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5 Ways To Go Broke Under A Year In Nigeria- Part One

posted on Mar 17, 2022 |   687 likes

 

What if you are contributing to your hardship and brokeness? Have you ever thought of that?

 Nigerians have a funny way of describing their financial status. When they say ‘na this guy dey ball’ they are not exactly referring to his football prowess but to the fact that he is somewhat rich and has enough cash to throw around.

Similarly, when you also hear them say ‘Omo, I dey Brooklyn’ they don’t mean they have traveled out of the country. On a contrary, they still live in Nigeria but are broke. No money.

Nobody likes to go broke, especially Nigerians. This is evident in their daily struggle to make ends meet, regardless of the current economic reality.

Combine this struggle with the high cost of living and what you get is the chant on most Nigerians’ lips- country hard, country hard!

But what if you are contributing to your hardship and brokeness? Have you ever thought of that?

Come with us, let’s show you some of the reasons you are broke.

1.     You want to chill with the big boys

The actual big boys know themselves. They can comfortably buy a Rolex, wear luxurious fashion items from their favourite designer, shut down clubs, and drive expensive cars without flinching.

Can you pull such a stunt without crashing your bank account? Trying to live like The Joneses with your limited resources is a major financial disaster looming.

 

You may also like: How to Become Financially Literate

 

2.     Investing in Ponzi schemes

Ponzi schemes, also known as pyramid investments are a form of financial fraud that promises unassuming investors ridiculous return on investment but gives none. In most cases, investors lose both the promised ROI and their capital.

Despite the repeated losses, most Nigerians while looking for an extra source of income are lured into these schemes, and the end result is as expected. Instead of becoming twice as rich, they become three times broke. 

 

3.     Gambling/Betting

Do you find it difficult to hold on to money without thinking of gambling? Then you know why you are broke. Gamblers commonly think that their chances of winning increase with each loss.

In their mind, a loss or a string of losses are just part of the process and they need to keep going to eventually win, even if it burns through their wallets.

They expect to be reinforced some of the time, and this expectation motivates them to keep playing. Gradually, it begins to impact their finances as they seek to fund their habit from various sources.

 

Also related: How to Get Out of a Debt Loop

 

 

4.     Impulse buying

If you always have the urge to buy something whenever you walk past a store, or it seems as though the wares displayed scream out your name “Femi pick me, pick me”, then chances are that you are a chronic impulse spender.

The truth is that no one is a saint. We all have made some impulse purchase at some point; however, it becomes a problem when your spending is causing debt to build up and taking away your ability to cover immediate and longer-term needs.

 

5.     Always playing ‘Saviour’

Okay here is what we mean.

Once a friend or family hints at any financial strain, you are always quick to jump and fix the problem even if it strains your finances. If you are kind-hearted, chances are you are carrying around a burden of guilt thinking you are supposed to solve the financial problems of everyone around you.

Helping out is noble, but are you strong enough to? You can’t help others until you help yourself. You cannot be a financial saviour to everybody, every time, especially if you are standing on a shaky financial foundation.

 

Popular from the blog: How To Build a Good Relationship With Money

 

Confession Time

So, which of these are you guilty of? Are you ready for a change?

In part two of this article, we will show you how to change the situation and come out of Brooklyn city.

Meanwhile, emergencies can spring up at any time, and in such situations where time is of the essence, having limited funds can be frustrating.

But it doesn’t have to be so.

At Page Financials, you can get access to up to a 5-million-naira loan in just a few hours to sort your time-bound emergencies and projects.

To apply, simply visit www.pagefinancials.com/registration. For further inquiries, you can send a mail to customer@pagefinancials.com or give us a call on 017007243.

 


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