There is a difference between being poor and being broke. Broke is temporary, and poor is eternal.— Robert Kiyosaki
Broke, skint, penniless, pot-less, boracic, however you want to phrase it, you have no money. Sounds awful, but for now, let’s put a positive spin on this. Broke, is one step up from in debt, which is one step up from drowning in debt.
So if you are broke, you’ve either not accumulated debt, well done, billions of people cannot say the same, or you were in debt and you’ve paid it off. Even better, as again, billions of people cannot say the same. Being in debt and repaying it all is of course, not a teddy bears’ picnic, but it does teach you lessons about sacrifice and learning from your mistakes. Plus it installs good habits of putting money away each month to pay off you debt. This habit can then be transferred to putting the money into savings such as an emergency fund, deposit for a house in a Lifetime ISA, or adding it to a stocks and shares ISA via Vanguard and investing in one of their low cost index funds.
So if you’re looking at your bank balance and you’re completely broke, but have no debt, don’t feel down about your financial situation, feel joyous. You’re in the best position to now start saving and investing your money so later in life you will be rich. Billions of people in debt would give their left nut to be in your position.
Put a smile on your face, your financial future starts today by creating your financial goals.