When you sit down and turn on your laptop or desktop, you become tense.
Your fingers tremble as you type in your bank's URL and enter your username and password. You flinch because your balances are not as large as you hoped and expected. On the other hand, your credit card balances are larger which makes you sick to your stomach. If you don't pay on time, you'll be hit with higher interest charges and late fees.
As you log out, you sigh.
You feel as if you're never going to have enough money. You have a good job and work hard, but every day you worry. You're afraid you may lose your job and home or be evicted from your apartment. You'll end up in a homeless shelter or living on the streets.
Does this sound like you?
If you're always broke, have you ever sat down and thought about why? Could it be that you don't understand money management? Do you speak self-defeating phrases? Or are you getting something out of it, like pity?
Read on to discover the top seven beliefs keeping you broke and what you can do about it right now. The solutions may be a lot easier than you thought possible.
Why You Are Always Broke
You believe in living beyond your means.
Do you buy the latest fashions, no matter what they cost? Do you think driving an expensive car makes you important or better than the next person? If you're trying to impress others through material items, you may be doing the opposite. Oh sure. They'll accept your gifts. But when you max out your credit cards and go into debt, your so-called friends will move on to someone else.
Solution: Stop living beyond your means! Think about this. When you die, do you think you're going to take all of your possessions with you? You may have it in your will that you're to be buried with this or that. But do you think you'll need a $1,200 set of golf clubs? Think again. It makes more sense to create and stick to a budget. You may discover that you don't need stuff. With the extra money you save, you can travel, learn about a new culture, and make memories instead.
You believe earning money is difficult.
If you were raised with negative beliefs around money, i.e., it's hard to make a living, then you know one reason why you're always broke. The subconscious mind is powerful and absorbs information like a sponge. Unfortunately, your parents, grandparents, teachers, etc. didn't do you any favors by speaking self-defeating words over you.
Solution: You may have to delete your childhood programming. Before you dismiss this as hocus pocus, consider that studies have shown that the subconscious mind is powerful. You are susceptible to picking up memes that are harmful to your financial future. To correct this, get to the root of your beliefs around money through journaling and meditation. Write down what you heard as a child. Maybe your parents said, "Money doesn't grow on trees." Also, consider today's news reports and how much negativity surrounds money. You are free to believe what you want. Why not believe that you can easily earn a living? Sound good? I think so.
You believe it's not spiritual to be rich.
You may have been raised in an environment where money was seen as evil and not spiritual. If this is true, why did and do religious leaders surround themselves with expensive artwork, jewels, and other material items? After all, if money is evil, shouldn't they renounce such things? Furthermore, if you didn't earn a living and have money, how could you contribute to your religious affiliation? It takes money to build a new house of worship.
Solution: Quit believing that it's not spiritual to be rich. You have the right to earn as much money as you want. Only you know what the amount. Whether it's $100,000 or $1,000,000 per year, you can have as much as you want. If you have more than enough money, you may choose to set up scholarships or donate to your favorite nonprofit. Maybe you'll help family. Imagine using money for good and making the world a better place.
You believe you can't learn money management skills.
You may be broke because you think you're not smart enough to handle money. Or you think it's too hard. Plus, if you don't have money, you won't have to learn how to invest it. You also won't need to learn about the various checking and saving accounts your bank offers. You believe it's better to spend all your money, so you don't have to manage it.
Solution: Learn how to manage your money. It's not that hard to learn basic money management skills. For example, if your company offers direct deposit and allows you to split your paycheck between several accounts, do it. Perhaps you'll deposit $100 into a savings account each pay period, with the rest deposited into your checking account. Maybe you'll sign up for the 401(k) plan and take advantage of the dollar-for-dollar match. If you have any questions, speak with the person in charge of the plan and attend all meetings, so you can ask questions. You may consider taking a personal finance class and start reading the business section of your local newspaper. Read financial magazines and newspapers, too.
You believe your family and friends will leave you.
Do you fear that others will leave if you have money? The truth is it may happen. Why? Because people have their own insecurities around money and self-worth - it's common. However, it's not your job to stay broke so you can be like them. Remember, birds of feather usually flock together. But if you're tired of flapping around in an air of brokenness, take steps to fly away. You may not go far at first. But in time, you'll soar to new heights.
Solution: Get over the fact that some people may walk out of your life. Nowhere is it written that the people you meet will be in your life forever. Your family may not even stick around because of job opportunities that take them to other states or countries. Learn to be okay with having others leaving you. It means that you're moving in a different direction that they may not be ready for. Who knows? In a few years, they may join you on Easy Street.
You believe people will feel sorry for you and help you.
What are you getting out of being broke? Do you get sympathy? Do you get to be dependent on others? Do you get out of working? Could it be that you need to learn a life or generational lesson? You must be getting something out of being broke. Otherwise, why would you want to live without money?
Solution: Figure out why you're always broke. Be honest. The only way to move out of the cycle of debt is to acknowledge how and why you keep repeating sabotaging money patterns. Once you figure out why you never seem to have any money, take a step toward financial abundance. Perhaps you'll contact an employment agency. Maybe you'll ask family and friends if they know of any available jobs. Maybe you'll learn a new skill by taking a class [you can find free courses online]. Any positive action you take will benefit you in the short and long run.
You believe the economy is to blame.
Many people believe they're broke because of the economy. But how true is this? Go back to the early 20th century and you'll read countless stories of immigrants coming to America who couldn't speak English but made a good living for themselves and their families. They worked, learned English (while keeping their roots), and became legalized citizens who built successful businesses. It's believed that during the first stock marketing crash in 1929 many millionaires were made. Imagine that. People saw opportunities in the midst of an economic downturn.
Solution: Many people make thousands and yes, even millions of dollars each day. But in order to do this, you need to be ready to embrace your potential. You also have to believe that you can make a great living, whether you work for a company or start your own business. Remember, people can feel your energy. If they sense that you believe you are not worthy of earning money this may be reflected back to you in the form of job loss or low paying jobs. The best thing to do is to quit blaming the economy and start believing that you deserve to be happy, healthy and wealthy.
When Will You Stop Being Broke?
Imagine looking at your bank statements, but this time you have more money than you expected.
Instead of worrying when you receive your bills, you actually look forward to getting them because you know you have the funds to cover your monthly expenses and even the little splurges you make here and there for you and your family and friends.
This happened because you faced your beliefs around being broke. And most importantly, you've done the work, from creating and sticking to a budget to facing your fears around money.
Not only are you saving money each month, but you've hired a financial advisor to help you make wise investments and started taking personal financial classes offered at your local community center or college.
Seem impossible? It's not.
Discover why you're always broke by digging into your and your family's past. Bring to the surface the stories that have kept you in a cycle of debt and poverty and learn from them.
You've got a plan - now all you have to do is take control of your finances and stop being broke.
*Photo credit: Free Images-David Playford