BROKE 💰

[Different]

If I was broke, I would seriously re-evaluate how I am spending my money and be more diligent in tracking it.

But the thing to note is that spending may not be the issue for some people. You can only save as much as you make, so for people who are spending little but still living paycheck to paycheck, increasing income is really the only way they can achieve a bit of financial stability.

For the rest of us, I think it's important to form good financial habits. Most of the time, people just do what they are in the habit of doing. If you regularly get takeout 4 times a week or impulsively buy clothes that look nice in the window of the store you are walking past, then you are probably going to continue doing it which will cost you in the long run.

So forming good habits and having discipline when you are young will start you off pretty well. I think I am near the extreme end of this, and frankly, my life has been pretty boring for the last 10 years. But as a result, I am able to be happy without needing to spend a whole lot.

I'm fortunate enough to still be living with my parents, so I am able to save most of my money. Apart from expenses associated with my car, I probably spend about $30 per week on average. And I feel like people who are used to spending more will be pretty unhappy if they were to swap places with me simply because they would not be used to such a life.

I think the easiest way to improve your finances is to avoid the "lazy tax". Simple things such as putting your savings with the bank that offers the highest interest rate, regularly comparing the cost of various services you use like electricity and insurance, and refusing to buy non-essentials at full price.

Sometimes, I don't get why people buy stuff like chocolate and ice cream when it's not discounted. They aren't essential, and you can probably survive without it for a week or two, so paying up to 2x as much as you could get it for doesn't make sense to me. And yeah, it's only a matter of a few dollars each time, but think about this: if you could buy everything at half price, you effectively have twice as much money.

Well said, bro. I wish I had someone teach me about financial stability, increasing income, gaining financial discipline, and forming good habits when I was in my 20s. I can't even begin to explain how many times I blew my money. I've had $5k before, and blew it in two months. What did I blow most of it on? A stupid car that wasn't all that great, massage appointments, food, etc. I had to learn the hard way. But now, I'm learning to save money.

I used to be good at saving money before I got into my 20s. Idk man, life happened. But now, I know better.