Being broke is one thing every sensible person seeks to avoid because it robs you off the good things of life, your strong will, and sometimes the ones you love. But no matter how much we hate falling into this situation we find out that we often end up in this debacle much more than we expect and that is because we fail to follow the one golden rule called, planning.
So without further ado I’m going to let you in on a few tips that can help stay off the “Broke avenue” all year long.
SET A TARGET
The best way to go broke is to never set a financial target for yourself and this is why a lot of folks go broke often than usual. So if you want to move out of the “Broke avenue” then you’ve got to set a financial target and tailor your spending according to your set plan.
SPEND LESS THAN YOU EARN
A lot of folks want to drive a Ferrari on a Volkswagen salary and this is a NO NO if you want to be financially independent all year long. So make sure you spend according to your pocket and dont try to impress the same people who would laugh at you if you go BROKE.
It is as simple as it looks, SAVE and stop spending like your money is longer than the River Mississippi.
INVEST IN OTHER VENTURES
One mistake a lot of people make is the fact that tend to get too comfortable in a business or job that they fail to explore other means of generating income. So what happens if you get fired? The richest men in the world branch into different business ventures which keeps them at the stop. So if you want to stay financially independent, you’ve got to invest in other business ventures.
REDUCE YOUR DEBT
Some people will owe Mike, Taj, Stephanie and even Uncle Sam at the same time and will keep postponing the day of offsetting these debts till it gets out of hand. But if you don’t know already, having a lot of debts is one of the surest ways of getting broke because every single reasonable income you get will go into servicing the interests of the bills you should have taken care of a longtime ago.
Finally, GET A JOB! because you can’t do all these planning if you dont have a job or have your own business to start with.