The 3 reasons why YOU are always broke


1. You're saving money instead of investing.

Saving money doesn't make anyone rich, in short the only people who get rich from your savings are the banks.

This is why they charge you for pulling money out and also charge you for saving with them.

The right thing to do is invest. When you have little money, invest in yourself. Take courses and programs that will boost your skills, knowledge and mental prowess.

Education never stops.

When you have a lot of money invest in opportunities as well such as cryptocurrency, stocks and bonds.

Real estate is a surefire way to go. But always start with self investment.

2.You buy liabilities instead of assets.

In Ibadan where I stay a lot of people spend money partying. It's the culture.

People spend money on clothes, shoes and different stuff that they don't really need.

To achieve a life of financial freedom some part of your money should be spent on buying assets instead of liabilities.

Assets are what will fund your dreams. Liabilities make you feel good but they do not in any way contribute to your dreams.

Make it a habit to spend more on assets.


3. You have only one source of Income

This is the biggest reason why most people are broke.

They rely on only one source of money and when that source dries up they already in deep problem.

It is said that the average millionaire has about 7 streams of income. While this isn't true for everyone,

Most millionaires will have between 3 to 5.

If you want to have financial freedom, learn to develop other sources of income.

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No. 4.
Even after successfully avoiding the 3 listed there the chase for the next million makes one feel broke.

Money is like climbing a tower with no end in sight. The first day I made 10k many years ago thought i had arrived. Now i make much much more but still chase more like a dog after a b.itch on heat.

You made good points op

True

Always not resisting the urge to spend!!!

Na true

Really

Actually I am guilty of this, I hade saved more contacts than money this year.

Baba God pick my calls... I don hustle Taya, na reward I dey find

Thanks, lesson learnt

Story story!!!

For this present day 9ja, people are managing to save. Now, what you've saved can't even invest. People are living from hands to mouth.

I can only agree with the last two. Aside from experience, I have seen people suffer going for liabilities and having one source of income.

Nice writeup by the way.

My favorite: Invest rather than save your money in the bank.

True talk....

4. You are dating or married to a Yahoo boy's sacrificial lamb.

If you don't get it, then forget.

The young lions do lack and suffer Hunger
But they that seek the lord shall not want any good thing

I really need another source of income, I can't put my hopes on a single job.

On point

You have valid points, but how would someone who earns 15k monthly save not to talk of investing?

Add to the list

Wrong Job

Marrying the wrong person

Sending your kids to schools you can’t afford

This post is for people that has money. I’m out

Opor

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Of all morning, na this morning you decided to let me know of this.
I'm broke ASF. Someone please come to my aid

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scotz101:
The 3 reasons why YOU are always broke


1. You're saving money instead of investing.

Saving money doesn't make anyone rich, in short the only people who get rich from your savings are the banks.

This is why they charge you for pulling money out and also charge you for saving with them.

The right thing to do is invest. When you have little money, invest in yourself. Take courses and programs that will boost your skills, knowledge and mental prowess.

Education never stops.

When you have a lot of money invest in opportunities as well such as cryptocurrency, stocks and bonds.

Real estate is a surefire way to go. But always start with self investment.

2.You buy liabilities instead of assets.

In Ibadan where I stay a lot of people spend money partying. It's the culture.

People spend money on clothes, shoes and different stuff that they don't really need.

To achieve a life of financial freedom some part of your money should be spent on buying assets instead of liabilities.

Assets are what will fund your dreams. Liabilities make you feel good but they do not in any way contribute to your dreams.

Make it a habit to spend more on assets.


3. You have only one source of Income

This is the biggest reason why most people are broke.

They rely on only one source of money and when that source dries up they already in deep problem.

It is said that the average millionaire has about 7 streams of income. While this isn't true for everyone,

Most millionaires will have between 3 to 5.

If you want to have financial freedom, learn to develop other sources of income.

Nice post.

Thanks for sharing.

JABAIDO:
You have valid points, but how would someone who earns 15k monthly save not to talk of investing?

I swear, op thinks everyone earns big chequeen like him.

Very true, especially no. 3