Good Morning 😃
How are you doing?
As we approach the end of September, it’s hard to believe that we have just three months left in the year. I know we all started this year with high hopes and a list of goals we wanted to achieve. For many of us, a significant portion of those goals was tied to our finances. Some have made remarkable progress towards their financial objectives, while others find themselves still struggling.
Let’s face it, 2023 has been a challenging year for many Nigerians, and it’s easy to point fingers at the economy or the government for our financial predicaments. However, the undeniable truth is that even in the face of economic uncertainties and hardships, there are individuals who have not only survived but thrived. The question then becomes, why not you? It absolutely can be you.
If you feel like you’ve exhausted all your efforts and still find yourself in a financially challenging position, I’d like to shed light on five potential reasons why you are likely broke.
- You seem laid back:
Sometimes, the reason you might find yourself in a not-so-great financial situation is simply because, well, you’ve had your lazy moments. We all do, and it’s okay to admit it.
I’m sure you know, that success isn’t a stroll in the park, and it definitely doesn’t fall into the laps of those who prefer to lounge around. We’ve all had those days when the cozy bed seems irresistible, right? But when those moments start to become a routine, when you catch yourself consistently lazing around without taking meaningful action, well, that’s when financial struggles tend to stick around.
So, here’s a question to ponder on: What does success look like to you? If that image isn’t crystal clear in your mind, it might be time to seek inspiration from someone who’s achieved what you are aspiring for. I’m not suggesting you become a copycat, but rather take a close look at their consistent actions and see if you can adapt some of their habits into your own life. After all, if you want to break free from the cycle of being broke, giving up just a few steps away from your breakthrough isn’t an option.
- You Have the Wrong Money Mindset:
Understanding your mindset about money is pivotal to your financial success. In fact, it’s often said that wealth is 80% mindset and only 20% knowledge. Let’s explore this concept further.
Imagine this scenario: You read every book on personal finance, absorb all the knowledge, and yet, deep down, you don’t truly believe that you can attain financial abundance. In such a situation, your knowledge alone won’t magically make you rich.
Your money mindset is like your personal financial compass, guiding your beliefs and actions regarding money and its role in your life. It shapes how you spend, how you approach debt, and how confidently and successfully you invest. When it comes to money mindset, there are two ends of the spectrum: scarcity/lack and wealth/abundance. Most people fall somewhere in between.
If you lean towards a scarcity mindset, you might often feel stressed and anxious about money. It might seem like a finite resource, and you might be hesitant to share or be generous.
Conversely, if you embrace an abundance mindset, you’ll likely approach money with a sense of calm, positivity, and optimism. You’ll recognise that there’s enough to go around, leading you to be more open, sharing, and generous.
One way to gauge your money mindset is to consider the following statements and mark them as either True or False:
- I’m no good with money.
- I always make the wrong money decisions.
- I’m no good with numbers.
- Money can’t buy you love.
- Money makes the world go around.
- Rich people are snobby and shallow.
- Poor people are hardworking and noble.
- There’s a limited supply of money in the world.
By reflecting on these statements and your reactions to them, you can gain valuable insights into your money mindset. It’s a crucial step toward increasing your awareness and taking charge of your financial beliefs and behaviours. Remember, your mindset can have a profound impact on your financial journey.
- You Always Hang Out with the Wrong People:
We’re all familiar with the age-old adage that says, “Show me your friend, and I’ll show you who you are.” But there’s a similar, perhaps even more profound expression: “Show me your friend, and I’ll show you your future.”
It’s really important to have people around you who motivate you to reach for your goals, rather than those who make you feel too comfortable with the status quo. You might be familiar with the saying: “If you’re the smartest person in the room, you’re in the wrong room.” So, let’s take a little time to think about the people you spend time with and the conversations you have. What topics tend to come up?
Do you discuss intellectually stimulating topics that challenge your thinking?
Do you exchange ideas and strategies on how to become a better version of yourself?
Do your discussions revolve around personal growth, learning experiences, and self-improvement?
The nature of the conversations you have can be a revealing mirror of your own aspirations and ambitions.
Now, while we’ve covered several reasons for financial challenges in today’s article, there are undoubtedly many more. I invite you to share your observations in the comments section. What have you noticed that often keeps people financially struggling, beyond what we’ve discussed here?
And most importantly, which of these reasons resonates with you? It’s in recognising your own patterns and behaviours that you can begin to make positive changes and steer your financial future in the direction you desire.
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