Common habits you need to do away with if you want to escape Poverty.
No one want to be poor. We all desire a good life filled with riches and wealth. Most of us even wish we were born into rich families where we don't have to suffer and work extra hard in order to make ends meet. Unfortunately most of us come from a poor background and we try our best every single day to make the future a better place for us and our children.
Growing up in a poor background now means we have to work extra and do away with some habits we are used to. Yes we want to be financially stable but there are still things that we do that hinder us and makes it to be so difficult to be financially stable. I will be highlighting few of them in this post.
Not having much naturally give us this instinct to want to protect the little that we have. This in turn makes us to be scared of taking risks and we all know that one cannot grow without taking risks. I remember sometimes ago, I bought a mint pass for a project and the founder of that pass happens to be a big collector in the space. When I bought mine, I don't have much with me but I was hopeful that something will come out of it and I was ready to risk the little crypto I have left in my wallet. Fortunately he decided to buy from those that bought the pass and I was among those he bought from art from. If I hadn't taken the risk, this wouldn't have happened. Does that mean we should now take every risk there is? No. It has to be a calculated one therefore we have to let go of the fear of taking risks.
Another bad habit that needs to be eradicated is caring about what others think. The fact that one is poor means that we are compelled to show to people how well we are doing when we have little success. That is why people buy unnecessary stuffs when they can't even maintain it like expensive cars, expensives clothes with close to nothing in their account. The moment you stop caring about how others think, that's when it will be easier to make wiser decisions.
Not having side hustle that will generate passive income is another dangerous thing. Like I said yesterday, building wealth isn't about having a steady large income. Its about investing and having lots of side hustle that can generate passive income in such a way that you can live well on those income without having to touch your salary.
The desire to have a short term pleasure can also be a dangerous thing. Imagine having some income and the first thing you think about is how to make that expensive trip when you know that you haven't invested enough or even at all. We tend to care more about having that pleasure now which is a wrong thing to do. In as much as we want to live in the moment and enjoy life, its also important to think about the future.
The last and the most important is lack of discipline. If you read books from rich and wealthy people, you will see the importance of discipline. Some have so trained themselves that almost every of their spending is calculated and worth it. Some don't sleep for hours as the rest of us do. They have target they've set for themselves to meet, books to read, that next step to take. All these can't be achieved without being disciplined. Therefore it's very important to train yourself to be disciplined if you want to defeat poverty.
THANK YOU FOR STOPPING BY. DO HAVE AN AMAZING DAY.
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Great awareness post Gloria, it gets one to reflect on their financial stand and plans! 💫🌟
True, coming from a poor financial background often comes with a lack of knowledge on how to handle finance and for most, it is just a trial and error until we get it right. Fortunately, the internet is now rich with information and there are books to extract lessons from people who have walked the path.
Indeed the side hustle is very important to practice considering that monthly income will never be enough for anyone unless they are in the 10% that gets paid well. Otherwise, the 90% just get paid enough to stop them from quitting and that just only 12 days in the whole 365 days for monthly salary earners or 52 days for those who earn wages. Given this circumstance, one should aim to have a side hustle and/or other means to grow their money through investment. Investment should be through calculated risk and one should have taken time to research first to avoid being scammed.
Those who are multi-skilled should still be able to focus more on perfecting one skill and share time accordingly with a side hustle to avoid losing focus and the disadvantages highlighted in your previous post link.
It saddens my heart when I see people having only one source of income that hardly pay their expenses do nothing about creating another income for themselves. Like you said only 10% are being paid well, the rests are just receiving peanuts. How will you now grow wealth if you don't think outside the box? We have the gift of the Internet, its high time people start taking its advantage.
Thank you so much for your amazing comment.🥰