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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 youngwarrior(m): 3:56pm On May 31, 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

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Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by youngwarrior(m): 3:57pm On May 31, 2018
if you do not device a means to earn while you sleep, you will work until you die. -buffet.


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No hard feelings...just trying to correct you.


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Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Nobody: 4:07pm On Jun 01, 2018
Gaskiya

1 Like

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by IMASTEX: 4:08pm On Jun 01, 2018
youngwarrior:
if you do not device a means to earn while you sleep, you will work until you die. -buffet.
Fact
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Vyntra(m): 4:11pm On Jun 01, 2018
we ve heard(2nd time I am seeing this on Fp)

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Ruhamah23(m): 4:11pm On Jun 01, 2018
Why did u ask us to see source for more, When in actual fact there is no more

1 Like

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by youngwarrior(m): 4:13pm On Jun 01, 2018
IMASTEX:
Okay

space booker how far wink?
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by youngwarrior(m): 4:15pm On Jun 01, 2018
Sulemanial:
Gaskiya

kai mallam ya labari?
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by youngwarrior(m): 4:18pm On Jun 01, 2018
Ruhamah23:
Why did u ask us to see source for more, When in actual fact there is no more

by more, i mean to get started with something that will help you avoid being broke.
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Pcstradamus(m): 4:24pm On Jun 01, 2018
Guy man, hope its not bet9ja u have in mind?
LosVikingos:
I know of a business you can start now and earn straight away.

1 Like

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by youngwarrior(m): 4:24pm On Jun 01, 2018
Doerstech:
It's normally 1) and 2).....But if you have (2), it will cover (1)..........

Not just because of Buhari TIME, But any man with responsibility shouldn't depend on one source of income we should all have other things coming in regularly especially with internet at our disposal

you have said it all.
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by moscobabs(m): 4:26pm On Jun 01, 2018
U want save from what is not enough?

3 Likes 1 Share

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by LosVikingos: 4:27pm On Jun 01, 2018
Pcstradamus:
Guy man, hope its not bet9ja u have in mind?

Check it out for yourself through the link embedded, you can make it through without a good writing skill, shoot me a pm for more info
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by dmbb: 4:44pm On Jun 01, 2018
Mugu
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Ade3000yrs(m): 4:46pm On Jun 01, 2018
Hmm
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Nobody: 5:22pm On Jun 01, 2018
And it made front page... Mods and op, if youths do not have jobs or any MEANINGFUL source of livelihood, what will they save

1 Like

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Ugosample(m): 5:23pm On Jun 01, 2018
This is generic
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by iamleumas: 5:37pm On Jun 01, 2018
dd
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by khalazi: 5:55pm On Jun 01, 2018
E de work for you na im you de find 2k abi?

1 Like

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by IMASTEX: 6:15pm On Jun 01, 2018
youngwarrior:


space booker how far wink?
Mentioner I dey
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by BIXYBABE(f): 6:37pm On Jun 01, 2018
This guy again
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by honestivo(m): 6:38pm On Jun 01, 2018
op you're on point
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by ImaIma1(f): 6:47pm On Jun 01, 2018
Ruhamah23:
Why did u ask us to see source for more, When in actual fact there is no more


I noticed it is always a trick when they say you should see link for more pictures, etc. There is usually nothing more. Just play on words..

1 Like

Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by mystifyer: 7:57pm On Jun 01, 2018
The smart ones save to re-invest... Contact me for the best saving plans. we got you covered.
Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by Funibk: 10:38pm On Jun 01, 2018
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Re: Top 3 Reasons People Go Broke Before Month End - How To Avoid It by frostland(m): 12:16pm On Jun 02, 2018
which business can 1 start with jst 2k

1 Like

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