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Why Am I Broke? How to Stop Being Broke and Earn Money in 13 Steps

If you are broke or poor, I am here to give you 13 steps to help you stop being poor.

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Being broke is miserable, and you must be left wondering, “Why am I poor?”

Lacking sufficient money to live comfortably or normally in our society is never a good thing.

One thing is for sure, most of us have had moments in life that led to not being financially stable at one point or another.

In fact, America’s poor are becoming more destitute under Trump according to a recent CNN article.

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But it could be anything, for example, maybe you had a rash of medical bills pile up, made poor financial decisions, got laid off, received an eviction, or collection bills piled up which left you knees deep in debt?

Whatever it is, today I am here to give you 13 steps to help you stop being poor.

In a hurry? Let’s get right to it.

Why Am I Poor?

If you want to learn how to stop being broke, it’s important to learn why you are in that situation, to begin with. According to the Cato Institute, people are poor for some common reasons which I’ve explained below.

Best Savings Accounts

Laws

Government policies may keep impoverished citizens at that level. In fact, scholars at Vanderbilt University have estimated that overcriminalization and the bias against the poor and people of color in our criminal justice system have increased poverty rates by as much as 20 percent.

Education

Numerous studies show that educational achievement is a key determinant of financial success. Some public schooling in low-income areas are doing a bad job of educating children. If you come from a government-run school and grew up in poverty, you are left with little alternatives than those who are more privileged.

Savings

One of the first steps in learning how to get out of being poor is by saving more, not your consumption. TV and media portray a spending economy that doesn’t empower the poor to save money. They rely on instant gratification and do not realize the importance of saving money and building an emergency fund to avoid debt spirals.

How To Stop Being Poor

Just remember, if you actually need money now, then you can opt for a personal loan. When you need money in a hurry ZippyLoan is where to go.

You apply for a loan through the Zippy Loan site, if approved they send your loan application to one of many loan providers.

You review the loan details and e-sign if you like what you see. No risk in checking what offers you’ll get. You can borrow between $100 and $15,000 as soon as tomorrow.

Loans service for up to 60 months.

ZippyLoan connects borrowers to lenders through their network of lenders. They’ll find you the lowest interest rate and is one of the best no credit check loan. You can visit ZippyLoan here.

Now, let’s get started. Here are actionable steps to take to get out of poverty and to help rebuild your financial situation in 13 easy steps.

If you implement them over the long term, you may even start building real wealth and putting money in your pocket as your financial situation improves.

1. Don’t Settle for Less


Games that pay you to play. Yes, we're serious.

These 3 apps will pay you to play games on your mobile device:

  1. Mistplay (Android) - If you have an android device, you can download this app and start getting cash rewards for playing new games.
  2. Solitaire Cube (iOS) - Earning money by playing games on your phone sounds like a dream. But this app really pays you for playing solitaire with cash rewards.
  3. Lucktastic (Android) - This free app offers the same daily scratch-off cards that you find at your local convenience store — but here you can play for free and win real money.

This may be tough to hear but your life is determined by the things you do on a daily basis.

Including today, after reading all of these steps below how many actions will you really take?

Most successful people in life aren’t lazy, they work hard for what they have and you need to as well.

Never settle, and continue to educate yourself and learn how to grow and better your situation for you and your family. You may benefit from hearing about living below your means.

However, there are support services for low-income families all across the United States.

Federal assistance lifts millions of people, including children, out of poverty and provides access to affordable health care.

If this is something you are not already utilizing that should be your first step.

2. Figure Out How Poor You Are

To better your financial position it’s important to get an overall picture of your financial health.

This really means figuring out your net worth. If you do not have a starting point, how can you grow real wealth in the long term?

I would suggest using a free personal finance tool called Personal Capital that tracks all of your bank and credit card accounts so you know exactly where you stand.

You can get started for free here.

3. Start Saving More

Just because a company quotes you a price doesn’t mean it’s the best one they can offer you. Start by contacting the companies with which you have a regular bill, for example:

  • Phone
  • Insurance
  • Cable
  • Credit card

If you contact them and explain that you have been offered a better deal elsewhere, they may be able to negotiate a better price for you, especially if you are a long-term, loyal customer.

If they can’t offer you a better deal, it may be worth switching providers.

4. Save Money Automatically

If you’re not a fan of saving money, you can automate it with Trim.

Trim users saved over $1,000,000 in the last month. Instead of having to call each company you have a bill with, Trim will do it for you… automatically.

I personally linked my financial accounts and it really went to work and I saved $200.39 in 4 days. It found ways to lower my cable bill and cell phone bill and canceled useless subscriptions I was paying for.

Did I mention there’s no fee for this? Because there’s no fee for this! Getting started with Trim is pretty straightforward: Sign up and connect your Messenger account.

5. Ignore Online Scams

There is nothing more embarrassing than falling for the online scams that claim you can earn thousands of dollars a month by clicking a link and investing a couple of hundred dollars.

Similar to fad diet pills and online gambling, very few ever make a cent, let alone a living!

What a joke! Don’t fall for this.

Becoming rich/comfortable takes time, patience, and discipline, so instead of investing your hard-earned cash into what adverts call “online deals”, put it in a Vanguard Investment Account!

You can learn more about investing in this Beginner’s Guide to Investing.

Every dollar you can manage to save is a dollar you can invest!

6. Find Legitimate Online Jobs

If you wanted to make more money to pay off debt or bills, why not consider online jobs that people are using now to make money on the side?

An estimated three percent of America’s workforce now consists of telecommuting employees or people who work from home, according to a survey conducted by FlexJobs.

How does an extra $1,000 a month sound? You can get there and discover the most lucrative online jobs.

7. Shop at Stores That Give You Cash Back

If you do your weekly grocery run and aren’t taking advance of cash back deals then you’re leaving money on the table.

You can easily avoid this by learning about Ibotta. This cell phone app actually gives you cash back on things you buy every day, even booze!

You heard me right, you can make money for the booze you buy at groceries and restaurants.

Ibotta is a fun rebate app that lets you get cash back on your purchases from major stores like Walmart, Target and almost every grocery store all over the country.

They are conveniently offering a $10 sign-up bonus after uploading your first receipt. So act fast.

However, you do have to be 21 or older to take advantage of the booze deals.

8. Start Investing Even if You Have Little Money

If you don’t have money to invest — there are several companies out there that will give you free money to invest in stocks.

One of the most popular ones is:

Acorns: CNBC calls it “the new millennial investing strategy.” Once you connect the app to a debit or credit card, it rounds up your purchases to the nearest dollar and funnels your digital change into an investment account. Sign up to try it risk-free with a $5 sign up bonus.

Once you get the process automated, Acorns investments make your digital change work for you. I downloaded it and within a year I had $1394.25 in my account.

Interested in investing your own spare change? Check out Acorns for the details.

Remember, you’ll get a $5 bonus when you sign up and make your first investment!

The sooner you start investing, the sooner your money can start to grow toward your goals.

9. Start Driving for Lyft and Earn $1,000 Bonus

If you’re free nights and weekends, you can make money driving your fellow citizens around. You can make money by becoming a Lyft driver if you have a car, it’s a perfect way to make a good amount of extra money whenever it’s convenient for you.

A lot of people do this full time, so you can imagine that’s it definitely possible to do this on the side and make $100 every day and be able to save it.

They are conveniently offering a lucrative bonus if you sign up to drive and earn a Lyft bonus ($1,000 driver bonus).

10. Sell Your Unwanted Items

Do you have an old phone lying around? I know most of my friends and family do. Decluttr will pay you for them! You can try listing your junk on eBay or Craiglist, but this can prove to be quite the hassle.

You can easily sell it on Decluttr for cash. This is the easiest way to sell it quickly. If you’d like to get an extra 3% bonus on your trade-in, use my Decluttr 3% bonus link by clicking here.

11. Check Your Credit Score

This can definitely lead to more a prosperous financial future.

By checking your credit score and working to fix any discrepancies or building it higher you can pay less in interest, which will increase your net worth.

If you don’t know your credit score, you can use free services like Credit Sesame that gives you your score for free. You can find out your score in under a minute!

12. Make Extra Income with a Spare Room

Yup, it’s true!  There is a company out there called Airbnb that can net you over $1,500+ a month just by listing your spare room just a few nights out of the month.

Airbnb is a free room booking app for your phone. I really mean free all around – free to join and they don’t charge any fees for you to list your spare room.

See how much people are making from listings in your area, then make your own!

13. Lower Your Bills

Truebill is a real, much better and desirable alternative to all the other money saving apps on the market. With Truebill, they have saved over $15M for its users on their bills (think cable or cell phone bills) and canceling forgotten subscriptions. Have a cable bill that has been increasing over the years? You can now simply download a free app, and they will negotiate it down for you.

Truebill will help you take control of your money, users have saved over $15M to date, and all without being a financial expert or dealing with staying on top of your bills, which can be a full-time job. There is a reason why they currently have over 50,000+ users, this app really gets you back free money. If you’re interested, I recommend you sign up for more information from Truebill by clicking here.

Tired of Struggling Financially?

Have you figured out your answer to “Why am I poor?”

Just remember that you should always live beneath your means and making more money can be helpful.

Also, if you aren’t utilizing money-saving apps then do some research on them as they can make saving money easy even if you’re broke.

If you are strapped for time, here are some popular money-saving options that we have reviewed recently:

AppApp
BBVAWant to save $144/year for free? You could save $144/year with a BBVA free checking account. Simply sign up for a new checking account and never get charged any fees. There’s no catch. This bank account is legit (and free) and only takes two minutes to sign up for an account.

OPEN BBVA CHECKING ACCOUNT
acornsWith Acorns, you can invest your spare change automatically and join almost 4,000,000 people saving and investing every day.

GET $5 BONUS AT ACORNS
Truebill reviewTruebill delivers on its promise to save you money effortlessly. You can use it to lower your bills, cancel unwanted subscriptions and bill negotiations.

GET TRUEBILL
aspirationGet a $100 bonus at Aspiration when you open and fund an account with $10 or more. Then use your Aspiration debit card to make at least $1,000 worth of cumulative transactions within 60 days of account opening.

CLAIM $100 BONUS

I recently published a new article that details how companies are giving away free money, crazy right? You can learn how to get free app bonuses here.

Want free money?

  • Robinhood is a free investing app for your phone. I really mean free all around – free to join and they don’t charge any fees to buy or sell the stock. You can get a share of stock like Apple, Ford, or Sprint for free when you join through this link. The value of the free share may be anywhere between $2.50 and $200 and fluctuates based on market movements. You’ve got nothing to lose.
Brian Meiggs
Brian Meiggs
Brian is the founder of My Millennial Guide and is an entrepreneur who has spent the last few years creating websites and building brands. He has been quoted in several online publications, including Yahoo! Finance, NASDAQ, MSN Money, AOL, Discover Bank, GOBankingRates, Student Loan Hero, Fit Small Business, Cheapism, SmartAsset, Bankrate, RISE Credit, AllBusiness, Cheddar, Commonbond, Niche, Rewire, Credit Donkey, Debt.com, and more. He believes that the true path towards financial independence is through increasing your earning potential (even if you have a 9-5 job).

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