Can you remember the last time every single penny left you? Or are you even currently broke? You just didn’t know how the money left. You were like ouch “I am broke” my funds just evaporated in a matter of minutes – as a Methylated Spirit.
You are not the only one in this problem. Here’s the way out. Just don’t mention it again that: “I am broke”.
This isn’t a myth. Here’s how I practiced it and can never permit drainage on my pocket anymore.
If you apply these snackable tricks on how to never be broke again, you’ll begin to live a life of peace, success, financial security, joy and fulfillment being an entrepreneur.
I received several mails complaining “I am broke” and I wouldn’t be able to start investing in myself.
And the mistake is that many of us didn’t go broke to owning assets but rather luxuries, clothes, wears, wristwatches shoes and the likes. Mind you, you will continue to be broke if you maintain these acts.
What’s the advantage of being broke?
What if I tell you that when you get money freely often, it limits your capacity to think as an entrepreneur?
In fact, have I ever told you that one of the main ways to stay out of being broke is to sell out brokenness? You will understand better below. Just stop saying “I am broke”
Grant Cardone, a real estate billionaire once said when he was 35, he was a millionaire but nobody knew he was. According to him, even when it seemed like he was broke, he wasn’t. He was broke and wealthy. You’ll see these details when you start with the guide.
The only way to upgrade your business is to have funds. What if there’s no money?
Before I go into the details, know that the easiest way to exit “I am broke” is to be an entrepreneur who makes money work for him/her, instead of continuing to work for money.
Frequently Remember The Last Time You Wasted Your Money
Wasting funds is natural. It’s what everyone goes through and how you can exit from the set of “I am broke”, is to frequently recall when last you wasted your money.
The pain you emotionally feel, the way you suffered for how you lavished your funds will propel an authority of financial consciousness.
Remember the last time you attended the grocery stores, purchased few items that you don’t need again now. How better you could’ve just used the money in a productive way. That remembrance alone propels you to never be broke again.
Open a Separate Savings Account and Target
Your normal account should be for the inflow and outflow of your income. But a separate account which receives a certain percent from your income as a savings must experience outflow until it reaches your targeted amount.
Hello! When it reaches your amount target, don’t leave your money in bank. Spend the money on what makes you more money for the rest of your life. Leave the set saying “I am broke”
If you open a separate savings account, be sure that you won’t enable withdrawal. If you send into the account any money, don’t withdraw until a certain target amount.
That alone will cause a fear in you to live a simple life conscious of finance. The way you spend money will naturally be affected positively. I’m telling you what happened to me. These happen to you when you save in a separate account:
- You’ll begin to feel smart and bossy when you gradually get short of funds;
- You’ll begin to recall how your money grows to a targeted amount. And the inspiration to maintain the few left on you soars;
- You’ll begin to fantasize on how your dream investment will be when you start with the target;
- You’ll easily take life simple;
- You’ll naturally spy on the research on how to invest and be a better entrepreneur. This alone drives you to meet better business holders and connections. Because you expect the growth to a target.
Do you know it’s now easy to open a savings account online from most banks you can trust with your BVN?
Delay the Time Before You Buy any Liability
Liabilities are suckers. You are most likely not in need of them. Why just not delay the time you buy a liability?
In fact, they are what makes us broke. The number reason why you and I get a liability is “what would people say of me”. And if you follow that mentality of going by people’s judgement on you and I, you won’t leave the category of “I am broke”
For crying out loud, who the hell is concerned on how you spend your money.
Let me tell what a liability is:
- what you buy, but makes you spend more money/taxes on it, e.g. Expensive cars, houses etc…
- What never accrues you money back.
- what you don’t spend money on which loses its worth in a matter of years e.g. Mobile phone, cars, houses, etc…
- what can never appreciate in value.
Nevertheless, I don’t say you shouldn’t buy these things. What I’m saying is that you have to delay the time you buy them. And see if you’ll need”em. It’s a great deal on how to never be broke again.
Just take a look at your room.
Or do you want to tell me you need every things therein?
Before you can be successful especially as an entrepreneur, you need to be familiar with some things like this. Most importantly if you would ever get out from the set of “I am broke”
What if you accumulate the funds of these unnecessary items and rent a house nearby where your customers are more located?
Go for assets rather. Assets are what you save money to invest on that gets you more money.
Your business for instance needs regular upgrade and it will make money work for you if you spend more money on your business.
By that, you will never be broke.
Well, it will be very foolish to save a lot of money and invest on a liability. That’s a poison for the growth of any business.
How would you save $500, 000 to get a car when you have a nice truck that already serves you? What’s the point on having what drains your funds Instead of increasing it?
Liabilities drain your capacity to move forward as an entrepreneur and the only how to never be broke again is to delay the time, think twice and decide on which luxury you shouldn’t buy, because you don’t need’em.
Ask yourself – “will I live a convenient life without this” before you buy anything.
Seriously, I don’t joke with food. I eat a lot because I love food. But I make sure I don’t eat to the extent I’ll waste food. I make sure I go for a very affordable choice of meal that nourishes my health.
Do you know that most times, in eating generally, we go for what costs us a fortune?
You and I spend thousands on food and what the food takes from your health later in the future is worth more than a ten thousand.
I love yogurt a lot. Have you taken a iced one before?
Keep in Mind What Your Financial Role Models Say and Do
Ever wondered why we’re so emotional? You can use the advantage of being emotional to never be broke. And that’s a frequent remembrance of what your financial advisors say.
For instance, if you are the type that has a lot thinking of, you may keep a bookmark of your favorite blog page, or probably save the YouTube video for a reference later…
If you apply this regularly, it sticks to your lifestyle and you will never be broke again.
Do you know why you need to train yourself to remember?
Scientists discovered that humans tend to forget major tips of what is learnt after 10 hours of learning. Unfortunately, it takes up to 10 times of going back and repeating the same learning before the 100% tips stick.
Save From Every Income You Get
You only need a calculator that estimates out the percent you should always save. Well, make sure you don’t save wrongly.
A great “how to never be broke” is to save at least 5% of every income you generate. Do that with a target of an amount which you must invest with or buy a passive cashflow of income with.
It won’t take you more than few pressing to send into your new separate Savings account the savings.
If you save correctly
, apart from the benefit of financial security, when anything happens, it will be a little form of insurance to start over from and you will get you going.
Also, if you have a job, it’s not bad. But be sure to start a side investment that can insure you when you anything happens in your job.
Be 100% Conscious of How You Spend/What You Spend On
Can you give a clean account of how you spent your last set of funds?
You must be conscious of what you always spend money on and how valuable and useful that thing is if you don’t want to be broke. Then, try to draw a sketch of how far you spent or about to spend.
That makes you leverage what or when or how to use your money in a way that won’t hurt you.
Being totally financially conscious permeates through your awareness about how to correctly manage your funds and grow your business. It’s a great deal on how to never be broke again.
Sincerely, apart from the fact that you must help those in need with your money, you must give your time, energy, attention, love, to help others.
You’ll naturally attract wealth if you do this. Meanwhile, ensure you don’t stand in place of God when it comes to giving.
I don’t know. Maybe. This giving of a thing something extraordinary that always makes me have more than I had. I just don’t understand how nature made it a law.
Whenever I give people out of my resources, like time, attention, money, I see a turnaround in my financial life and I find myself up the ladder.
This mustn’t be left out. If you save, invest. As Grant Cardone would say: “it’s not savings. It’s called storage. You don’t spend what you save. But you enjoy what you store at the end of the day”
Well, as I slightly pointed out before, if you save, you need to make a target of when you’ll upgrade your life and invest in an asset with the savings.
Don’t miss this: 7 Insane Reasons Why You Must Start at Least a Small Business Now
Let me repeatedly describe to you what assets are to me.
Assets tofall into these following categories:
• Businesses that do not require my presence I own them, but they are managed or run by other people. If I have to work there, it’s not a business. It becomes my job – like this blog.
• Income-generating real estate
• Notes (IOUs)
• Royalties from intellectual property such as music, scripts, and patents
• Something that has value, produces income or appreciates, and has a ready market. Like your business.
Since I started with financial education principles, I saw the importance of upgrading myself.
“How to stop being broke” is a topic that requires you to go back and rearrange your character in a way that applies these laws. If you don’t want to be broke again you won’t be.
Then, if you don’t upgrade to an asset, you might find it hard to keep up with the other principles.
On “how to stop being broke”, it’s very simple. Just be different from how others think. Make yourself peculiar and approach a better philosophy about money.
Guess what! Many finance advisers will not tell you how to go about
but only tell you what to do
which is believing in yourself, saving a lot, etc.. . But now that you’ve not only seen what to do alone… But also how to
go about it, in Ideaflavour
, it’s your time to shine.
Comment below if you have any other flavour on this how not to be broke again idea.
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Godwin Oluponmile already helped many entrepreneurs achieve financial dreams. He’s a vast entrepreneur under a degree in English and International Relations.
Godwin is a freelancer who found great joy writing about maintaining financial and purposeful living.
He’s a poet, a guitarist, and a public speaker. Consider regular updates from him, following him on Facebook here