Poor or Broke?

Are you Broke or are you poor?  This reminds me of a quote from Birdman when he was on the Breakfast Club, “Are y’all finished or are y’all done?” Pick one.

However, broke and poor are not the same.  Speaking from a financial perspective (some people can have money and still be poor in spirit), It is defined as, “lacking sufficient money to live at a standard considered comfortable or normal in a society.”

Broke is different:  Ramsey Solutions defines it as “Broke is living paycheck to paycheck with no savings intact. Broke is being in debt up to your eyeballs. Broke is buying a brand-new $30,000 car because you can “afford” the monthly payments but not having enough in your bank account to cover a $1,000 emergency.

You must ask yourself, “At this time in my life, am I broke or am I poor”?  When I was in my early 20’s, fresh out of college with no degree, a 1-year-old baby, living alone in Fort Myers earning about $ 200/week and paying $ 75/week for daycare, I was poor.  I could barely afford the needs of a baby, my rent, medical bills, gas, auto insurance, etc.  However, there were blessings in my situation:  a full-time managerial job with benefits, auto insurance (which came in handy during that time).  But I was living paycheck to paycheck.  With God’s grace, I was able to make it all work.  Oh, but the stress was too great.  Nothing like having your credit card cut in front of you!!  

Thanks to a wonderful life and financial coach (Renata Drummond Ward), I was able to get on my feet with a better paying job.  My brother – Darrell Drummond helped to relocate me to my Dad’s home which allowed us to live with him while I completed my degree and most important in all of this, I also had a plan to not be broke.  

The next 40 years of my life was focused on having a plan.  Setting goals and reaching them is so important when trying to improve a situation.  Yes, I am a project person – always looking for the next project on which to work and now that project is me!!!   

In either situation of being broke or being poor, Let me help you plan your next move.   What’s your next and beyond?   Click below to schedule a 30-minute free session so we can help you get to your next. 

Greta

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