You are using an older browser version. Please use a supported version for the best MSN experience.

23 Reasons Why You Will Always Be Poor

GOBankingRates Logo By Elyssa Kirkham of GOBankingRates | Slide 1 of 24: <p>Many Americans are clearly not experts at managing their own finances and end up broke month after month. The cycle of overspending leaves them poor, even if their income means they are considered well above the poverty line. A third of higher-income households — those that bring in $75,000 or more a year — live <a href="http://www.gobankingrates.com/personal-finance/10-reasons-living-paycheck/">paycheck to paycheck</a>, found a recent survey from SunTrust Banks, Inc.</p><p>Then there are other factors, like the average per-household amount of credit card debt that stands at nearly $16,000 and dismal savings — 73 percent of Americans have <a href="http://www.gobankingrates.com/savings-account/poll-73-percent-no-savings/">less than $1,000 in their savings account</a>. It raises the question: Why are people with relatively good income always broke?</p><p>GOBankingRates talked to 23 personal finance experts, asking them all the same question: What is the No. 1 reason people end up poor or in financial hardship? Click through to find out what problems they say are keeping you broke, as well as what they think you should do to improve your situation.</p>

Many Americans are clearly not experts at managing their own finances and end up broke month after month. The cycle of overspending leaves them poor, even if their income means they are considered well above the poverty line. A third of higher-income households — those that bring in $75,000 or more a year — live paycheck to paycheck, found a recent survey from SunTrust Banks, Inc.

Then there are other factors, like the average per-household amount of credit card debt that stands at nearly $16,000 and dismal savings — 73 percent of Americans have less than $1,000 in their savings account. It raises the question: Why are people with relatively good income always broke?

GOBankingRates talked to 23 personal finance experts, asking them all the same question: What is the No. 1 reason people end up poor or in financial hardship? Click through to find out what problems they say are keeping you broke, as well as what they think you should do to improve your situation.

© Provided by GoBankingRates

More From GOBankingRates

GOBankingRates
GOBankingRates
AdChoices
image beaconimage beaconimage beacon