I'm broke, what can I do?
I'm broke, what can I do? If you find yourself in a difficult situation where you have no money, don't panic. It's not shameful and it definitely isn't the end of the world. Think about all the entrepreneurs and successful people who came from nothing to build empires of greatness. You were not born to be poor, you are here to achieve your full potential. So, if you find yourself saying ‘I'm broke what can I do?' stop! Samuel has been in your situation before and he has 8 top tips to help you get out of it.
Don't use more debt to pay for debts
- You should never go into debt to pay for bills. If you borrow money to pay for debt, you will only be left with more debt on top of the bills. It's a downward spiral which becomes a nightmare to escape from.You're simply making your situation last longer and have a worse impact than it originally was having. It's true that Samuel speaks about good debt. Good debt is when you use the capital for investment so that the profits generated are enough to cover it and more. Paying your bills with new debt isn't good!
Face Reality
- Don't bury your head in the sand. The first step to overcoming any obstacle is acknowledging that it actually exists. This is something which is agreed by experts in most fields. The unwillingness to accept reality for what it is can lead to anybody's demise.To escape the cycle, you need to get uncomfortable and grapple with what the problem is. Write down how much you owe, what your expenses are, how much revenue you are expecting and do the calculations. Advise yourself as if you were advising a friend.
You are not a bank
- Do you have friends or family who depend on you for money? It might seem cold-hearted but you have to stop that. You can't support somebody if you are not financially stable. All you are doing is prolonging their cycle of bad decision making and debt. You need to help them become independent.
There are 5 other tips which Samuel has for you. Want to know what they are? Watch the video!
