SKST Radio Network -Dr. Ron Smith Investigates Show S2-E10

SKST Radio Network -Dr. Ron Smith Investigates Show
Dr. Ron Smith Investigates Show

Season III, Episode #10, “The Talk, “How to Go Broke”
Introduction: There are many financial advisers, Money Experts, and Financial professionals who have numerous ways to increase your wealth. I taking a different approach to today’s podcast and discussing the ways I guarantee you will become broke if you do these things.

Topic #1 If you do the following, I guarantee you will become Broke:
#1. Do not prioritize your financial education. If you don’t understand the basics of budgeting, saving, credit management, compound interest, and asset allocation. If you don’t take advantage of the availed resources, including online courses, books, podcasts, and community workshops designed specifically for financial literacy you will go broke. If you
don’t foster a culture of financial learning within your household, you as a parent, auntie, or uncle to equip your family with the knowledge and skills needed to make informed decisions you and your family will go broke.
#2. You don’t create a budget and/or don’t stick to it. By not developing a comprehensive spending plan(budget) you have no clear insight on managing income and expenses effectively. Without a well-structured budget that helps you identify unnecessary expenditures and allows you to allocate funds toward saving and investments, you will sooner or later become broke.
#3. Wait or start late investing. By not starting early you can’t take advantage of compound interest over a longer period. Not investing early in stocks, bonds, or real estate You are guaranteed not to be as successful as you could have.
#4. Not understanding the importance of credit. By not understanding how credit plays a crucial role in your financial health and wealth building you are guaranteeing yourself you will be broke. If you don’t have a strong credit score financial doors are closed in obtaining a better loan term, lower interest rates, and decreased borrowing capacity. Not paying bills on
time, not reducing debt, and making unnecessary credit inquiries will help you go broke.
Not encouraging your family members how to use credit responsibly and effectively, I guarantee you will broke. By not teaching children about the implications of credit early on they never/get it later, develop responsible habits that have lasting negative effects.

#5. Not building an emergency fund. Not having a financial safety net, you don’t have peace of mind or stability for unforeseen circumstances. Prepare and prevent or repair and repent. Life happens, and medical expenses and job loss are possibilities.
#6. Creating additional revenue sources. Not exploring a small business venture, side hustles or creative projects will guarantee you to be broke. Multiple income streams, the more passive the better.
#7. Not investing in your continuing education. Nothing stands still and every job is competitive so if you do not continue improving your skills through traditional college paths, vocational training, or online courses you will fall behind.
#8. Not cultivating a legacy mindset. Not thinking beyond your immediate financial goals will have a long-term negative effect on your children. They will have to start from zero while some of their peers do not. The legacy starts with you.

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