5 Powerful Strategies to Stop Being Broke

Financial lack
There is no dignity in begging 
Being broke does not occur by accident; it is a product of living in a certain way. It is okay to be broke once in a while, but to consistently find oneself in the state of being broke is abnormal. Something is wrong somewhere that has to be fixed or adjusted.  I have a strong believe that if you can apply the ideas suggested in this post, your chances of being broke will reduce drastically. To stop being broke, try the following strategies:

1.    CHANGE YOUR THINKING:  You started life from dependency to independence. When you were young, you depend solely on what your parents provide for you.  As a child it not a difficult thing to blame your parents for your financial woes  any time you have financial challenges due to the fact that it is their responsibility to take care of you. However, nobody remains a child forever. A time comes in the course of our existence when we move from being a child to being an adult.The thinking that somebody must always be available to solve your financial problem has the likelihood of following you into adulthood. You believe certain persons are responsible for your being broke.For instance, you may blame the government for not creating job, or your parents for not giving you a quality education. If you fail in business, you tend to blame certain factors that are beyond your control. The first step in stopping being broke is by changing this kind of thinking. You have to stop engaging in the blame game, and accept total responsibility for your life. If you must stop being broke, you must accept that you are responsible for your being broke. Stop expecting factors outside your control such as uncles, aunties, parents, government, good luck etc to bail you out of your financial predicament. When you put too much hope in these things, and your expectation is cut short, where you will find yourself is the state of depression and frustration, and you will ultimately become sad. When you accept total responsibility for your financial situation, you will find yourself in the position of power where you can take action that will help you turn the table in your favour, and if otherwise, then be ready to remain where you have always being.  Without accepting personal responsibility for your financial situation, every other step in this list will definitely be difficult to carry out, but if you can achieve this first step, then you are on the path of liberating yourself from being broke.

2.    HAVE MULTIPLE STREAMS OF INCOME: Some people find themselves in the state of being broke because they don’t have sustainable source of income. If what you do for a living does not guarantee you steady income to meet your needs, then you will likely be broke at one point or the other. Also when you depend solely on one source of income as a means of solving your financially problem, you will likely find yourself in the state of being broke when that one stream of income fails. To avoid this, first you have to make sure that what you do to make money is viable enough to give you steady income, and second try as much as possible to create other streams of income which will serve as a back up when one stream fails. If you are a business person, what other business opportunities in the area of your business can you harness to generate more income? No matter what you do for a living, you can create other streams of income. If you don’t have the needed skill, go for the training. The big question is what else can you do to make money beside your current source of income?

   Also read: Money or Job: Which of the Two Do You Really Need?

3.    LIVE BELOW YOUR MEANS: it has been said that “it is not how much you make but how much you keep that determines your financial future.”  This list will not be complete without adding this point. So many persons found themselves in the state of being broke not because they are not making enough money but they have refused to learn how to spend wisely. No matter how much you earn, if you are of the habit of not living below your means, you will always be broke. You have to learn to adjust your lifestyle and spending to the kind of income you earn in such a way that you will always have some savings to meet emergency. If you spend all your money as they come, then you will never be free from being broke.

4.    PLAN YOUR EXPENDITURE IN ADVANCE: To stop being broke, you need to live your life like an economist. Back in my secondary school days, I learned in economics what is called scale of preference. A scale of preference is a list which shows your needs according to their importance. It is a fact that human wants are unlimited, so as result, there is the need to always make a list of your most important needs according to their importance. When you have this list, you will be able to spend your money on things that will bring more value to your life at certain time and not just spending money on unnecessary things. Planning your spending in advance will prevent you from the trap of impulse buying. You are expected to spend money on what you need and not what you want.

5.    DON’T COUNT YOUR EGGS BEFORE THEY ARE HATCHED: Sometimes you will be expecting certain amount of money to be paid to you, such money maybe gift, salary or wages. No matter what, it is wise not to place 100% hope on any money you are expecting, because there is the likelihood of not getting the money as at when expected. There are cases where employers refuse to pay their employee for months without prior notice. I am also sure that at one point or other, someone has promised to give you money and fail to fulfill his promise as at when due. So to put 100% hope on such money is to set yourself up for being broke. Even when you are expecting money, you need to plan your finances in way that ensure that there is left over cash to cope in case your expectation fails.

             I am of the opinion that if you can act on the five points discussed in this post, you will always have cash with you to meet your financial needs.

                  Also Read: 6 Strong Reasons Why People Remain Poor