I Am Broke? – Stop These 10 Mistake

” I am Broke, ” many people tell me this. The first and foremost mistake you people make is why you call yourself ” I am broke “. Listen your words seriously affect everything. So change your words first to change your destiny. Your I am Broke mentality is the reason for being financially broke. You will say what? But it’s true. I was hoping you wouldn’t believe me see the below I am Broke mistakes list.

10. Your so-called “I am broke” Mentality

As I mentioned above, your words seriously affect your whole body and the things around you. When you say “I am broke” you give signals to your mind that you are not capable of doing or achieving anything in your life. So from now onwards you will never say the word “I am broke” okay?

When it comes to making money you can achieve any amount if you work in the right manner. Instead of saying “I am broke” say ” I am capable of creating wealth. ” Now when you say this your mind automatically will be in search of how to create wealth, what are the personal finance things that can help me to grow financially.

9. Show off

Show-off is one of the best ways to make yourself poor. Well, you love to read this na? Why? Listen people seriously don’t care where you live, what you dress, what you drive, what you eat. So stop acting like a kid and act like a mature person. You can’t do this stupidity every time. You need to understand that if you don’t put this show off aside and forget about becoming rich you will always remain broke. Then say to everyone saying “I am broke”.

Bonus tip you will always find yourself small and low at financial numbers when you look at others and compare your lifestyle etc. Because when you make 1000 dollars someone is already making 10,000 dollars a month. When you buy 5 BHK someone already took a Villa near the sea. So how much you can do to show off to how many people? The only thing at the end you will get is disappointment. So better enjoy your life rather than make yourself sad about the things which are seriously not your job.

8. You spend more than you earn

You earn 2,000 dollars and spend 2,500 dollars. Great… I mean well done. What your calculation is too weak than mine. Stop this man. If you are looking to achieve financial freedom at an early age. Or no matter but if you want at least to live your life happily you can’t make this mistake again and again. You need to understand this.

Bonus tip from my side to spend 1 dollar and earn 5 dollars. Seems interesting but it is not easy to follow. Seriously you need to put your soul into working hard to do this. Because when you try to implement this in your life. Let’s say you want to buy a new phone which is costing you 400 dollars so in that case you need to make 2,000 dollars. Are you ready I know not everyone can follow this. But I also know that not everyone is successful because of the choices that they make every time. Like you are doing by always choosing to make an easy decision and struggling your whole life.

7. Poor money decision-making ability

Listen you save every single penny throughout your life. Great genuinely I appreciate your saving skills. But when it comes to any decision related to making a money decision. You make a foolish decision when it comes to making a decision with money you fail. Relatable when you took your new phone, when you planned your sudden vacation, etc list goes I hope you will not repeat this mistake again and again. It’s no use in saving every single penny and you spend in bulk without thinking it’s wrong.

6. You are illiterate

You will say no I graduated from well well-known college. Hold on I am not talking about your academic knowledge. I am talking about finance you are financially illiterate. Yeah, it is true. You need to understand that academic grades do not decide your good bond with money. I heard there are lots of people who had not went 5th grade but they have a good bond with money. When I say good bonding with money it means that you are living a headache-free life where you don’t worry about money okay? I was saying I had seen many people who graduated from well-known universities but still struggling with money.

You will say now what to do? Simple you need to learn more about personal finance, you need to understand how money works, how to do investing, and how to make a budget, if you are looking to become a millionaire you to know how to become a millionaire, investment instruments, the difference between sip vs fd and the list goes on. By understanding all these you can make yourself literate when it comes to finance. Looking to skip you can’t do this otherwise again you say I am broke. So to avoid being broke you need to learn these things without fail. You can’t escape from learning whether you are 20, 30, or 60 or any age group.

5. Acting like a Monkey can put you in danger

Have you all seen monkeys that copy other without understanding or the need to do that? Sometimes or most of the time you also act like a money. Don’t be disappointed by my words. But truth won’t change until you change so change yourself. In the same way, you can’t copy what others are doing what others buying, or which college they are going to, which phone they are taking all these. Don’t make your any decision by seeing what others are doing. You do according to your needs.

4. Ignoring the importance of saving

How can you expect yourself to become rich without saving? You can’t. You need to understand that saving is very important but only saving is very bad. I know the previous sentence was in contrast. Listen you need to understand when you get your salary you need first to save money and only relying on saving is not good for you. So first save and then invest money I hope now you got it.

3. You are not planned with money

You also do this right? Agreeing with me. I am sure you made this mistake. You will say how you are so confident simply if you belong to the “I am broke list” then definitely you make this mistake. If you fail to make a budget you will always find yourself in that I am broke list. Pardon my words but it’s true. Changing my words won’t change your financial numbers it will only change when you take action and when you rectify your mistake.

2. Quick Rich Scheme

Never try to become rich overnight. Trying to become rich overnight will definitely make you poor overnight. Seriously speaking because no successful person you are seeing is rich took decades to become rich. Winning the lottery might be the one way to become rich overnight but that doesn’t mean that you have to work hard for it or you can call yourself successful.

Lastly, I also don’t recommend this way. Because becoming rich overnight is always a lazy person’s choice. I don’t think you are lazy or you are so helpless that you need the help of the lottery.

1. Investing blindly

Listen you do what others are doing you will get what others are getting. Simple long story short in one line. You can’t depend on another person to invest money you need to do your homework before putting money anywhere. Invest smartly not blindly.

I hope you like the post “I am broke” comment below the next topic you are looking to reading. I will be glad to write on your recommended topic if possible.