10 Reasons Why Most Poor People Remain Poor.
This is a world of competition, and the winner usually takes it all. The winners are usually the people who have sustained efforts and a strong will to win. Have you wondered why you are poor and why you might continue remaining poor for the rest of your life? Here are the reasons why most poor people remain poor forever.
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1, You Don’t Make saving a priority.
The art of saving is an essential thing. Savings play a very massive role in changing your life completely. If you have been paid, no matter how fewer the dollars are, there are no restrictions on savings. Always make sure you save. Don’t spend all the money, and after a few days, you remain with nothing. You are forced to start borrowing debts. Always practice the art of saving; once the money has accumulated in the bank or where you are saving, use that money to start your projects or invest in profitable projects.
- Lack of Financial Literacy
This comes with a lack of proper financial management skills; most poor people lack these skills. Hence once they get any small amount of money, they don’t have a plan that will direct them to spend that money. For this reason, most of them spend money uselessly, and at the end of the day, they find themselves with nothing, and they cannot account for the money. This has dramatically affected third-world countries, where most people are still illiterate and lack financial management skills.
- Laziness
This now is one of the primary reasons why most poor people still languish in poverty. There is no way you can be rich if you are lazy. No miracle can happen. If you observe the poor people who have languished in poverty for a long time, you will find out that most of them are lazy. They don’t want to work hard and be innovative. Even the bible itself says you must work to be able to eat. Get out of your comfort zone and start working smart if you want to be rich.
- Bad Environment.
This includes the people you hang out with. You can’t develop some areas due to war or other negative things that affect your life. However, that should not be the main reason you remain poor. Always check on your company, hang out with open-minded people and people who have ambitions to be great. If you hang around with people who don’t add value to you, trust me, there is no way you will develop. You will remain stagnant forever. Be wise and try to hang out with people making it in life as much as possible. They might show you the way to success.
- Get Rich Quick Schemes.
This has affected most of the youths. Youths want a shortcut to success, which has made most of them fail terribly and get depressed. These schemes have been around for quite a long time, and they come and go. If the deal is too good, think twice.
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Several platforms are usually meant to entice people by telling them to invest little money and get millions in a day. Those are a trap, and we have witnessed most people going back to zero after investing all their money in those platforms and getting scammed. The schemes are usually addictive. Just remember there is no shortcut to success. You must be innovative and show your effort to change your situation.
- Spending time Doing things that Don’t add value to you.
Being idle and not being more creative is another reason several poor people are still languishing in poverty. Just make sure at least in a day you do something that adds value for you; stop just hanging around and making stories that will never help you in your life. Avoid too much gossip, spend time focusing on your goals, and try to make things happen. If you fail, don’t give up, there is always light at the end of the tunnel.
- Always Stuck in debts.
People who are always stacked in debt always remain poor, and debts never add value. Yes, sometimes they are essential when you want to achieve your primary objective, but always make sure debt is your last option, and before borrowing any debt, have a plan on how you will pay that loan. Avoid making rash decisions when you are stressed. Most of them are the ones that have made poor people get stuck in huge debts without payments plans.
- Spending Too Much on Housing compared to the money you earn.
Yes, we all want to live in expensive mansions and lavish homes, but for real, you can’t spend more than 90% of your salary on housing and expect to be rich. Get an affordable house and make sure at least you pay to rent and save the rest. This may not be a challenge to those who are poor and still deep down in the village, but you must wake up and have goals in place.
- You Don’t Know Where Your Money is Going.
Most poor people cannot account for their money because they lack a plan, and also, any money they get, they buy anything without budgeting for it. Make sure you have a budget and buy things that will help you. Deal with the needs, and luxurious things make them the second option after satisfying your basic needs.
- You Buy Depreciating Assets.
There are some things if you are still struggling with life. They are just a waste to buy. Let’s say things like sleek cars. Those are things that depreciate with time, an actual car requires maintenance, and it will get worn out with time. It is essential for luxury, but please buy things that will add value and appreciate with time if you are still poor. Wait until the appropriate level to get that car and enjoy life.
If you avoid those 10 things listed above, then you will easily escape poverty and become more successful in life.
