The Most Common Ways People Go Broke and Prevent Financial Progress

If you're tired of seeing your bank account balance go down, it's time to figure out why that keeps happening. “Why am I broke?”  If you ponder this question on a monthly basis, you are not alone. With sustained inflation eroding wage gains, the proportion of Americans living paycheck to paycheck has risen to a near-historic high of 63%. 

 

The reality is that many people will never achieve their financial goals, but not because they can't. Anyone with the correct mindset and behaviors can do it. However, many unintentionally behave in ways that hurt their finances.  Building wealth requires hard work, preparation, consistency, discipline, accountability, and solid money management, regardless of your financial condition or income. 

In this week’s episode of The Free Retiree Show, wealth manager, Lee Michael Murphy, outlined 10 common money problems that keep people broke. Consider these possible reasons for your financial difficulties and evaluate what you can do to improve your situation.

What you’ll learn in this episode:

• Common reasons why people are broke 
• Tips on how to stop living paycheck to paycheck
• Are life and health insurances worth it?