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What You Can Learn From Being Broke

Consider yourself lucky if you have never felt what it is like to be broke. Simply because you definitely didn’t get to feel the pain of not being able to buy what you need. There are a lot of people who have been broke at least once in their lifetime, and it is always nice to hear their stories since you will definitely learn from them. Being broke is one of the worst situations you could ever be in, especially if you have a family to feed. That is why we have gathered some life lessons from being broke. Hopefully, you learn a thing or two.

“There is a difference between being broke and being poor. Being broke is a temporary economic condition, but being poor is a disabling frame of mind and a depressed condition of your spirit, and you must vow to never, ever be poor again.”John Hope Bryant

DEBTS ARE A CURSE

It is a fact that there are both good and bad debts. Good debts are usually necessary loans such as student loans, car loans, and home loans. They are considered as good debts because they are investments in a way where it will be valuable with long-term income. However, bad debts are the ones that are considered as a curse, simply because these are the debts that are totally unnecessary, such as having too much credit cards, as well as cash advance loans. These things refuse you to grow and will make you stuck on the stage you’re currently at or worse take you down and make you broke because of the interests.

YOU DON’T NEED EVERYTHING

Usually, the ones who go broke are the ones who don’t know the difference between their needs and their wants. To be able to get back on track and make your life better without being broke, it is ideal to avoid impulse buying. If buying particular unnecessary things such a luxury car, a condominium unit, or expensive purses and shoes, makes you happy, then you’re definitely wrong. These things don’t make you happy, it only brings you joy for a short moment of time, but once you’re over them, you’ll realize you don’t actually need them. Most people get these stuff on credit or loan so they could slowly pay for it, and that is such wrong move because as time pass by, you’ll continue paying for something you no longer want.

HAVING YOUR OWN HOUSE IS NOT FOR EVERYONE

There is absolutely nothing wrong with getting your own house, especially if you have a family of your own. However, if you are living by yourself and not planning a family, then it is probably best to rent a place instead of buying it. Owning a house is nice but then again there are things that you have to worry about all the time, such as insurances, fixing things when they get broke, property taxes, yard work and more. Go with whatever do you think will be more convenient for you

BAD HABITS ARE NOT WORTH IT

There are people who claim to be too broke, but they still have the money to buy alcohol, cigarettes, or some other type of drug. If you’re broke, it is time for you to give up these extremely bad habits because it wouldn’t just destroy your life in general, but also your body. Try to stay healthy just by quitting, you don’t have enough money for your everyday life, what more get admitted to the hospital because of your addiction. If these bad habits are that bad that you simply cannot quit, it is best to go to a rehabilitation center who offers free services.

EMERGENCY FUND IS A MUST

This has got to be the most important lesson every person learned when they were broke at some point in their lives, and that is making sure to save money for emergencies. It doesn’t matter how little you are earning, even at least dollar from it must be saved so that you would have something in case you need it, especially if it is an emergency case.

Which life lesson do you think is the best for you to try? Make sure to share this article with your family and friends to enlighten them up as well. Keep in mind that being broke may so bad, but all you need to do is step up and make your life better because your good choices will definitely help you have a better life

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