Livin' like a baller who's over budget? 💃💸 Treatin' yourself on the regular, but still flirting with the occasional overdraft fees? 👛 You, my friend, just might be…”bougie broke.”
Yes, according to Urban Dictionary, “bougie broke” refers to the state of “always barely having adequate funds,” whether that's in cash, bank accounts, or credit cards. This new term is going viral on the interwebz and experts say that might be a good thing! 🤑
Here’s Five Fast Facts on the “bougie broke” trend:
- 💅 Living My Best Life - Why is the “bougie broke” lifestyle trending? Recent sky-high inflation increased prices to the highest they've been in 40 years. So, higher cost-of-living made many peeps feel that big financial goals (like buying a home) are impossible. On top of that, the pandemic made everyone appreciate life a little more and live in the moment.
- 🤐 Taking Down Taboo - "Bougie broke" videos are super-popular, mostly because they're removing the stigma that comes with talking about your finances. But they also point out how many of the flashy people you see online are also living paycheck to paycheck. Yep, even those influencers flaunting their Gucci on a remote island in the South Pacific are kinda' broke.
- 🤫 Hush Money - We all know that money's a taboo topic. One survey found that 34% of couples who live together can't accurately say how much the other makes. Along those lines, only 17% of parents with incomes over $100,000 tell their children how much money they have. In general, people would rather talk about *anything* other than money. Even sex, addiction, and the latest Kardashian cat fight.
- 💰 Wealth Woes - Another survey found that 72% of respondents frequently worried about their finances. Almost a quarter of the respondents said that they experienced “extreme stress,” and 26% said they felt stressed “most or all of the time.” Money taboos may also prevent people from talking honestly about their financial issues and getting the help they need.
- 🛖 It's a Tribal Thing - Why are we so weird about money? One theory points back to our ancestors. Back when we were living in tribes, working together was the key to survival. Standing out from the crowd could hurt your chances of being included by the group, which meant you could be left for the wolves. Worse yet, your success could cause someone to be super jealous. Our caveman brains are still wired this way, which may be why we keep our financial statuses close to the vest.
🔥Bottom line: With all this chatter about a looming recession, another crazy election season, and possible alien invasion, who wouldn't want to live in the moment? Being “bougie broke” is way more common than you might think and, on the plus side, breaking stigmas about money can be good for everyone. Just don't go too crazy!
BTW, are you nervous about student loan repayments? We've got some prep tips for you here.
What does “bougie broke” mean to you?
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