As a Financial Wellness Coach, I get to meet all sorts of amazing people in various stages of brokenness. Some of them have significant debt that they don’t know how to get a handle on while others are honestly doing just fine, they just don’t know what to do next. At some point, most of us will find ourselves in a financially challenged situation and ask ourselves how we got there.
Below, I have compiled the 21 reasons you may be broke. Read through the list to see which ones apply to you. Then, head to my Instagram where I am writing a deep-dive series on each of these reasons over the course of 21 days. Don’t let your reasons for being broke turn into excuses. As they say, “knowing is half the battle”.
Here are the 21 reasons. Choose all that apply:
- You haven’t set the clear intention that you WILL get your finances together
- You didn’t have an inheritance or other financial support to help you along
- You haven’t come to terms with the fact that, for reasons outside of your control, it will take you twice as much work to go half as far
- You don’t have a Spending Plan (Some people call this a budget. I don’t.)
- You don’t have a Saving Plan (This includes investments)
- You’ve been hiding from your financial situation
- You haven’t worked on the other parts of your life that need healing
- You’re holding onto shame from past financial mistakes and setbacks
- You don’t have a clear picture of the future you want to live
- You’re allowing your employer to dictate your income
- You’re afraid to get creative or make sacrifices
- You haven’t asked for help
- You’re taking advice from the wrong people
- You don’t have an accountability partner or support system to back you up
- You’re chasing after riches instead of working on building wealth
- You want it to happen faster than it is
- You haven’t given your money enough time to do its thing
- You keep changing your strategy
- You still think the whole thing is more complicated than it actually is
- You don’t really know what possibilities exist (because you’ve never seen them demonstrated in real life)
- You’re not honoring your boundaries
Don’t Let Your Reasons Turn into Excuses
Remember, just because you are broke doesn’t mean you have to stay broke. Making any transformation in life is a challenge, but it doesn’t have to be insurmountable. Now that you’ve gotten clear on your reasons for being broke, reach out to a friend, an advisor, or a coach (like me) to help you create a strategy to move past those reasons.
Are there any reasons that I have left out? I believe that we all have the power to gain confidence in and improve our finances. If you’re experiencing something that I missed, let me know so we can strategize a way to work past it.
Bevin Morgan is a financial wellness coach.