5 main reasons why you are always broke

Why Kenyans are always broke

Regardless of how much money they earn, they end up in a position where they remain broke and unable to set up savings because their income ends up consumed by some expense or other.

Here are 5 main reasons for that.

1. Debt trap

People get caught up by small loans, using credit cards for emergencies or even bank loans. They ask for loans the qualify for but are unable to payback.

2. Overdue bills

Due to being in a state of cashlessness, people end up being unable to foot their bills and so end up racking up even more debt with the penalties and interest rates.

3. Lack of advice

Not getting accurate, unbiased knowledge and advice, people fail to feel empowered and confident in their personal finance decisions.

4. Lack of knowledge about personal finance

According to experts, most people are broke because they don’t learn about personal finance. They don't know how to use their money to gain financial freedom in the future.

5. Incorrect finances

This is the instance where people don't use cheaper or more affordable and long lasting ways to do things. They overspend where it's not necessary and fail to invest in what could give them a better future.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Here's what to do when a guy won't take no for an answer

Here's what to do when a guy won't take no for an answer

Why I’m no longer talking to slim people about body positivity

Why I’m no longer talking to slim people about body positivity

Millie Odhiambo lectures baby mamas for extorting their spouses

Millie Odhiambo lectures baby mamas for extorting their spouses

Guys, here are 15 truths your girlfriend never wants to admit to you

Guys, here are 15 truths your girlfriend never wants to admit to you

4 side effects of being a virgin for too long, according to research

4 side effects of being a virgin for too long, according to research

Why do men get so, so angry when they're cheated on?

Why do men get so, so angry when they're cheated on?

Over 100 strangers surprise Kenyan couple on their wedding day [Video]

Over 100 strangers surprise Kenyan couple on their wedding day [Video]

A guide on How to Simp, and why it's necessary

A guide on How to Simp, and why it's necessary

Ben Cyco, Wanjiru Njiru finally married, stunning photos from the couple's wedding

Ben Cyco, Wanjiru Njiru finally married, stunning photos from the couple's wedding