilities you have acquired. This will help you to know where you are going.

9. LACK OF FINANCIAL EDUCATION. One of the reasons most people die broke is lack of financial education. People are not financial literate. See, they will not teach you in school how to handle your financial issues. This is one thing you must learn by yourself and this is why self-study or personal learning comes in. you need to read books written on finances. This will educate you and help your decision making in life. This will help you to stop making the same bad mistake again. Get book like “rich dad poor dad, the millionaire in you, how to think like a millionaire. The very very rich how they got that way, from rag to riches, richest man in Babylon etc. all these books you can get for a token in a bookshop. I have quite and read a lot of them. That is one thing a broke person will not do. Financial what? No way I don’t have time but if you don’t read you will simply die like that. “When you want to hide a thing from a black man, hide it inside a book”. You see, people that have attained financial freedom read a lot of good books. Richard Branson of Virgin Atlantic read a book at 19 years old that changed the course of his life. “Beginning is beautiful. Read financial magazines. Don’t get static be dynamic. Be open to learn why others are making it and while you are struggling. There is something they know that you don’t know. It is not luck but secrets. Get books of proven guys that have made financial fortune. The secrets of men are in their stories. In the audio tape of 25 secrets to wealth creation, the speaker talked about the teachability index as one of the first law to acquire money. If you are broke now, it is an indication that your ideas are not working. This means you need to learn new ways. Be voracious in reading, read everything you can lay your hands concerning wealth creation. Remember that there is no free launch. Don’t just sit down and hope manna will fall from heaven. Even those days manna fell from heaven, it still fell to a place that they need to trek for a day journey. You see even God knows that there is no such thing as something for nothing.

10. LACK OF GIVING. It has been said if you want to stay ahead the poor, you need to give to the poor. Either you are giving to your religion, community or people, you must do this in order not to die broke. This is a law set by God and reward those who abide by it. Most of the excuse of the poor is this, what I am having is not enough while will I part away with the little I have. Please you need to read this book and understand what I am talking about. The greatest salesman in the world by Og madino. It does not need to be much but it is a habit that you must cultivate in order to stay above broke people.
Lastly my people, information without reaction is waste of time. If you find yourself involved in any of these negative habits, please effect a change immediately and I see your life going forward.

Thank You
GOSHEN MENTAL EMPOWERMENT MAGAZINES.
Selfhelp700@gmail.com

Nice write up. Noted

Well said