The Secret Reason Many People Are Broke


By Victor Trammell

2016 is already half over. If you’re like many working Americans, fixed costs like household bills and monthly credit card payments are a looming reality.

No matter how much income you bring in each month, it is still very possible to be living with a net worth that is no bigger than what is classified at the poverty level. Believe it or not, there are many people living on an income considered to be at the poverty level who have a bigger net worth than people making well over $50,000 annually.

Yesterday, I read an article published on July 1st by Ebony Magazine. The article was written by Kara I. Stevens, the self-proclaimed “Frugal Feminista.” This informative article by Stevens offered some straight talk about the main reasons why so many people are dealing with financial turmoil in their lives.

“One of the reasons that many of us fail at actualizing our financial goals is because they are too big, too broad, and too ‘pie in the sky,'” Stevens wrote.

Stevens went on to explain what she called a SMART (Specific, Measurable, Attainable, Realistic, and Time-bound) goal-setting process for fixing your finances by eliminating nagging debt. “Creating SMART goals will give you a starting point, an ending point, and a path of how to demolish your debt,” Stevens also writes.

According to a report by Fortune Magazine published earlier this year, consumer credit card debt is on pace to reach $1 trillion dollars by the end of 2016. This is alarming because those same astronomical numeric projections were made in July of 2008 prior to the catastrophic financial crash that occurred later that year.

However, Ebony Magazine’s article by the Frugal Feminista clearly states how you can avoid financial ruin by setting goals that are within your ability to achieve. She offered some sound advice on what it takes to take control of your financial future.

“SMART goals turn dreams into concrete realities, because they keep you focused and in tune with what you really want,” she wrote. “Now that I have walked you through it, create a debt elimination SMART goal and find an accountability partner that you don’t want to let down and who will keep you in check,” Stevens continued.

To read more of the Frugal Feminista’s article, click on the link below.


About the Author

Victor Trammell (pictured above) is a contributor to, a division of NOMA UNlimited           Media. He is also a staff writer and reporter for, which is part of the                                     Your Black World online news and business network. Mr. Trammell has been a member of the                                       Your Black World/NOMA UNlimited writing team since July of 2012 and has covered news stories on                         politics, education, entertainment, as well as economics. You can view a sample of his                                                         professional writing portfolio at








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