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Top 3 Reasons People Go Broke Before Month End - How To Avoid It - Career - Nairaland

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Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Dpredictor(m): 4:12pm On May 15, 2018
Why do people who make a decent earning go broke? Why do people work so hard and yet come down to nothing just a few days after the months pay? Here are a few reasons and how to reverse this trend for yourself starting today.

[img]https://3.bp./-csSivgueWC8/Wvr3HBN9scI/AAAAAAAAALU/yEAzgNQ_F4c3Q_tVzfoa1vRWRXUX3ByTgCLcBGAs/s320/stop%2Bbeing%2Bbroke.jpg[/img]

1. Inability to Differentiate between Needs & Wants

Yes, you've got to live a good life but the ability to differentiate per time what is a need and want will keep you from carrying an empty pocket and ending in desperation and debt. Needs are those things you cannot do without. For instance because the nature of my work, I cannot do without power and have to spend money on generating power when there is an outage. That is a need.

Wants are those things you'd love to have but do not make any significant difference in your life. For instance, if you have 2 pairs of shoes, getting an extra pair because you have a weekend ball is a want.

Surprisingly, a lot of people focus on their wants and look for means to satisfy the desire for these wants and end up overspending every single month. The result is a dry pocket. Differentiate between your needs and your wants and work hard not to satisfy your needs unless you genuinely have extra left to cater for it.

2. Depending on one source of Income

Creating a passive income is one of the ways to avoid going broke. But many people prefer spending money on several things that won’t put money into their pockets.

I know a business you can start with just 2k, but you need to learn the tactics to make money from it. But people would rather invest in things like partying and buying shoes and all.

One of the reasons why we invest is to prevent a dry pocket. The problem, however, is trying to invest in the overview of a quick turnover. Work at investing a certain percentage of your income every month on a long-term asset or a long-term investment programme that can work for your over time. For instance, investing in real estate every month, little by little is one great investment idea I love personally.

3. Ignoring Savings

It is very difficult to pull money together and takes a great deal of discipline to achieve. It is however very easy to blow it all off in just one moment of spending "madness"

First, work at your savings. Cut your expenses starting from now to allow you save at least 10% of your income every month. Just put it aside and forget it. If you save 10,000 Naira per month, you will have 120,000 Naira in a year, which is better than having nothing. The good news about having a careful savings culture is that after just 6months of doing it, you will begin to feel more confident, have more peace and less anxiety about tomorrow and you will know you have something to fall back on.

Another great advantage is that each time you save some more, you will watch your account grow a little more and this gets you ready for bigger opportunities. For instance, you can decide to buy a house after 5years, become a landlord, earn rent from your property while you still continue to work, save and make more money from property rentals.

Practice these 3 steps on a continual basis and you will gradually discover that you will stop getting broke, live a happier, less stressful life and in time move from a dry pocket to a fat bank account. If you need a passive idea that pays, you can check out this business idea that pays me.

See Source for More

23 Likes

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Dpredictor(m): 4:13pm On May 15, 2018
Who survives with just one source of income in this Buhari era? shocked

lalasticlala

Checkout how I created passive income online and never go broke again.


Click here to see it

10 Likes

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by HOLYDICK(m): 5:24pm On May 15, 2018
No 4. P*ssy maintenance fee
No 5 gambling e.g bet9ja, Nairabet/ virtual betting
No 6. TGIF e.g Shayo

97 Likes 4 Shares

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by arherfish(m): 5:25pm On May 15, 2018
4th reason. Girls girls girls.

12 Likes

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Keywordconcept(m): 5:26pm On May 15, 2018
Nice ideas
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by KehnnyCares(m): 5:26pm On May 15, 2018
Nice write-up. I was a victim of flamboyant lifestyle in 2010-2015, until Buhariconomics taught me how to handle my financial income and live according to my income, gain and level. Today I'm grateful, because the man policy push me to be a better person.

42 Likes 3 Shares

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by babyfaceafrica: 5:26pm On May 15, 2018
Bet9ja virtual

6 Likes 1 Share

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by holard07(m): 5:29pm On May 15, 2018
The main reason is bad economic without pay rise...

1 Like

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Mariinee(f): 5:30pm On May 15, 2018
Dpredictor:
Why do people who make a decent earning go broke? Why do people work so hard and yet come down to nothing just a few days after the months pay? Here are a few reasons and how to reverse this trend for yourself starting today.

[img]https://3.bp./-csSivgueWC8/Wvr3HBN9scI/AAAAAAAAALU/yEAzgNQ_F4c3Q_tVzfoa1vRWRXUX3ByTgCLcBGAs/s320/stop%2Bbeing%2Bbroke.jpg[/img]

1. Inability to Differentiate between Needs & Wants

Yes, you've got to live a good life but the ability to differentiate per time what is a need and want will keep you from carrying an empty pocket and ending in desperation and debt. Needs are those things you cannot do without. For instance because the nature of my work, I cannot do without power and have to spend money on generating power when there is an outage. That is a need.

Wants are those things you'd love to have but do not make any significant difference in your life. For instance, if you have 2 pairs of shoes, getting an extra pair because you have a weekend ball is a want.

Surprisingly, a lot of people focus on their wants and look for means to satisfy the desire for these wants and end up overspending every single month. The result is a dry pocket. Differentiate between your needs and your wants and work hard not to satisfy your needs unless you genuinely have extra left to cater for it.

2. Depending on one source of Income

Creating a passive income is one of the ways to avoid going broke. But many people prefer spending money on several things that won’t put money into their pockets.

I know a business you can start with just 2k, but you need to learn the tactics to make money from it. But people would rather invest in things like partying and buying shoes and all.

One of the reasons why we invest is to prevent a dry pocket. The problem, however, is trying to invest in the overview of a quick turnover. Work at investing a certain percentage of your income every month on a long-term asset or a long-term investment programme that can work for your over time. For instance, investing in real estate every month, little by little is one great investment idea I love personally.

3. Ignoring Savings

It is very difficult to pull money together and takes a great deal of discipline to achieve. It is however very easy to blow it all off in just one moment of spending "madness"

First, work at your savings. Cut your expenses starting from now to allow you save at least 10% of your income every month. Just put it aside and forget it. If you save 10,000 Naira per month, you will have 120,000 Naira in a year, which is better than having nothing. The good news about having a careful savings culture is that after just 6months of doing it, you will begin to feel more confident, have more peace and less anxiety about tomorrow and you will know you have something to fall back on.

Another great advantage is that each time you save some more, you will watch your account grow a little more and this gets you ready for bigger opportunities. For instance, you can decide to buy a house after 5years, become a landlord, earn rent from your property while you still continue to work, save and make more money from property rentals.

Practice these 3 steps on a continual basis and you will gradually discover that you will stop getting broke, live a happier, less stressful life and in time move from a dry pocket to a fat bank account. If you need a passive idea that pays, you can check out this business idea that pays me.

See Source for More
How can I get the book?
You aren't the original author though, are you?
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Talk2david1(m): 5:31pm On May 15, 2018
The only reason people go broke is cus expenses and needs are much more than the monthly income. Every male corper serving especially in the north can understand this.

8 Likes 2 Shares

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Mcanie: 5:31pm On May 15, 2018
4. Meagre salary with bad economy

6 Likes

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by chicoMX(m): 5:32pm On May 15, 2018
.
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by tayo60(f): 5:33pm On May 15, 2018
How much I dey collect wey I wan save from? God help me cry

7 Likes 1 Share

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by rxmusa(m): 5:36pm On May 15, 2018
Thank you so much for these tips. Now I know why I couldn't save and barely survive till month end
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Scarpon(m): 5:39pm On May 15, 2018
tayo60:
How much I dey collect wey I wan save from? God help me cry
gg
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Nobody: 5:39pm On May 15, 2018
Dpredictor:
Why do people who make a decent earning go broke? Why do people work so hard and yet come down to nothing just a few days after the months pay? Here are a few reasons and how to reverse this trend for yourself starting today.

[img]https://3.bp./-csSivgueWC8/Wvr3HBN9scI/AAAAAAAAALU/yEAzgNQ_F4c3Q_tVzfoa1vRWRXUX3ByTgCLcBGAs/s320/stop%2Bbeing%2Bbroke.jpg[/img]

1. Inability to Differentiate between Needs & Wants

Yes, you've got to live a good life but the ability to differentiate per time what is a need and want will keep you from carrying an empty pocket and ending in desperation and debt. Needs are those things you cannot do without. For instance because the nature of my work, I cannot do without power and have to spend money on generating power when there is an outage. That is a need.

Wants are those things you'd love to have but do not make any significant difference in your life. For instance, if you have 2 pairs of shoes, getting an extra pair because you have a weekend ball is a want.

Surprisingly, a lot of people focus on their wants and look for means to satisfy the desire for these wants and end up overspending every single month. The result is a dry pocket. Differentiate between your needs and your wants and work hard not to satisfy your needs unless you genuinely have extra left to cater for it.

2. Depending on one source of Income

Creating a passive income is one of the ways to avoid going broke. But many people prefer spending money on several things that won’t put money into their pockets.

I know a business you can start with just 2k, but you need to learn the tactics to make money from it. But people would rather invest in things like partying and buying shoes and all.

One of the reasons why we invest is to prevent a dry pocket. The problem, however, is trying to invest in the overview of a quick turnover. Work at investing a certain percentage of your income every month on a long-term asset or a long-term investment programme that can work for your over time. For instance, investing in real estate every month, little by little is one great investment idea I love personally.

3. Ignoring Savings

It is very difficult to pull money together and takes a great deal of discipline to achieve. It is however very easy to blow it all off in just one moment of spending "madness"

First, work at your savings. Cut your expenses starting from now to allow you save at least 10% of your income every month. Just put it aside and forget it. If you save 10,000 Naira per month, you will have 120,000 Naira in a year, which is better than having nothing. The good news about having a careful savings culture is that after just 6months of doing it, you will begin to feel more confident, have more peace and less anxiety about tomorrow and you will know you have something to fall back on.

Another great advantage is that each time you save some more, you will watch your account grow a little more and this gets you ready for bigger opportunities. For instance, you can decide to buy a house after 5years, become a landlord, earn rent from your property while you still continue to work, save and make more money from property rentals.

Practice these 3 steps on a continual basis and you will gradually discover that you will stop getting broke, live a happier, less stressful life and in time move from a dry pocket to a fat bank account. If you need a passive idea that pays, you can check out this business idea that pays me.

See Source for More
Stop playing bet9ja virtual..

1 Like

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Silvermoney: 5:42pm On May 15, 2018
The aim shouldn't be to avoid going broke before the month ends. The aim should be to find ways to make more money in one month than you can finish spending in 1 year.

9 Likes

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Esseite: 5:44pm On May 15, 2018
Lol
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by iamharkinwaley: 5:50pm On May 15, 2018
great post OP
This is a very great example of topics we want on FP here, not chioma or Davido......





Like for Ronaldo Share for Messi.

3 Likes 3 Shares

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by ednut1(m): 5:52pm On May 15, 2018
When u use ur salary ontop 2 odds but doomed west brom decided to score at old trafford

13 Likes

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Donniefred(m): 5:56pm On May 15, 2018
HOLYDICK:
No 4. P*ssy maintenance fee
No 5 gambling e.g bet9ja, Nairabet/ virtual betting
No 6. TGIF e.g Shayo



grin cheesy grin

1 Like

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by StarUp(f): 5:56pm On May 15, 2018
Issorite...

2 Likes

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by pedrilo: 5:57pm On May 15, 2018
For me, I go broke because I saved
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Stevenbright(m): 6:07pm On May 15, 2018
tayo60:
How much I dey collect wey I wan save from? God help me cry

Even a (10-20)% monthly savings will amount to something worthwhile in the long run!
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Nobody: 6:08pm On May 15, 2018
People like me that earn 20k nkor...how do we save?

1 Like

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Meetleader: 6:09pm On May 15, 2018
start touching your salary a week to d next pay day..

This works..

3 Likes

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by DaBillionnaire: 6:10pm On May 15, 2018
Dpredictor:
I know a business you can start with just 2k


op, must u sell e-book undecided

1 Like

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