Most people wouldn’t consider being broke as a powerful thing but I’ve witnessed its power a couple of times in my life. If you want to look at the glass half full here are some of the positive side effects of being broke.
You’re More Open to Risk
Here recently I was feeling pretty comfortable. I was happy with how everything was going for me financially and therefore didn’t want to risk what I’d worked so hard for in return for something potentially better.
This is much different than the state of mind I was in just a few years ago. When I first started freelancing I was working a day job bringing in less than $2,000 per month. When I hit $1,800 per month in freelance income I quit my day job without thinking about it. Even though self-employment was the riskier route I knew the potential payoff was much bigger.
When you have more to gain than to lose it’s easy to take bigger risks and reap bigger rewards. When you become comfortable you become complacent and taking that risk is no longer fun – it’s scary.
You’re Motivated
Since I’m getting ready to drain my savings account to repair the house I’ve been extremely motivated to work as much as I can to fill my savings account back up.
I had grown accustomed to having a large cash buffer to fall back and without it I feel a bit exposed and highly motivated.
I’ve been planning ahead, looking at all of my missed opportunities and taking a lot of action.
Being broke, for many people, is a huge motivation to work harder and earn more money.
You’re Forced to Reexamine Your Finances
When I’m feeling the need to build up savings one of the first things I do is reevaluate my budget. Since I operate with unbudgeting method I don’t regularly check my expenses but in circumstances like these I’m happy to reassess where I’m at.
Examining my expenses has already lead me to easily shave a few hundred dollars off of my spending.
While being broke definitely isn’t ideal it can be a powerful catalyst for lasting financial change.
Has being broke ever been a motivator for you?