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6 Reasons You Are Broke
Are you working and working and still not getting ahead financially? There might be areas where you spend that cause you stay broke. We have identified six potential reasons.
First, most broke people stay broke because they are often not consistent. Being focused on your goals is important to meet them. If you want to be better at anything you have to be consistent. Saving money is no different. Bottom line is, you can’t expect to get any results if you’re not consistent at what you do. Consistency and success are inseparable.
Second, give up those bad habits and your wallet will be healthier. A pack of cigarettes costs at least $5, you’ll spend more than $2,000 a year on a pack-a-day smoking habit. Plus, each pack comes with health-related costs, according to the American Cancer Society. That’s an extra $12,775 a year if you smoke a pack a day.
Third, manage your alcohol intake. Alcohol, even moderate drinking adds up quickly. Just two glasses of wine a day runs you more than $1,000 a year, and that calculation is based on sipping the cheap stuff at home. And if you throwback a case a beer a week you are also likely drinking your savings away.
And who doesn’t dream about winning the big lottery jackpot? A $10-per-week lottery habit adds up to $500 but if you invested that same amount in an ROTH-IRA with a 7% return, over a decade you could have more than $10,000.
Research says less than 10% of those who are financially successful play the lottery weekly. Because successful people don’t count on luck for their wealth.
Fifth on the list is having long-term thinking. It’s not just about having a “good job.” Your income (job or business) should be thought of in terms of quarters and annuals. Focus on making increases in your income. Consider the creation of a side business or asking for a promotion.
And our sixth reason most of us are broke is that we wear our assets versus investing in appreciative assets. For example, if you inventory your home, we might find thousands of dollars in electronics, clothes, music, jewelry, and other things. Investing the money over purchasing luxury items can increase your savings exponentially.
These are just several down and dirty options to consider if you are trying to reduce your debt load, and increase your savings account.