There are many reasons why you may be poor,whatever the case,it's important for you to recognise why you are where you are ;
1•There is no time to think/plan _lf youare working two minimum wage job,have to shop and cook dinner nightly,watch your children,clean your own home and do laundry. When do you have the time to do anything else?You are barely keeping your head a bove water,you don't have time to scout other job opportunities,develop an idea ,or network online.
Having money gives you time,and you can literally outsource basic task(Cleaning,laundry,pay bills online) to give you even more time.
2•You can become risk averse_If you are living paycheck to paycheck,will you put your entire household security on the line? Some might be thinking 'what do l have to lose;but just realise that the poor have much further to fall when they fail than the wealthy might.
While the fairly well off might not take chances because they are comfortable,the poor risk far more with potential failures,possibly ending in things like homelessness not being able to purchase groceries. So often to prevent catastrophe,they stay exactly where they are.
3•They fall for the lie that college debt is alwaysworth it_People are simply not told the truth about college debt,how they should consider it,and hoe to approach it,and it can have dramatic effects on their quality of life later.
There are ways to lessen debt if you want to go to college,and ways to get education nontraditionally but often,many don't know them or the effects debt can have.
4•You can'tinvest in quality _ My family drove cars that broke down all the time. While it would have been amazing to have a car that went a month without repairs,we just couldn't afford one. Buying a quality new car is experience up front.
So what happens?You end up buying poor quality because it's the best you can do in the moment and you end uo paying on the backend,till the time in small bits.lt steals your money and/or your time.
Not being able to have the money up front for quality can steal your time /money for many items cars,appliances,computers e.t.c.
5•Learned helplessness _You see your family living a certain way,you grow up a certain way,and you just don't think it can even see a few family members try and fail,and you get the message loud and clear.
There is no escape from your situation;you learn to be helpless. Believing this lie can keep you stuck for years,even passing on what could have been great opportunities because you don't see that there is anyway out. So you just settle into a certain way of life.
6•Lack of final education _This is something these from poverty will likely never learn at home and it puts them at a disadvantage even when theycome into wealth.
Just because someone comes from a family that has no financial education or background doesn't mean they can't be the one that gets it.But for many ,it will mean not only learning the technical aspects of financial management,but overcoming their own psychological barriers and responses to societal information they're getting. I would argue there are huge psychological barriers to both achieving wealth,and hanging on to it.
If you are fortunate enough to have alot in this life, always be sure to giveba bit back. Give a talk in an under developed area,take on an intern,or find away to reach out and share a bit of what you've learned.
Thus enough for today and please drop a comment in the comment section below and please click following button for more of my articles thanks.
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