3 WAYS TO GO BROKE
Everyone has a dream of becoming rich someday. A lot of Rich Men who later become broke are based on some petty mistakes they made. About 25% of Rich men who have lost their wealth are based on wrong decisions they made.
There are so many ways Rich people get broke no matter how much fortunes they’ve made. There is a saying that money has wings and can fly away if it’s not well taken care of. Polygamy is one of the main reason why some rich men lose their wealth and gets back to zero.
Being broke is a Choice so let’s resist it and take the proper path. Always take advice from successful Entrepreneurs, This can keep you on top always.
Stop taking advice from people who are not successful in business, taking advice from broke people who know nothing about business can make you broke or ruin your business. Broke People always blame others for their woes.
Grant Cardone CEO of Cardone Capital quoted that Broke People Spends Money on Memories whiles Rich People Spends Money on Expansion. Some celebrities made lots of money but lost it all, one example is American Hollywood Star Nicolas Cage.
Nicolas Cage was worth over $25 million but was later declared bankrupt. Wealthy People Spends money on expansion. If you want to achieve something different, you have to do something different. As an entrepreneur start doing what others are not doing.
Start investing in what will bring you fortunes. Poor Handling of money can get you broke. Stop spending on items you don’t need. You should rather start Saving. Invest wisely in businesses that yield money.
Some people borrow money to buy expensive items and later becomes a debt for them. Don’t buy what you can’t afford just to show off. Now there are lots of American Celebrities who made fortunes and are broke today due to lavish lifestyles, buying things they don’t need.
1. ILLICIT DRUGS
Spending money on illicit drugs as Cigarettes, heroin, and marijuana comes with a negative effect on your health. Being addicted to it comes with both a financial burden and health issues. Spending your money on illicit drugs can put you in a tough financial situation.
Calculate how much you spend on these illicit drugs and you will know that it has limited your ability to reach financial freedom.
This means that you spend more than what you make. Overspending can put you under a financial burden. The advice is to always spend within your zone. Lots of People overspend because they actually want to impress others.
Successful people who go broke buy items they don’t need, they buy them because they want to impress others. We buy things we don’t need, with money we don’t have, just to impress people. Don’t try to impress others. Social media is also one of the main reasons to become broke because we buy expensive things to show people that we have.
Social media is also a cause of overspending just to look in the eyes of people that you are rich. Young upcoming entrepreneurs buy something they don’t need which puts them in a tight financial crisis.
Gambling is one of the main reasons why you are broke. Some people think that gambling can make you rich but that is a lie. Do you know that you are a reflection of what you think, if you think poor you will be poor if you think Rich you will be Rich?
Start learning skills that can pay you and make you rich. Gambling is not a skill, it’s a game. Gambling limits the ability to reach financial freedom.