Most of us earn descent
salaries or wages, but for some inexplicable reasons, we can't seem to have
anything left before our next pay. Instead, we feed from hand to mouth. Some
persons have attributed this problem to the 'little' amount they earn/receive at
the end of the month or on an hourly basis. This is a lie from the pit of hell.
Going broke before the end of the month depends on you, not on the amount you
earn. In fact, there are persons who make so much, yet they can't make much of
it. While some have too much on their hands, others have contributed to their
own problems themselves. Below are 3 main reasons why we are still 'engaged' by
'Mr Broke', and how we can disengage ourselves from his long-standing
engagement:
1. We can't differentiate
our needs from our wants
There’s a huge difference
between a need and a want. If you had visited the corridor of Economics, you would have known this. A need is a very pressing want you can’t survive without. A want, on
the other hand, may not necessarily be pressing, and you can survive without
it.
A lot of us
don’t know this difference, and that’s why we end up spending so much more than
we can afford. As you earn your salary or wage, think about the things you know
you really have to get, go for them, and forget about spending for the
month. This will really save your wallet and help you survive better. Chi-Chi Okonjo has a piece of advice for you and me.
2. We depend so much on a source of income
No matter how
much we earn, we can’t really live on an income. This is because our wants are
never ending, and the more money we have, the more they (our wants) get. So, we
need to keep making that money. It is important we look for an alternative
source of making money. Invest in a business if we have to, and we will never
go broke. The screenshot below is also a perfect solution from Reno Omokri as
regards this factor.
3. We find
it very difficult to save
It is
important to have savings. Anytime we receive our salaries or wages, after
paying our bills, we should save at least 10 to 20% of our salaries or wages.
If you cannot do this, then you have a problem. Your savings helps you stay
afloat when things become unexpectedly unusual. You don’t expect them; they
just happen anyway. Therefore, preparing for them is important.