3 reasons you're still broke
Learn how to budget. Get a credit card. Invest early, invest often, you are in it for long term.
Three pieces of advice that permeate the doctrine of conventional money wisdom.
All three pieces of advice that seem smart on the surface, but cause us to focus on the wrong things. And contributing factors for why you're still broke.
Number 1 - You are using budget to try and spend less than you earn
Maybe you think this is a good thing but psychologically a budget is constraining. We're humans; we have free will. We don't like to be held down or held back.
Instead, focus on spending where it matters most and then instead of a budget, every month create a PLAN to spend your money in that way.
It's called a spending plan, and I highly recommend it.
....rather than all the crap you can't afford.
Number 2 - You think money is all about investing
Banks focus here because this is one of the major ways they make money off of you.
But most people don't get rich investing (unless they do it themselves and are HIGHLY skilled).
And almost no one is financially successful or remains that way for long, without good money management.
If you want to be financially successful remember this;
THE 60/30/10 RULE
Sure. At some point, you should start investing.
But if you've got a ton of debt or you're barely scraping by, you're better off focusing on controlling your money, and earning more.
That will get you where you want to go faster than letting the banks invest your money.
Number 3 - You are proud of your credit limits and gold cards, and you use them routinely
Banks control how much credit you have and "give" it to you as a reward.
Banks give you higher credit limits because you're a "good bet" for making them money.
And studies have shown that when you use plastic, you spend more. A way more than those silly reward points ever make up for.
On the other hand, being debt free is one of the biggest releases of stress you will EVER experience.
Once you become debt free, you'll never go back, and you'll never know why you stayed in that hell hole of personal debt for so long.
It's not easy to do, but:
When people stress because of money, they don't talk about it. And because they don't talk about their money problems you can never tell who's hurting and who's not.
When someone you love, is hurting you want to help them right?
Of course, you do.
So click on one of the social buttons off to the left and share this message with them.
And help me...help them...fight back.