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How To Stop Being Broke While Chasing Your Dreams

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Chasing dreams mustn’t result in being broke. In this article, you’ll get to know how to stop being broke while chasing your dreams in life.

<!-- set a 626:352 i.e a 16:9 aspect ratio --><img src="how-to-stop-being-broke.jpg" width="626" height="352" alt="a young man looking at his empty wallet in surprise. Illustration of how to stop being broke">
Photo Credit: Freepik / Drobotdean

Chasing your dream is not child’s play. It’s a lot of hard work and a huge commitment of time, money, and other resources. This could pose a serious challenge to your finance and could make you vulnerable to being broke.

While you’re determined to make your dreams become a reality, it’s important to go about it the right way. This way, you will be able to make your dreams come through while maintaining healthy finance.

What does it mean to be broke?

Being broke is a poor state of finance whereby you have little money or worse, no money. Although it’s a temporary lack of money, it could be much longer if action to stop being broke is not taken.

More often, this is a state of bankruptcy because of a lack of money management. It can also be as a result of no source of income, being in debt, or constant use of money to achieve something without planning.

How to stop being broke while chasing your dreams

Here are tips on how to stop being broke while chasing your dreams.

1. Stay prepared

It’s important to start the journey of chasing your dreams on a good foundation by staying prepared. Understand that chasing your dream is a solo trip. Failure to prepare for it may not result in the desired result.

To give the tip of the iceberg on how to go about this, you will need to leave your comfort zone, use the right company, value your time, and ignore the naysayers.

Although these are just a few tips on staying prepared, starting with these and transiting into more, will enable you to make good use of your time and maintain healthy finance while chasing your dreams. This will benefit you in living productively, reclaiming personal life, and quality of life.

2. Don’t quit working

Although it can be hard to hold on to a job you don’t like, especially when chasing your dream, it’s still important to hold on to the job. When trying to chase your dreams and stop being broke, quitting a job you hate may not be ideal.

Aside from holding on to a job, it’s also important to work on generating ideas. And even if you fail on one idea or the other, think of why it’s important to embrace failure, as it will motivate you to keep chasing your dreams.

In this case, both your body and mind are active. While your body works to keep you free from going broke as you chase your dream, your mind is active in generating ideas for your dream.

3. Set up a business plan

On the note that you probably have a business in mind, it will be important to set up a business plan. To begin with your business plan, you would need to identify and understand your target audience.

Next, be able to describe your business to anyone and set up your management system and organization. After which, you can proceed to the service, product, marketing, and financial aspects.

After setting up the business plan, think of how to utilize your planning for it to produce the best result. From here on, it’s just a matter of optimizing the system.

4. Gain more experience

Experience helps one to make better decisions, strategically applying knowledge, and networking better. And, with experience, you’ll boost your chances of achieving career success, regardless of your field.

Since your focus is to gain more experience in your business, job, and life in general, seek ways to gain all-around experience. Reading broadly, taking advice from elders, and journaling will help to broaden your experience.

However, one way you can also gain experience is to learn to embrace failure in life. You want to ensure that irrespective of what the situation may be, you would embrace it because you know it will help you to gain more experience.

5. Strive to be the best

Not only will you be able to stand out and utilize more opportunities by being the best, but it will also help to boost your confidence.

Even though standing out and utilizing opportunities are crucial to chasing your dreams, the number one thing you need is confidence because with confidence comes every other thing.

There’s a certain boost of confidence that you will have when you can do what others can and what few can. This makes it important to keep growing yourself and learning beyond what you already know.

6. Set smart goals

Setting smart goals are important to chasing goals because it enhances the ability to achieve your dreams and desires. This is as a result of the set of objectives and principles you are guided by.

The moment you abide by certain principles and stick to your objectives, you motivate yourself and improve your level of focus.

When trying to decide if your goals are smart or not, consider if they’re specific and measurable. If you think they’re up to these, check if they’re achievable and relevant goals before checking the time frame.

7. Explore other streams of income

Since the goal is to chase your dream and to stop being broke, you would also want to ensure financial stability by not depending on one source of income. This is where diversifying your income comes in.

And while it will help you in achieving your dream, it will also help you in achieving your financial goal. It’s a smart financial management strategy. Anybody with the right mindset, of any level of income, can use it to achieve big wins down the line.

While there are lots of ways to generate multiple streams of income, taking the paid survey, and investing in things that will guarantee return is great. However, explore to figure out the ones you prefer.

8. Master money management

As you begin to generate income along the line, especially when you have multiple streams of income, it becomes crucial to master effective money management.

But even if you have little money, it’s also important that you manage the money. Because money – big or small – can grow or decrease, depending on the hands it lies in.

This is important because it will help you to be effective with chasing your dream with your finance. And it will also help to stop you from being broke.

9. Embrace networking

Networking has become a very important factor that anyone looking to build his or her dream needs to engage in. Through networking, you gather new ideas easily, gain support and advice. This will strengthen your chances of gaining and maximizing opportunities.

These are just a few benefits you would gain by networking. Networking is inter-connection with like-minded and open-minded people who can offer value.

As such, it’s important to meet people through others you know, as they probably will have a lot in common. You can also use social media, but remember to try and follow up with your network as much as you can.

10. Seek valuable information and advice

Seeking advice helps to compel one to take action. Aside from that, there are other reasons why it’s important to seek advice.

Likewise, the kind of information you seek also plays a key in giving you solutions to problems. It also expands your knowledge, offers validation, and makes room for positive and logical thinking.

Considering how vital it is to seek advice, it’s also important to get it more often when you need it. This is where a good mentor comes in. When trying to seek information, think of the core aspects and put it on paper. After which, you proceed with your search terms.

11. Stay flexible

While being decisive is great, knowing when to be flexible with your decisions is also important. It’s okay if your initial decision or plan didn’t go as expected. However, don’t continue with it in the hope that it will eventually turn out fine.

When you become flexible with your thoughts and actions, it will enable you to accept your mistakes and learn from them.

This way, if something is not going as expected, you will be willing to observe the situation. You’ll also be willing to gain more advice and information. This will enable you to change the way you approach the situation.

Wrapping it up

It’s a good feeling chasing your dreams. But that doesn’t change the fact that it requires hard work and commitment of resources; it’s not easy. Because of the money involved in chasing your dreams, there’s a high chance of being broke.

However, balancing chasing your dreams with being financially stable is even harder. So to avoid being broke or sacrificing one for the other, you’ll need a good approach. This makes it necessary to learn how to avoid being broke while chasing your dreams, using these tips.

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