Is it really your fault if you go broke?

There was an afrobeat song that was popular a few months ago and the most catchy part of the song reads “If I broke na my business”.

Which means, If I go broke, it's my fault/it's on me. One day I was thinking about that line and I was like damn it's really going to be my fault if I go broke.

I want to give some context to my opinion of this by first giving the dictionary meaning of “Broke” 

adjective INFORMAL

having completely run out of money. e.g "many farmers went broke"

Definition from Oxford languages

And so to my understanding of this meaning, I believe going broke is from having money to not having money, I’m not saying rich either.

And so in that context… My answer to my question/title is YES!!!

It is your fault if you go broke, because it begs the following questions

• Why are you not saving?

• Why don’t you have an emergency fund?

• Why are you not trying to get an additional source of income?

Why you should consider Saving

Saving is one of the most overlooked personal finance habits, maybe because it's boring, a lot of people may focus on the seemingly exciting ones like investing, but saving is what opens the door to the rest of the fun parts of having a great personal finance system.

I'm totally aware that some people can’t save at all and some people are unable to earn additional sources of incomeand that life happens also.

I'm speaking to the greater percentage of people that have not yet developed that discipline of saving. Learning how to save with little is a life skill because when you have much, that discipline sticks with you, it helps you become aware of lifestyle inflation and how to curb it.

So my “Ted Talk” final words for today is, save something, no matter how little it may seem, $2 every day etc. Get started with that emergency fund!

The famous quote, tiny drops of water make an Ocean, is applicable in this case also! 

Okay! I hear the whispers of inflation and I hear you, but either way, having $740 at the end of the year is better than having $0. 

So I'm not going to keep you hanging after shading you all, the next post will talk about practical steps to save money!