🌼10 Pieces Of Advice Broke People Give
## Never Take Financial Advice From This Group Of People
_The average broke person doesn’t look broke but ask for a look at their financial portfolio, and you’ll find _**_nothing_**_ or _**_not much. _**_Appearances matter more to broke people than what is in their bank accounts._
It’s a phenomenon that broke people give financial advice with 100% confidence, and it’s usually way off base. I’ve received ample financial advice through the years, much of which came from broke people. I always take it with a grain of salt.
The best thing you can learn from broke people is what _not _to do with your money.
Learn More**Some other ailments of broke people include the following:**
– They’re incredibly cheap.
– Their mindsets are small, so their income usually remains the same.
– If they can’t afford something or don’t invest, they always have a victim mentality or an excuse instead of figuring out a way to make it happen.
Read also: Ready to be wealthy? Sweat this 4 big things in life
# 1. Buy a new car.
“Finance a fancy brand-new car — even if you can’t afford it, and get the car you want.
It’ll be worth it when you’re the best-looking car on the road, and you can _afford _it as long as you can afford the _monthly payment_.”
**For The Broke Person…**They’ve missed some car payments — butchering their credit and financial profile.
Or they never miss payments, but they aren’t saving/investing, don’t have an emergency fund, and live paycheck to paycheck.
You should never have to hustle to pay your car payment.
# 2. Buy a nice house; you’re wasting money renting.
“Take out a mortgage, and remember: **bigger is better**. You’ll always want more or need more space.”
**For The Broke Person…**They’re thinking about what other income they can bring in to pay for the mortgage next month [or this month] because they’re struggling to pay their mortgage each month; however, many still feel it’s worth it as long as they have the HGTV crib.
The house **isn’t** worth it if you’re stressing about it.
# 3. Travel and stay at the best places.
“When you take a vacation, treat yourself like a king. If you don’t have the cash, use your credit card and _pay it off over time_. Better yet, use some investments and savings if you have that. YOLO.”
**For The Broke Person…**Their credit balances and debt load are going one way: up. At the same time, their net worth continues to stay in the red.
# 4. Take out personal loans to fund your lifestyle.
Don’t worry if you’re cash-poor. Take out some loans, so you can do everything you _need _to do.
> _The funny thing about the word ‘need’ is we often get it confused with the word “want”._
**For The Broke Person…**They have several personal loans with no meaningful purpose other than to buy superfluous stuff. If you’re taking out a loan, it should only be for emergencies or a way to borrow to earn more.
# 5. Take out a PPP or Biz Loan. Don’t miss this opportunity.
“Pick up some significant cash flow; you might even get the loan forgiven.”
**Advice…**Never rely on another entity to forgive you of your loans, and never take out a loan just because it’s available to you.
# 6. Treat yourself.
“You’re priceless. Invest in yourself. Treat yourself lavishly. You work hard. You deserve it! Swipe that card if you don’t have the cash.”
**For The Broke Person…**The minimum credit card payments for self-care, “treat yourself” outings, and shopping are becoming less manageable or building a mountain of debt.
# 7. Get the LATEST Phone. You got to stay up to date.
“If you want to assimilate and stay in the now, the latest phone is a **must; **this contributes to your social net worth.”
**If you can’t afford to buy your phone upgrade, walk away. There is no reason to go into debt over a phone.**
Phone upgrades are an insidious type of debt. Most people don’t see them this way, but that’s what those “minimum payments” added to your monthly bill are.
# 8. You only live once; buy it!
“You might not even be here tomorrow. Live on the edge. Free yourself from financial worry. Get what you desire. Embrace pleasure!”
You don’t have to buy something to live your best life, and you should never have to go into debt to do so.
# 9. Go out more.
“Get out of the house, go party, go to more events, do more stuff, and buy more stuff.”
Social life is critical, **but **ensure you aren’t overspending on this area. You shouldn’t have to charge a credit card for your outings.
You should be able to pay for your social life in **cash **and not have to carry a monthly balance. And if you’re always looking for a “deal” when you go out, you need to get your financial priorities in order.
_Being “cheap” is often an indication of a deeper issue._
Read also: 5 money rules to transform your financial life within 10 years
# 10. Why do you always wear the same clothes?
Your image is essential; you need to invest in your appearance.
**For The Broke Person…**Their closet is overstuffed with clothes worn and unworn — with tags — still unpaid for on that plastic credit card.
An old friend could barely open their closet because it was packed with clothes, yet they couldn’t afford to live independently. Something wasn’t adding up.
# One More Thought
If you want to be the opposite of broke, do the opposite of broke people. It’s helped me come a long way financially.
Contributed by Destiny S. Harris
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