This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Money
Don’t Take Financial Advice From Broke People
10 Things You Can Learn From Broke People
It’s a phenomenon that broke people give financial advice with 100% confidence, and it’s usually way off base. I’ve received ample financial advice through the years, much of which came from broke people. I always take it with a grain of salt.
The best thing you can learn from broke people is what not to do with your money.
1. Buy a new car.
Translation
Finance a fancy brand new car – even if you can’t afford it, and get the car you want. It’ll be worth it when you’re the best-looking car on the road.
For The Broke Person…
They’ve missed some car payments – butchering their credit and financial profile.
2. Buy a nice house; you’re wasting money renting.
Translation
Take out a mortgage, and remember: bigger is better. You’ll always want more space, so it’s best to buy it upfront.
For The Broke Person…
They’re thinking about what other income they can bring in to pay for the mortgage next month [or this month] because they’re struggling to pay their mortgage each month; however, many still feel it’s worth it as long as they have the HGTV crib.
3. Travel and stay at the best places.
Translation
When you take a vacation, you need to treat yourself like a king. Stay somewhere nice. Use a credit card to rack up the points.
For The Broke Person…
Another credit card is getting maxed out whenever they travel.
4. Take out personal loans to fund your lifestyle.
Translation
Don’t worry if you’re cash-poor. Take out some loans so you can do everything you need to do (the funny thing about the word ‘need’ is we often get it confused with the word “want”).
For The Broke Person…
They have several personal loans with no meaningful purpose other than to buy superfluous stuff.
5. Take out a PPP Loan. Don’t miss this opportunity.
Translation
Come into some significant cash flow, and there are ways to avoid paying it back; you might even get the loan forgiven.
For The Broke Person…
They’re one misstep away from going to prison for defrauding the small business administration.
If you’re getting value from this — sign up for my newsletter, a free daily 5 AM email. Discipline delivered before the sun comes up.
6. Treat yourself.
Translation
You’re priceless. Invest in yourself. Treat yourself lavishly. You work hard. You deserve it!
For The Broke Person…
The minimum payments for self-care and “treat yourself” outings are becoming less manageable.
7. Get the latest iPhone. You got to stay up to date.
Translation
If you want to assimilate and stay in the now, the latest iPhone is a must; this contributes to your social net worth.
For The Broke Person…
If needed, they still can’t afford to buy the phone outright. Furthermore, the phone bill takes a more significant chunk of their paycheck than it should.
8. You only live once; buy it!
Translation
You might not even be here tomorrow. Live on the edge. Free yourself from financial worry. Get what you desire. Embrace pleasure!
For The Broke Person…
Bankruptcy is right around the corner.
9. You need to get out more.
Translation
Get out the house, go party, go to more events, do more stuff, and buy more stuff.
For The Broke Person…
When going out, they can only afford to pay their bill. On second thought, can they really afford their bill if they still have to charge it? Lastly, they’re always looking for a super deal when they go out.
10. Why do you always wear the same clothes?
Translation
Your image is essential; you need to invest in your appearance.
For The Broke Person…
Their closet is overstuffed with clothes worn and unworn – with tags – still unpaid for on that plastic credit card.
One More Thought
If you want to be the opposite of broke, simply do the opposite of broke people. It’s helped me come a long way financially.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.