Reasons Why Your Wallet Is Empty.

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    Everyone wants to become a millionaire but there are certain principles and habits one must adopt to avoid being financially broke all the time, such as; saving the money, investing the money and also donating to charity. Often times, people complain about being short on cash when money solving challenges arises.
    And you want to know why you’re always financially broke? Read to find out below.
    Reasons Why You Are Always Financially Broke
    1. Living Above Your Means
    Living above your means will forever keep you financially broke all the time. Although you’ve heard about this countless times and probably sarcastically rolling your eyes right now but think about it for a moment. It’s a known fact that many Nigerians spend more than they make, and have no basic knowledge of the 50/20/30 guideline which depicts three main categories.
    Fixed costs – rent and utilities. It is suggested “that you aim to keep your monthly total no more than 50% of your take-home salary/wages/profit.
    Financial goals – such as saving towards retirement or an emergency fund. experts recommend that you put 20% of your take-home salary/wages/profit towards these contributions.
    Flexible spending – like household foodstuff, entertainment, and hobbies. You should budget no more than 30% towards flexible spending.
    Note: As for entrepreneurs, simply separate your capital investment from profits and then divide your profits into 3 portions (50/20/30).
    2. Relying On One Source Of Income
    No matter how fat your salary/wage/profit is, never rely on one channel of income. Learn the rule of compound interests – a practice the wealthy have followed for decades. Don’t cosy up to tight on that one job, having multiple streams of income allows you to pay off any debt faster and put more money into your investments and retirement.
    3. Wasting valuable time
    Instead of using their free time to engage in self-development or skill acquisition, networking, volunteering, working side jobs or doing side honest businesses, or pursuing some goal that would be rewarding in the future, more than 50% of Nigerians who are always financially broke spend several hours a day watching TV, or spend an hour or more a day using the internet recreationally, especially on holidays and weekends.
    There’s nothing wrong with having leisure times, but experts advise you don’t stay glued to the TV more than an hour a day unless it is work related.

    4. Being Inert on your Ideas

    According to Mark Cuban, “Ideas are worthless until you do something with them.” This is as clear as crystal and financial expert Bruce Cross said you’ll never get rich if you are more of a dreamer who never puts his money where his mouth is. Ask millionaires if you can and they will tell you that they did not just sit around and watch others advance in life. Millionaires take action because they know the ‘universe is enough for everybody.’

    5. Fear and negativity
    Emotions, particularly fear and negativity, are two of the biggest obstacles to overcome if you want to become a millionaire. It doesn’t kill you to go for that which you know will fetch money into your pocket, but due to fear (even shame) and negative speculations your business ideas are sniffled or die a silent death.
    Therefore never be afraid to step out of your comfort zone and take calculated risks. If you fail, you’ll learn from that failure so as not to repeat the same mistakes.
    6. Not seeking Mentorship
    Not many people think that having a mentor – a successful person whom you dot as your role model, can put you on the fast track to wealth accumulation.
    Success mentors do more than simply influence your life in some positive way. They regularly and actively participate in your success by teaching you what to do and what not to do. They share with you valuable life lessons they either learned from their own mentors or from experience.

    7. Not Reading Anymore .

    Reading books is not accrue only to college students or educationists. Education is for everyone no matter the occupation, social status etc… so long you can read. To achieve something, you have to be knowledgeable about it and the only way to do that is to read textbooks, article, newspapers, journals that teaches about the topic.
    The rich are known for wanting to expand their knowledge, stay up-to-date on current events and industry trends, and learn lessons from inspirational figures. Reading at least 30 minutes a day brings in various and opposing perspectives and points of view, motivates you to dream bigger, and inspires you to never give up.
    8. Not Setting Daily Goals
    Most people take too much for granted and one of those is setting goals. Setting daily goals first thing in the morning guides keep you focused and achieving your top priorities. According to experts, each year, 70% of the wealthy pursue at least one major goal, while 3% of those struggling to make ends meet do the same.
    9. Avoiding Routines
    Routine is part of people’s lifestyle because it brings order and eliminates energy draining tasks and decision fatigue. The most successful people in the world are known to stick to a routine. Unfortunately, people who always struggle financially doesn’t have a credible routine to following in other to achieve financial stability.
    It’s not about copying rich people’s routine, but you can craft one that best suit your financial aim or goal, and then stick to it.



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