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Dumbest Ways To Go Broke

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Written by   16
2 months ago

We make money with the mind of living better so this post is directed to us who are making money no matter how little our earnings may be. There are some mistakes we make that take our little money away real quick.

You must have seen a rich fellow who is unable to pay little bills like before.

We know life happens sometimes but we can't overlook the fact that some rich people are the cause of them going broke again, most of their lifestyle make them loss all their money again.

Being broke is having no money to pay little bills, I will say being broke is being poor again. People who become broke are those who were once said to be rich.

I was able to come up with four dumbest ways people go broke, you can as well share some with us in the comment section. Four ways to go broke are:

Investing in things you don't understand

For the ones who think they're being smart for investing with their earnings, they go ahead to invest in things they have no understanding about. It's like a furniture designer making investment on hospital wares or a doctor investing in farm produce without research or understanding what they're going into.

They may be wise to think of investing but with no understanding, they would lose all that investment money. This is why it's always advised that people venture into what they know best and make the most out of it but you can always learn new ways to make money.

Same goes to those who are investing on crypto, a little understanding goes a long way in saving your money from leaving you when you invest with them. Learn to understand what you're investing into.

Buying things to impress others

One mistake so many people make because they have the money is spending on costly things to impress those around them. Just because you have the money doesn't mean you'll have the latest iPhone, by ilk the biggest house, wear the most expensive clothes and eat out every time... You're calling for being broke.

I heard of a woman who because her husband got a raise in his salary, became hard to talk to, seen among richer women in big meetings wear expensive clothes to impress them. Her husband ran into debt because of her and lost his job after asking for an advance payment... The woman felt ashamed.

You don't have to impress anyone, cut down your expenses and live life in a more simple and happy way. A high income with no desire to impress anyone and having the desire to save and infest will save you a ridiculous amount of money. Spend wisely and contently.

Gambling/Trying to get rich quick

A man won a huge amount of money in a bet he made with his colleague. Out of excitement to win more money, he made another bet with all the money he won and he lost everything in the bet. The man went home so broke than he when he left home with some money in his pocket all because he wanted to get rich quick.

People with such mindset to get rich quick without too much work are always greedy and they mostly lose all they gave in the end except the lucky ones who still end up placing their luck on a bet.

Avoid gambling away your earnings, invest genuinely and make your money work for you. No short cuts to being successful in life, you can only go broke in those short cuts.

Buying things that harm your health

You became rich, started buying junks, cigarettes and drugs, you harm your health, become sick from those harmful things and you start spending on hospital bills... Isn't that so dumb? Of course it is, you decided to go broke using your own money.

People grow bad habits and wrong addiction because they have money to get those things. They grow bad addictions like smoking, drinking, eating out, living out in big hotels where they eat more junks and many other things they so to harm their health.

It isn't wise at all to buy what will make you sick, being rich is also to keep you healthy and not the other way round. Be wise!!!

There are other ways to go broke, share them in the comment section.

All images used were gotten from unsplash

Thanks for reading!!!

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Written by   16
2 months ago
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Gambling and living one's life to impress others has to be the two fastest ways. The effect gambling has on we youths on today is so much that people lose their life savings on it.

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2 months ago

You are very right about that. Gambling stories have never ended well from all I've heard. Impressing others with your lifestyle? So dumb, really

Thanks for stopping by 😊

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2 months ago

I was once a gambler but ever since I realized that it's a very quick way to lose all my money, I stopped it. Gambling is a very bad idea for me. I'll never gamble again

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2 months ago

I'm glad you realized that sooner and will never be involved in it again... Now you'll be more conscious of how you spend your money.

Thanks a lot for stopping by 😊

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2 months ago

There is a simple rule I am raised with. You can only spend what you have! If your wallet is empty, if your account is there's nothing to buy.

So save before you buy. Think twice before you buy. There's a lot you can borrow or trade or people give it away.

All those debts, loans are created by banks who love it if people have debts. The result of it is also inflation, bankruptcy of countries...the financial system.

With no cash it's hard to learn the value of money and what is bought.

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2 months ago