The Quest for Financial Freedom: Why Some People Struggle with Being Broke
In a tale as old as time, many individuals embark on a journey in pursuit of financial freedom, only to find themselves stuck in a cycle of poverty. Olayinka Adeyemi, a 26-year-old visionary, is no exception. After moving from Ondo State to Lagos in 2023, she landed a job as a marketer in a tier-one bank, but despite her good salary, she found herself struggling to make ends meet.
Olayinka’s story is not unique. Many people in Nigeria struggle with financial woes, often due to their own financial habits and choices. According to experts, materialism, reckless spending, and lack of financial planning are common reasons why people find themselves constantly broke.
Materialism is one of the most significant obstacles to financial freedom. When people prioritize material possessions over financial stability, they often find themselves living beyond their means and struggling to save for the future. “Supporting family members financially without planning can be a major constraint for every high-earning member of any family,” says finance and wealth creator Jennifer Okpechi.
Another reason why people struggle with being broke is their job. If one’s job does not provide a stable income or offers little monetary compensation, it can be challenging to make ends meet. “Not earning enough money to meet basic needs can be a valid reason,” says financial planner Ifeoluwa Adegoke.
Having only one source of income can also be risky, especially in Nigeria’s current economic climate. “Having only one job is risky, especially without a proper financial plan or budget,” says Okpechi.
Furthermore, the “fake-it-till-you-make-it” mentality can lead to financial struggles. When people try to impress others by living above their means, they often end up overspending and struggling to save.
Chasing too many investment opportunities can also wreck one’s finances. “You see a lot of people who, because of fear of losing out on opportunities, just jump on anything,” says investment coach Opeyemi Ogundipe.
Finally, poor money management skills can also lead to financial difficulties. “Lack of money management skills like budgeting and saving can cause anyone to go through financial difficulty regardless of the income bracket,” says Adegoke.
Experts agree that the choices we make play a crucial role in our financial health. By understanding the reasons why we struggle with being broke, we can take steps to change our habits and achieve financial freedom. As Okpechi says, “Effective financial planning involves setting goals, tracking expenses, saving for the future, and creating multiple sources of income.”
