Getting rich takes focus, discipline and hard work.
Its tough to become wealthy.
Going broke, on the other hand thats really easy.
In fact, most of us are probably just one misfortune away from it.
But heres the good news.
By being proactive, you might set yourself up to avoid these pitfalls.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
Get in the habit of spending less than you make.
Making Bad Investments
Investing is a key strategy for growing your money.
But there are so many bad investments you’re able to make!
For example, watch out for multi-level marketing schemes.
A more straightforward way to invest is through an app likeRobinhood.
Plus, its super easy to use.
Not Having a Budget
Dont want to go broke?
Dont want to budget?
Try the budget for people who hate budgets.
The 50/30/20 method for budgeting is one of the simplest ways to get your spending in check.
No 100-line spreadsheets or major lifestyle changes required.
Heres how it works: Take your total after-tax income each month, and divide it in half.
Thats your essentials budget (50%).
This is a smart way to avoid going broke.
Plus, no credit card payment this month.
It wont make you stand in line or call a bank.
And if youre worried you wont qualify, its free tocheck online.
It takes just two minutes, and it could save you thousands of dollars.
All that credit card debt and the anxiety that comes with it could be gone by tomorrow.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
Hes not wealthy, but hes not broke either.
It sounds appealing right?
Check it out here!
