why are most people broke?
i worked as an accountant, financial adviser, and investment manager for many years and from what i have seen people go broke either from bad luck or else because of some faulty personality trait.
to start with a personal perspective. very early on, in secondary school, reading charles dickens' "david copperfield", i was very lucky to learn this hugely important lesson:
“mr. micawber was waiting for me within the gate, and we went up to his room (top story but one), and cried very much. he solemnly conjured me, i remember, to take warning by his fate; and to observe that if a man had twenty pounds a-year for his income, and spent nineteen pounds nineteen shillings and sixpence, he would be happy, but that if he spent twenty pounds one he would be miserable. after which he borrowed a shilling of me for porter, gave me a written order on mrs. micawber for the amount, and put away his pocket-handkerchief, and cheered up.”
dickens taught me
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