SERIES: How To Be Broke – Part 05

Welcome to the latest series here at the wildly popular! In this series, I will be sharing the top ways that people end up being financially broke. If you want to be BROKE, be sure to follow every single one of these tremendous ideas. On the other hand, if you want to win with your money – do the OPPOSITE of these amazing tips!

Part 05  Spend all of your money.

This is perhaps the greatest tip of all! If you really want to be broke (and remain that way for the rest of your life) then you must spend every single dollar you receive. After all, there are just so many awesome things you can buy with money right now!

To ensure you are prepared to tell crazy financial teachers like Dave Ramsey, Joseph Sangl (me!), and Suze Orman why it is impossible to save money, I have provided some great ways to justify spending all of your money:

  • “I saved $50 on this purchase!” (This ensures you SPEND your money to SAVE money – think about it!)
  • “I just don’t earn enough money to be able to save or invest.”
  • “There will be plenty of time to save money later. I don’t need to worry about that right now.”
  • “Compound interest is really confusing. So are mutual funds, 529 plans, 401(k), 457, 403(b), RSP, TSP, SEP-IRA, and Roth IRAs.”

Tell your children that you had to pay for your own college, so they will have to as well. Continue the family legacy of spending every single dime that is earned and leaving no inheritance. After all, we wouldn’t want to “spoil” our children with an inheritance. After all, we worked too hard for that money just to give it to those kids. They can make it on their own.

Apply all of these principles while spending all of your money, and you will be sure to be broke!

QUESTION: What are YOU doing to ensure that you SAVE MONEY every single time you earn money? I recommend making your savings AUTOMATIC by having it drafted from your paycheck directly into a retirement, college savings, or bank savings account!

Read the entire series (available after 11/18/2012)

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  1. Joe Wickman on November 16, 2012 at 9:59 pm

    Hey Joe. Thanks for your continuing work. I plowed through “Oxen” and I’m working a plan out of debt and into financial health. For the family who’s been punching debt in the face, but hasn’t built any “savings muscles”, how do you take first steps into saving. I feel like I’m coming off of one learning curve and entering into another.

    Thanks again for your work.

  2. Rachel Rivers on November 18, 2012 at 10:54 am

    Joe- So glad you were inspired by “Oxen”! Here is a great post that Joe wrote called “Strategies For Saving Money” that I think you will find helpful.

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