Aren’t You Tired of Being Broke? 😓 😞

Not having money is something most of us dread yet can’t seem to avoid. We try as much as possible not to live our lives on the edge only to end up with overwhelming debts. Each year, more and more people are fighting to leave the most destitute living conditions behind.

The FACTS; Nearly 80% of humanity lives on less than $10 a day, about 99% of the world population is either poor or in the middle-class. Thus, a sweeping part of the world wants to escape the rat race they are stuck in. Imagine getting paid every month, yet never have enough money to cover all your expenses.

The COVID-19 pandemic is estimated to push an additional 150 million people into extreme poverty by 2021, depending on the severity of the economic contraction.

“Being broke is a very efficient educational agency.”
Edwin Lefevre

The irony with life is that real learning happens outside the classroom, school neither teaches us about money nor does it prepare us for the complex world out there. Here are some key questions I’d like to pose to us:

1. What is your understanding of money?
2. How good is your relationship with money?
3. What is your attitude towards money and how has it impacted your life?
4. Does money enter your life and immediately leave once you get it?
5. Has money drawn you to a vulnerable position?
6. Has the lack of money ever led you into making some irrational decisions e.g. getting into a get rich scheme?

“Each of us wants to make more money this year, right? But, how many of us will actually end 2021 with more money than the previous years?”

What is MONEY? Money is the expression of worth; money is neither evil nor should it make anyone evil. Money is the equivalent of value, if you need money then you need to begin to provide people with solutions to their problems. Money simply opens options and broadens horizons. What we do with money has a lot to do with our inherent qualities of mind and character.

The DISCONNECT; How we perceive money is more important than our abilities to generate it especially in a context where we are wired against making financially sensible decisions. The problem isn’t per say in our inability to make money but rather in how we spend it. There is a huge divide between what we earn and how we spend.

“The things you own end up owning you”
Tyler Durden

The MONSTER in the room; Our challenges with money have a lot to do with our consumption than earning. No matter how gifted you are at making money, regardless how much you earn, if you have issues with how you spend your money, you will definitely struggle.

The RAT RACE; This is where we are living on the financial edge and constantly broke or lack the means to meet the basics. In this situation, money enters our lives and immediately disappears. The more responsibilities we have, the more tough this predicament gets. Any unexpected eventuality e.g. loss of a job, collapse of a business, health challenges can throw us into a very tragic state.

Conclusion: We cannot be mentally productive while living life on the edge or on the run all the time. We need to get to a point in our lives where panel beating our problems isn’t viable anymore, we must garner the courage and fix our limitations once and for all.

I congratulate you for reading till the end, do drop me a message for actionable advice. Next week I shall be sharing on the Behavioral Finance - Resisting the Ostrich Effect. Catch you then, wishing you a fruitful February.

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