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Mon. Dec 2nd, 2019

Just Over Broke

Financial Advice For The Soul

I Am Broke And Depressed; What Should I Do?

17 min read
Problem Solving

i am broke and depressed - albert einsteinTake a step back and evaluate where you are in life. Listen to what that voice in your head were saying. What does it say? Does it say: I am broke and depressed? Does it ask: What should I do?

If yes, then it may be time to make some changes. It may be time to think outside of the box, and take a good, hard look at where you are in life and ask yourself the following questions:

  • What are the problems that I am currently facing?
  • How did I get myself into the situation that I am in right now?
  • What would be a satisfactory resolution to the problems that I am facing?
  • Am I clear on what are my goals?
  • Do I know what it is that I want out of life?
  • What changes do I need to make in my life, in order to achieve the above goals?

I Want To Be Happy But I Am Broke And Depressed

I am Broke And Depressed ; What Should I Do? Life Happens.The reality is that we all want happiness. We all want security. Every human being wants to be loved. Peace is a universally desired by all. We all want satisfaction. And we all want comfort.

But if you aren’t happy with where you are in life right now, then the only person who can swap out your current life for the new life that you want is you.

 

This may sound cliche, but it is the truth. You can externalize the blame for all of your life’s problems all you want, but the actual solutions to your problem lies with your actions. You can whimper and whine and through a pity party for yourself. And you can constantly tell yourself “I am broke and depressed”. But how do you respond to what life dishes at you? How do you work within the choices that you perceive that are being presented to you? Can you think outside of the box and forge a solution to your problems?

Clearly, it is a perfectly natural human emotional response to feel depressed if you are broke, things seem hopeless, and you can’t seem to spot that proverbial light at the end of the tunnel.

But it doesn’t take a rocket science to recognize one simple universal truth about life:

Life Happens

happiness vs being broke and depressedPeople get married. They get divorced. They have kids.  Accidents or illnesses happen. Or worse yet, people die. People lose their jobs. We get into fights, squabbles, or disagreements with one another from time to time. Sometimes, people get cheated or scammed by others. Our trust gets betrayed.

Anyone of the above scenarios can lead to a situation that carries with it increased financial burden, and often-times, precipitates financial distress and loss.

Just because you are down on your luck, you are falling into depression, and you are flat broke and do not appear to have the means within your reach to do something about it, does not mean that you have to accept your fate and your lot in life.

In other words, you do not have to settle for being a victim of circumstances.

“I am broke and depressed” need not be your mantra.

Three Types Of People

I am Broke and Depressed - Three StoogesWhen it comes to dealing with whatever life dishes out at them, there are three types of people in this world. Each one differs in their respective approaches to life circumstances. Each one will react differently to the exact same scenario. How you react to a situation can make or break your financial success in life. Whether you choose to tell yourself “I am broke and depressed”, or “I am wealthy and happy” is largely determined by your attitude.

Which one of these 3 types of people are you?

Personality Type #1: There are those who make things happen.

I am Broke and Depressed ; Rain MakerYou can choose your destiny.

You can maintain a positive attitude, no matter what situation you are in.

Never give up hope.

You are hopeful.

You recognize the positives of the situation you are in and where you are in life, and you can count the blessings that you do have.

In fact, you are resourceful and creative and you are an out-of-the-box thinker.

You are proactive and you are always evaluating your options.

You are willing to take risks.

And you are willing to make unconventional choices and step outside of your comfort zone, in order to affect positive change in your life.

In other words, you do not consider yourself to be a victim of circumstance.

You are innovative and in control of your own destiny, no matter how much the odds are stacked against you.

In financial parlance, these people are known as rain makers, as they are adept at generating and attracting income and wealth into their lives.

If I may refer to the analogy of a hamster wheel: A hamster instinctively will just run on a hamster wheel all day long, blissfully unaware that there is a start or a finish. It is an endless loop. A vicious cycle. So when that inner voice in your head is stuck in an infinite loop, telling you “I am broke and depressed”, then it becomes a self-perpetuating, self-fulfilling prophecy.

A rain maker, on the other hand, will not be content to just stay stuck on the hamster wheel of life. He or she would proactively look for a way to break free of it. As a rain maker, you will know what to do if you are broke and need money fast.

Personality Type #2: There are those who watch what happens.

I am Broke and Depressed ; Binoculars ; Watch What HappensWhen confronted with a difficult situation, do you find yourself freezing up like a deer caught in headlights? Do you feel helpless and you have no idea what to do? Do you feel anxiety at the incessant thoughts runamuck of an impinging calamity, such as losing your house and ending up on the street, or having no food to eat? These people generally despair of any positive outcome, and just acquiesce and accept whatever outcome may happen to them, good or bad. They cannot fathom the thought of taking risks, stepping out of their comfort zone, and thinking outside of the box, in order to come up with a solution to their problem. They see life passing them by and they do nothing about it. Rather than being an active participant in being agent of change in your own life, you succumb to whatever life dishes out to you.

Using the hamster wheel analogy, they don’t question the futility of the hamster wheel and they just accept it, no matter how distasteful the outcome. They just grin and bear it, and even convince themselves that this is how it has to be and there can be no other way. They just accept the self-defeating belief that “I am broke and depressed”, and don’t bother to do anything about it. And they willow in the misery, that, quite frankly, of their own making.

Personality Type #3: There are those who wonder what happened.

I am Broke And Depressed ; Wonder What HappenedThis third category of people are those who are neither proactively taking charge of their own life and taking initiative to affect change, nor are they those who passively and helplessly watch as life happens to them and they do little to nothing to fight their circumstances.

This category of people are those who are completely clueless. These clueless people do not:

  • take responsibility for their own actions.
  • have goals or ambitions in life.
  • care to better themselves.

These types of people are:

  • oblivious to whatever is happening around them.
  • nihilistic and limited in their world view and scope.
  • such that the extent of their intellectual curiosity and education is whatever the public education system or the media feeds to them
  • materialistic and constantly in search of short-term, instant gratification, with no regard to the future.

They are like a person who was riding down a river on a boat that has capsized. Basically they are helpless to affect change, and in fact lack the understanding that they are in imminent danger.

They just passively let the river current take them wherever it goes. And they don’t bother to swim against the current and fight it, to get to safety. For them, they are content to accept that “I am broke and depressed” is their lot in life.

They are heedless. They are sheeple. And they don’t have a clue.

I Am Broke And Depressed, Down And Out, And There’s No Light At The End Of The Tunnel

I am Broke and Depressed ; Light At The End Of The TunnelAre you are feeling helpless? Do you feel:

  • as though you are a victim of circumstance?
  • that you are somehow predestined to live an ill-fated life of “bad luck”?
  • miserable, constantly obsessing over your plight, fixated on the negative thoughts that constantly cloud your judgment?

Is there a specific incident from the recent past in your life that keeps replaying itself over and over again in your head, that you constantly analyze, replay, and try to rationalize in your mind.

Is there a particular traumatic incident in your life that has rendered you to become stigmatized financially.

If any of the above describe your situation, then you need to wake up and smell the coffee! You need to step helplessly, passively allowing yourself to be relegated to fiscal mediocrity.

7 Things You Should NEVER Do When You Find Yourself Saying “I Am Broke And Depressed”

Thought #1: Do NOT accept that you cannot improve your life.

I am broke and depressed ; improvementDo not accept that there is no way out and that your situation is hopeless.

Do not quietly accept that this is how it has to be.

You must expand your mindset to the realm of unlimited possibilities.

Harboring limiting beliefs will do nothing but perpetuate your misery and your problems.

You must brainstorm your way out of your situation, with out of the box thinking.

Do NOT drown your miseries through engaging in any self-destructive behaviors such as resorting to the consumption of drugs or alcohol, indulging in the consumption of comfort foods.

These may give you a temporary feeling of comfort, but they are nothing but conduits for nihilistic escapism.

Thought #2: Do NOT engage in self-destructive behaviors or harbor any self-destructive thoughts and attitudes.

I am broke and depressed ; knocked out ; self-destructive behaviorDo not allow yourself, whether consciously or unconsciously, to sabotage your situation further by thinking ambivalent thoughts “it can’t get any worse”, or “I’m already in bad shape, so might as well”, or “I am broke and depressed”, or “i’m already so deep in the hole financially, then what difference is another credit card purchase going to make?”

If you can’t help yourself and these thoughts seem to run rampant in your head, against your will, then you will need to learn how to quiet the mind through self-reflective activities, such as yoga, exercise, and meditation.

Hope is what gives humanity the strength to overcome any type of adversity.

You must recognize that there is a solution for every problem. And oftentimes, there is more than one solution for every problem. We must tap into the ingenuity of this complex human brain of ours, to come up with a plan, and then be able to execute and follow up on that plan. Wallowing in self-pity is counterproductive.

Thought #3: Do NOT be lazy.

I am broke and depressed - laziness ; procrastinationIf you want to turn your life around, become productive, happy, wealthy, and start treading the path toward financial success, then you need to imbibe yourself with success.

You need to surround yourself with success.

Visualization of success is something you need to learn how to master.

Be able to smell it, taste it, feel it, touch it, and know it, in your mind’s eye.

Dress for success.

Learn to go to bed early and set an alarm to get up at sunrise.

Following a disciplined schedule of early to bed, early to rise, does indeed make a man healthy, wealthy, and wise.

And there is also truth to the axiom that clothes make the man. How you dress can significantly impact your self-image, boost your self-confidence, make you feel more productive, and more focused. There is a difference between wearing sweats, jeans, or shorts all day versus wearing trousers, blazers, or blouses.

I am broke and depressed ; loserThought #4: DO NOT keep company with losers.

Your ability to achieve success in life is largely influenced and determined by the company you keep.

If you are constantly surrounded by the company of unsuccessful people, then you will be hard pressed to seek validation, feedback, and motivation from a mentor or a peer who can inspire you, motivate, coach you, or push you to elevate yourself and become successful.

Therefore, if your family, friends, and associates exude negative attitudes, then it might be difficult to have the morale necessary in order to succeed.

And if you find that your closest confidants are all a bunch of naysayers, then you will lack the moral support necessary in order to succeed.

Of course, you cannot choose your family, and we are not implying that you should immediately disassociate yourself from the people whom you regard as your friends.

However, it is important to be wary of their negative influence on your life.

Either seek to find the company of successful people, or make some lifestyle changes so that you aren’t constantly subject to their negativity.

Tell yourself “If I am broke and depressed, then I must seek out and surround myself with the company of those who are wealthy and successful.”

Thought #5: DO NOT let your stress, anxiety, or fears overwhelm you.

I am broke and depressed ; stress

 

Rather than wallowing in anxiety and falling for the trap of having to start taking drugs (be they prescription or illegal) to quell your nerves, rather than allowing stress to bog you down, and letting your fears debilitate you to the point of inaction, you must take positive steps to better yourself. Do not be like the ostrich that just buries its head in the sand at the first sign of danger. Or don’t be like the deer caught in headlights.

 

 

 

Thought #6: DO NOT ignore the problem.I am broke and depressed ; ignoring the problem

It is easy to find “security” or “safety” through inaction, trying to ignore the problem. But ignoring the problem, and refusing to acknowledge it, or not taking the team to come face to face with reality, can be the most self-destructive behavior of all. Denial will only lead to your financial problems worsening. It is imperative that you recognize the problem and take action.

 

Thought #7: DO NOT neglect your health.

I am broke and depressed ; neglecting your healthIf you are experiencing financial problems, you are literally teetering on the brink of being just over broke, or you have already crossed the precipice thereof, then you are going to need to muster every ounce of creative, mental, and physical strength, stamina, and alertness to be able to overcome your situation.

Do NOT neglect to:

  • engage in adequate cardiovascular, as well as strength-training, exercise on a regular basis.
  • get adequate sleep every night.
  • consume a healthy, well-balanced diet, avoiding unnecessary junk foods.

If you need to lose weight, then the sooner you get to work on that, the speedier you will be able to sharpen your mental faculties and improve your physical fitness, for the creativity and activity that getting you in shape for financial fitness entails.

Practical Measures To Combat The Nagging Inner Voice Telling You “I Am Broke And Depressed”

Tip #1: Physical Fitness Is A Key Ingredient To Overcoming Financial Adversity

I am broke and depressed ; physical fitness

 

Yes, you read correctly! Physical fitness is one of the key ingredients in order to financial success! It is an often overlooked secret of the wealthy. You may wonder what correlation there could possibly be between physical health and your wealth… Well, the fact of the matter is, is that only if you have a healthy and sound mind and a strong and healthy body, can you tread the path along the journey toward financial success.

Take a moment to assess your health and state of mental well-being. If “I am broke and depressed” is how you feel, then you should immediately take action to start exercising, eating healthy, and getting in shape. If you are already in good shape, then ramp up the intensity of your exercise regimen. Exercising releases endorphins will help to improve your mood.

The benefits of good health that directly contribute toward your financial success will be twofold in nature:

Benefit #1: 

You need a healthy mind in order to tap into its fullest potential. You will need creativity, ingenuity, wit, alertness, logic, and a good memory in order to be able to stay on top of your game to figure out a solution to think outside of the box and resolve your financial problems. Exercise and diet are essential to developing a healthy brain, which yields a healthy mind.

Benefit #2:

You need a healthy body in order to have the stamina, the endurance, the strength, and the energy to be able to run a business, pursue an education, or climb the corporate ladder.

Therefore, you should make haste and kick-start a plan to get in shape and stay in shape right away: Go on a diet to lose weight if you have to. Start a strength training program, to help you develop muscle and tone up. Make sure you get a good night’s sleep every night. Be sure to engage in stress-reducing activities, such as yoga, meditation, or engaging in a leisure hobby.

Tip #2: Engage In Financial Education

I am broke and depressed - financial education
tree growing from book with coins

Read. Learn. Absorb as much knowledge, advice, and information as you can about the world of financial education. Learn the strategies how to get out of debt. Formulate strategies for how to start a business with no money. Brainstorm the strategies how to think big and negotiate financial deals. Identify all of the types of investment vehicles. Learn all the different ways how to develop passive income.

Knowledge is power. Armed with the proper knowledge, you will be able to devise a strategy, or adopt a proven method for debt reduction and income generation. Financial knowledge will also help you to adopt good, sound, disciplined financial habits that will help you increase your wealth and help you to prevent yourself from falling back into financial hardships again. Never again should you ever have to contend with the negativity of thoughts such as “I am broke and depressed”.

Tip #3: Replace The Negative Thoughts With Positive Thoughts Only: Garbage-In-Garbage-Out

I am broke and depressed ; garbage in, garbage outYour mind is your your most valuable asset. Your mind is the bastion from which all of your life’s experiences are perceived, processed, and experienced. Life is what you make of it. You attract whatever you think about with your mind. If you have a positive mindset, and you focus on success, then you will be successful. But if you dwell on negative thoughts, and harbor a pessimistic mindset, then you will be perpetually stuck in a rut.

“Garbage In, Garbage Out”, is a popular axiom to describe this phenomenon: If you put garbage into your head, the resulting output in the form of your actions will also be garbage. But if you put positive, productive, beneficial thoughts into your head, you will achieve positive results.


You may find that it may not be easy to learn to control your thoughts and focus your mind on success, at least at first. But it is an exercise that will pay for itself. You may have to “fake it until you make it”, as the saying goes.

Tip #4: Pay Yourself First

I am broke and depressed - pay yourself firstIf you are left with an overwhelming sense of indecision about what to do with your lack of money, then you are going to have to make some hard choices, and you may have to open your mind up to the possibility of taking some risks.

If you project that you will have little to no money after you pay all the bills this month, or you have calculated that you do not have enough money to pay all of your bills for this month, then what should you do?

Siphon Money To Pay Yourself First: Simple Remedy For When I Am Broke And Depressed 

money siphon - just over brokeOne thing you can consider doing is to break the cycle: Siphon off some of your money, even if it is only a little bit, and save it. We are not talking about saving for an emergency fund, since in your situation it is clearly a little too late for that. And we are not talking about saving up to pay off one of your credit cards, because a few extra dollars is not going to be enough to make a dent in your debt obligations or break your downward debt spiral. If you are thinking “I am broke and need money fast“, then this might seem like incredulous advice, but it represents a paradigm shift in the way that you are mismanaging your fiances today, and puts you on a path toward financial responsibility and financial solvency.

What you need to do is pay yourself first. Save up money to spend on earning income for yourself. This could be in the form of saving up for a training program, a certification program, startup fees to buy or to build a website, fees to buy the initial inventory you need for a business, startup capital to invest in stocks, bonds, mutual funds, funds to invest in real estate.

You might think this is easier said than done. But if you are of the “I am broke and depressed” mindset, then the only way you are going to break free of that vicious cycle is to  step out of your comfort zone and make that earnest effort to pay yourself first.

No Risk, No Reward

no risk no reward - broke and depressedNow, this might sound like horrid financial advice to a more conventional financial adviser, but put my advice into perspective: Without risk, there is no reward. You can either choose to sock away $25 a month toward a real estate investment trust, or toward the purchase of a used car which you can buy, fix up, and resell later, or to buy used merchandise and resell it for profit, to save up to pay for a real estate investing course, or to save up for a website designing course, for example. Or you could use it to pay the interest on your credit cards. On the other hand, there is one thing you need to steer clear of: If you are thinking “I need a loan now“, then you should weigh your options carefully before going down the path of taking out a loan to better your financial situation.

Conventional wisdom might dictate that you should just use it to pay down your credit card bills. Sure you could do that. After several months or years, you will eventually pay off your debt. But you may still have the issue of not enough income. Let’s say you invest that same $25 per month toward something of greater value. You could then reap ten or even a hundred times more return on your investment. This would be far more than you would reap if you were to simply pay down your credit card debt.

DO NOT Put Off Your Dreams!

Dreaming of Money - Broke and DepressedIf you put off your dreams, if you put off investing in yourself, it is never going to happen. You are going to be stuck in a financial rut forever.

Insofar as what to do if you are broke, this principle of paying it forward merits a whole other discussion in itself.

But the bottom line is, if you find yourself constantly engaging in the self-fulfilling prophecy and destructive negative self-dialogue of “I am broke and depressed”, then you will need to fix your situation. Counter it by engaging in positive self-dialogue instead. Instead of saying “I am broke and depressed”,  get into the habit of saying “I am healthy, wealthy, and happy”. Even if you don’t believe it to be true, keep saying it to yourself. If you keep saying it to yourself, it will become true. No, this is not a “fake it til you make it” strategy. This is a way of using positive affirmations to help you achieve your goals.