Invest It!, Save It!, Spend It!

5 Reasons Why You’re Poor

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5 Reasons Why You’re Poor

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Hello Sophisticated Spenders!

I came across a really cool website the other day.

It was called:

http://whyyourepoor.com/

My problem is that they only provided one reason:

Because you spend more than you save!!!

That’s not 100% true.

So I’ve come up with a list of my own. And a LOT of these things I’ve learned from experience!

5 Reasons Why You’re Poor:

1:  You spend more than you EARN!  This, my friends, is why a budget is SO important.  Get a paycheck, pay all of your bills, save some money, and enjoy the rest!  Easy…right?

2:  You don’t take full advantage of any employer matched retirement contributions!  Last year, I racked up $5,478.11 in FREE money just for saving for retirement (I get this free money every year and I’ve now been working here for 8 years!).  That’s the amount of money that my company decided to GIVE me for making this awesome decision.  Find out if your company will match your retirement contributions and sign up immediately!

3:  You live outside your means!  I follow one golden rule, I never compare myself to others.  I buy things that I can afford and I don’t chase other people’s dreams.  Make sure that you live comfortably for YOU and no one else.  I have no problem saying NO!  If I know I can’t afford to go out with friends or spend money on the newest shiny object, it’s VERY (almost too easy) for me to simply say no.

4:  You carry credit card debt!  I was once asked, “How much credit card debt is too much to carry?”  My response: “ANY amount that you can’t pay off at the end of the month.”  I don’t like giving away extra money.  The interest rate on most credit cards is sky high.  I prefer to not pay extra money for anything!

5:  You finance small purchases!  Hello Rent-A-Center and payday loans.  These companies are NOT your friends.  You need a new TV?  SAVE for it!  If you start saving $50 a month in January,  by the time Black Friday rolls around, you’ll have over $500 to spend on a BRAND NEW TV!  IN CASH!

**Bonus, You don’t know what dividends are!** (This is free money too!)

Why do I think I know everything?

Because I’ve been there!

There was a time when I needed payday loans to survive.

There was a time when I carried credit card debt.

There was a time that I lived outside of my means.

It gets better!

I was able to make it out because of awesome blogs like this one and because I had friends who were on my financial dream team.

Stay tuned.  I will tell you who is on my financial dream team and my payday loan story!

Are you brave enough to try it?

Did I miss anything here???  What are 5 reasons why you’re poor??? 

Where are you in the whole scheme of things?

  1. This is good stuff!! I’m REALLY trying to get rid of this annoying credit card debt. It’s not even that much but by the time I pay something on it, I end up spending about that much again with it!

    1. Thanks Tifney! You’d be surprised at the discipline you have if you just put the card away for 1 week. I’ll recycle this challenge and I want you to join in with me. There will be a money prize involved the next time!!!

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