Broke Versus Poor

I was speaking with a friend of mine yesterday who is going through some rough times financially. His business is off 90% from it's peak a couple of years ago. As you can guess, he is in the mortgage arena. During our discussion, he mentioned how "poor" he is. That is the basis for today's lesson.

My friend was incorrect. He is not poor. At the moment, he is broke. There is a major difference between the two. Understanding how these two concepts differ is what allows one to transform the circumstances.

Being broke is a reflection of a situation. It is temporary in nature and can be reversed. Circumstances sometimes go unfavorably which leads us to go broke. Many wealthy people experienced this in their life.

Poor, on the other hand, is not a situation. This is a state of mind. And most who are poor remain there. It is something that is not changed based upon financial circumstances. Many wealthy people remain poor which eventually reflects in the physical world. In the end, they lose whatever money was accumulated.

The only way to stop being poor is to change one's mindset. Getting back to my friend, he is broke because his circumstances are temporary. He still has the mindset to go out and create. Wealth building is something that he did not lose. I am certain there will be a time when he will reverse his fortunes.

Donald Trump went broke a few times. Yet he maintained his ability to create wealth. Also, the inner belief that he would rebound remained. That internal self confidence is common among those who alter these types of circumstances. They have the persistence to succeed in spite of the present difficulties.

It is easy to see how being poor is greatly different from being broke. If you are experiencing a rough time financially, remember this idea. Having the proper mindset is the first step to changing the physical circumstances.
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