“Broke is just a place you’re passing through.”
Dave Ramsey
The term ‘broke’ is said to come from Italy, and tied to the term ‘bankrupt’ or ‘banca rotta.’ Centuries ago, the banker or money dealer’s desk would be broken into pieces if they became insolvent. Hence, broke.
To be “broke” you must have the ability to break. That is something we all share. We can all break bones, or have a break up with a significant other. Hell, even banks can go bankrupt. In the financial sense, you break and become “broke” when you have run out of money. “You can be born poor, but nobody’s born broke: It’s a calamity that happens to you through ill fortune or improvidence.” (NPR) This vulnerability is equal across humankind. This also means the resilient ability to rebuild is equally shared, too.
I’ve been broke. I’ve collected unemployment on more than one occasion due to my own undoing at my job and from being let go at another job due to the Pandemic. The hardest parts of having no money, for me, are the self doubt, embarrassment and insecurity. It’s a yolk society throws on people who’ve lost their money either by their own doing or through no fault of their own. The lens of social judgement doesn’t decipher between the two.
But, like a dirty, crumpled, torn-in-half dollar bill: You still have worth. You can put the pieces back together and build yourself back up. You can set a destination and work your way forward. To do this, have tunnel vision. You must have a myopic view to get to where you’re going. Develop a nearly maniacal level of dedication to get back up on your feet. Bring on supporters to help you on the journey. Aim to surpass just solvency and build a better life than you imagined. The path will be loaded with obstacles, but with resilience and support you can get there.
The Time to Rebuild is Now
When you break up with someone, you might go out and get a new haircut and start to go to the gym. You are changing who you are and rebuilding to the best you. When you break a bone, you get surgery or a cast to repair that bone. You go to rehab and build up the muscles around the bone. You are rebuilding physically. Hear me on this: rebuilding from broke is no different. You reassess your expenditures, stop spending on dumb shit, and you improve your income opportunities. When you have nothing, that’s when you can become the best version of yourself. You can do this and you must do this. For you, your partner, your kids, your family.
I recommend taking these immediate steps:
- Accept it. As the quote on this page infers, being broke is just another rough spot in your life. Don’t try to front like you’re wealthy with $0 in your account. Accept that you are strapped for cash or fully broke, and start the journey to build yourself back up.
- Don’t have a job? Find one. Go to sites like Indeed, search locally with a site like Localwise, and get even more granular with local sites in your area; for example, Built In LA posts positions at starts ups and tech companies for all levels of professionals.
- Update that budget to reduce costs and maximize revenue. Need a budget? Check out this post on keeping a budget for Dads.
- Find your support group. This could be your family, friends or a third-party. If you need help finding a group outside your innermost circle, check out Life of Dad or City Dads.
- Work hard. Be relentless in your pursuit. Stay on an upward climb to financial security and financial flourish. Work harder than you’ve ever worked before. Work when others are sleeping and work even when you’re not sure of success. Work towards your goal and don’t let anything or anyone – especially yourself – stop you.
- Stay inspired and motivated! Find inspiration and motivation on our Inspiration page, and at Ramsey’s site here, and watch this.
