The Lessons Learned from Being Broke
Being broke is far from desirable. It can feel embarrassing, especially when those around you perceive you as affluent. Yet, many people experience being broke at some point in their lives. Stumbling upon a hidden ₦500 or ₦1,000 note—whether in a suit pocket or under a cushion—can feel like hitting the jackpot during such times.
Some individuals learn from the experience and never return to financial struggles, while others find themselves visiting “brokeville” occasionally or even regularly, particularly toward the end of the month. For salary earners, conversations often revolve around the question, “Have you received an alert?” signaling payday relief.
While financial hardship is not ideal, it can teach valuable lessons.
1. Recognizing Poor Financial Decisions
One of the key lessons from being broke is realizing that poor financial choices often lead to this state. Many such decisions are rooted in instant gratification—spending on things that could have waited. You might eventually afford these things, but today’s expense might not be wise.
The Power of Saying No
Your strongest tool against impulsive decisions is learning to say “No.” Often, people say “Yes” to themselves or others without much thought. The process should work the other way: say “No” first, think things through, and then decide whether to say “Yes.” This approach can save you from unnecessary financial stress and anxiety.
Understanding what “affordable” means is critical.
- For some, it means being able to pay upfront.
- For others, it’s borrowing to cover costs.
- For the prudent few, it’s spending only after saving and investing.
The first two approaches lead to frequent financial struggles, while the last minimizes such risks.
2. Learning to Pay Less for More
When broke, you’re compelled to find better deals and negotiate smarter. This period of necessity often teaches you:
- The importance of comparing prices and identifying cheaper alternatives.
- How to prioritize quality and safety while reducing costs.
- The art of negotiation—low offers are harder to sweet-talk into higher bids when funds are limited.
Walking away from a deal becomes easier when money is tight, and often, this strategy helps you secure a better deal elsewhere.
3. Realizing the Sky Won’t Fall
Demands from friends or family can sometimes feel urgent, creating a sense of guilt if you can’t meet them. However, being broke teaches a crucial lesson: life goes on, and the world doesn’t end if you say no.
For example:
- A friend might be upset if you skip buying an expensive wedding outfit (aso ebi), but they’ll eventually move on.
- Long-term, the same friend might still turn to you for help, proving their temporary anger was not as critical as it seemed.
Helping others is commendable, but creating dependency is harmful. Empower people to stand on their own instead of playing the role of a permanent provider. Saying no out of love is a step in that direction.
4. Addressing Poor Money Management Skills
If financial struggles persist, they signal gaps in your money management abilities. Consider these periods as warning lights on your financial dashboard. Ignoring them won’t solve the problem; instead, trace the root cause and take corrective action.
Free online resources and tools can help you boost your financial literacy and better manage your finances.
Final Thoughts: A Classroom for Financial Growth
Being broke is not a permanent state—it’s a temporary stage in your financial journey. Treat it as a classroom where you learn, pass the tests, and graduate to better financial stability. The lessons from being broke can be transformative if you take them seriously and implement lasting changes in your financial habits.