SIX IMPORTANT REASONS WHY YOU'RE STILL BROKE
These are some reasons why you aren't financially stable and how to solve these problems.
I believe everyone wants to have a career that they love and can be proud of and also make good money from it. We all want to make a lot of money but most people struggle to achieve this common goal and when this happens, all it does is raise doubts within them.They start questioning why it's happening for others and not for them.
Without further ado, here are 6 reasons why you're still 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.
2. You Buy Liabilities Instead Of Assets
In Lagos where I stay, a lot of people spend money partying. It's the culture. In the clubs, you'll see people spending huge amounts of money on drinks and for what?
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 Hang Out With The Wrong Crowd
As the old saying goes, "Show me your friends and I will tell you the kind of person you are". Quickly, ask yourself, does your circle of friends have any dreams, goals and aspirations? Do they motivate you in any way? If the answer is no, then you are living in bondage.
They say that you become just like the people you spend most time with, so ask yourself if you're comfortable with where you are and if you're not, do something about it.
4. All Talk And No Do
Are you familiar with a process where you have this amazing idea pop into your head, and instead of then proceeding to work on it, you start adding more thoughts onto the idea you already have? At the end of your life, you end up with this incredible idea that you’ve thought through for so many years, but it’s useless because you have no time left to take action on it.
You don't have to start with a perfect idea, just start with an idea and then perfect it through hardwork and consistency.
5. You've Adopted Bad Habits
All that excessive smoking, drinking, watching T.V, and other crap you’ve been doing, isn’t going to have an amazing effect on your life. If you’re going to grow as a person, then some discipline needs to be gained in these areas, in order for you to have strength of body, mind and soul.
Start trying to improve your life by kicking against your bad habits.
6. You Have Only One Source Of Income
This is the biggest reason why most people are broke.
You rely on only one source of money and when that source dries up you find yourself in deep problems and debts.
Most wealthy people have between 3-5 sources of income. If you want financial freedom, you should create multiple sources of income for yourself.
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