How to Avoid Being Broke: A Simple Financial Strategy

[Nomad]

Being broke means having no money and that’s a situation no one wants to be in. The best way to avoid it is by creating a stable income source, especially a passive income, and saving and investing consistently. Here’s a basic strategy to stay financially stable:

1. Build more than one income streams
2. Save a portion of what you earn regularly
3. Cut unnecessary expenses
4. Invest

When you build savings, you are not just safe from being broke but you also open doors to investing and growing wealth.

 

[Killamtropp44]

Especially number 2 and 3. Those should be where you start and then you can get into 1 and 4 because you'll have the captial to do so.

 

[Uptrendfinancialsignal]

Without reducing unnecessary expenses and saving consistently, one will not have the capital to invest in building multiple streams of income. So, I prioritize financial literacy and discipline as it helps in making the right decisions.