Has anyone else ever noticed how quick broke people are to give financial advice? They love to tell you how you should spend ridiculous amounts of money on jewelry, vacations, clothes, new cars, education, and handbags. Oh and housing, don't get me started on housing, according to them you need to live in a better neighborhood and waaaay bigger house. Those broke people, I tell ya, they are an opinionated bunch and love spending not only their money, but the bank's money, and your money too!
I am here to tell you it is a very bad idea to listen to broke people when it comes to money, after all they are broke for a reason. Often times that reason is connected to their overspending and lack of saving. If you are not careful it can be easy to get caught up in their whirlwind of poor financial values and behavior. Being financially irresponsible appears to have become an epidemic in America, recent data from the Fed finds the average U.S. household owes $7,115 on their credit cards; looking only at indebted households, the average outstanding balance rises to $15,252. Furthermore, a whopping 40 percent of households spend more money than they make. These statistics suggest there is a big chasm present between the big spenders and the big savers.
So how can you ensure you end up on the right financial team? I can help with that. From time to time I'll post nuggets of financial wisdom to help you stay on track. Lesson #1: never take financial advice from broke people. Always look to individuals with an economic standing you'd like to adopt for advice.
That's all for today. Have you had an experience with being pressured to overspend? Are you currently working to get your finances in order? I'd love to here from you.
***Please note by "broke people" I am referring to individuals who make a decent wage, yet spend it unwisely***
"If your friends that are broke aren’t making fun of you, then you are not on track. If your family says, “Look, they’ve joined a cult!” then you are right on track."