I know Broke People
Yes I do. I work with them everyday. I shop with them, speak with them, and yes some of them read my blogs. In fact I used to be one of them. You know the symptoms. Deep in debt, living from paycheck to paycheck, spending all they have, and not saving a dime. Some even invest in get rich quick schemes.
I was deep in debt back in November 2013. I owed credit cards, student loans, business loans, and a lot of people. Now I have read plenty of books over the years about personal finance. But I failed at taking consistent action. I would start and quit a couple of months later.
I decided to become debt free and take control of my money when I read The Total Money Make Over, by Dave Ramsey. That book resonated with me. I made a decision to pay off all of my debts. I wasn’t going to let the 25 myths that broke people use stop me.
It was simple and to the point. 13 months later I have paid off all of my consumer debts and loans and all I have left is my student loan. Over 50k paid off in 15 months. With all this I know the 25 myths broke people use to keep themselves broke. I know the excuses they hold on too to justify mountains of debt.
Here is an article from Dave Ramsey explaining the 25 myths that broke people believe.
25 Myths Broke People Believe
But . . . I Just Can’t Save.
1. I’ll save next year when I’m making more money.
2. At my age, it’s too late anyway.
3. Why save money? You can’t take it with you when you die.
Related: How to Save $1,000 in One Month
Cars Are the Exception.
4. Old cars just aren’t as safe.
5. What’s wrong with a 72-month car payment?
6. My car is an investment.
7. Buying used is just inheriting someone else’s problems.
Related: 5 Tips You Need to Know Before Buying a Used Car
Family Comes First.
8. Whatever you want, dear.
9. I just want my kids to have it better than I did.
10. But that new RV will help our family bond.
Related: Teaching Kids About Money: More Is Caught Than Taught
I’ll Do It Later. (I Promise.)
11. We’ll pay it off when the tax return comes in.
12. I’ll start my budget next month.
13. I’ll worry about the future when it gets here.
Related: 10 Numbers That Will Revolutionize Your Budget
14. If everyone stopped borrowing money, the economy would fail.
15. I must be able to afford it if I was approved for the loan.
16. I need a house payment for tax purposes.
Related: 6 Reasons People Stay In Debt
I Earned This.
17. You’re only young once, right?
18. But we’re on vacation.
19. I work hard. I deserve it.
Related: 7 Characteristics of Debt-Free People
Poor, Pitiful Me.
20. Why make more money? Uncle Sam will just take it all away.
21. The little man can’t get ahead.
22. If I earn too much I’ll lose my public assistance.
Related: 7 Types of People Keeping You in Debt
No Worries. I’m Covered.
23. My rich grandparents are going to leave me money.
24. I can’t afford insurance. But hey, my weed eater has a three-year extended warranty.
25. It’s okay. I have overdraft protection.
Related: 5 Budgeting Myths You May Be Falling For
If you want to win with money in the long term, you have to stop making excuses in the short term. It’s as simple as that. Change your attitude, and you’ll begin to change your life.
What do you hear broke people say all the time? What was the biggest money myth you used to believe? Article Source: Dave Ramsey.com
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Copyright 2015 Charles Fitzgerald Butler