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Stop Being Broke Now | Real Estate Investing | Blog

Responsibility and sacrifice

Many people think that if they don't have enough money, they are broke. In reality, they have a car, a nice house, a big TV, and good clothes. They just need to correct their way of spending and not buy things they don't really care about.

Be responsible in your spending, and avoid lifestyle traps.

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IDEA EXTRACTED FROM:

Stop Being Broke Now | Real Estate Investing | Blog

Stop Being Broke Now | Real Estate Investing | Blog

https://www.biggerpockets.com/blog/stop-being-broke-right-now

biggerpockets.com

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Key Ideas

You are broke because of you

You are broke because your financial decisions were not the best, in the past.

This not about winning the lottery or landing in a high-paying job. Just by changing your behavior, this situation can be fixed.

How to fix your money problems

Your financial issues are fixable if you:

  • Take your money seriously
  • Stop unnecessary consumerism
  • Stop making and defending your bad decisions.

The broke leading the broke

A majority of people are broke, actually. We are not taking our money seriously, and just living paycheck to paycheck. We are doing it because there are so many like us, around us, doing the same. 

Consumerism

Lifestyle expenses and rampant consumerism, heavily advertised to us, are making us more and more broke, year after year.

We tend to buy expensive things on credit, because we think our lifestyle has to look good no matter how are finances are in reality.

Plug this hole and a majority of the problem is solved.

Responsibility and sacrifice

Many people think that if they don't have enough money, they are broke. In reality, they have a car, a nice house, a big TV, and good clothes. They just need to correct their way of spending and not buy things they don't really care about.

Be responsible in your spending, and avoid lifestyle traps.

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The Investor

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The Big Spender

The Big Spenders like to make social statements by having the latest car, clothes, or phones. They use the money for love and attention and are the main representatives of consumerism.

Advice: Think twice before making a purchase and try to filter the things that you really need from those bought by reflex.

The Ostrich

The Ostrich is someone who would rather bury their heads in the sand than organize their finances. 

Advice: Ostriches should try to take slowly their heads out of the sand. They should try to examine their finances, take a close look at a better saving rate and consider approaching a financial planner.

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The Golden Rules of Personal Finance:

  • Spend less money than you earn;
  • Always plan for the future: you should always look forward beyond the current month;
  • Make your money make more money: invest, start...

Making Your Budget Too Strict

Budget for the life you have. When you’re going through your budget and assigning spending categories, be realistic. 

Don’t tell yourself you’ll never buy a single discretionary i...

Budgeting for a Life You Can’t Afford

This becomes a problem when you’re spending for a life you can’t afford. It puts pressure on your budget and encourages you to live in a paycheck to paycheck cycle.

Assess your financial situation, cut back on your expenses, prioritize your money goals, and then come up with a new spending plan.

Budgeting Without a Purpose

It’s hard to stick to a budget that doesn’t have a goal.

When there isn’t one, your budget becomes an afterthought rather than a spending plan to reach your financial goals.

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