I have thought seriously about it for a long time. Why do some people have to be condemned to the abyss of penury no matter how persistently they struggle against poverty?
And yet there are others who, for doing next to the thing, without taxing either their minds or bodies much, remain darlings of the goddess of wealth. In all my years of searching for an explanation, I have only a very weak solution.
Background of the people
Most men who are condemned to the chasm of destitution have their parentage to blame. Their first factor perhaps the harshest is deciding where a person belongs.
To be born into a family of appallingly poor parents is to wage a losing battle against many wicked enemies. There is malnutrition to contend with, and then comes illiteracy or poor education.
With poor feeding and ignorance forever trailing one, diseases soon catch up. And with these foes forever near, serious pursuit of a meaningful profession can be ruled out. One has fallen into the class of hewers of wood.
Do not let your background reduce your achievements in life. Irrespective of your poor background and foundation, you can still make it in life. Do something about it.
Financial plan and budget
No matter how rich or poor you are, a financial plan and budget are necessary because they can help you figure out where your money problems are rooted and what you can do to improve your financial situation, Schroeder-Gardner.
Make sure you have a daily, weekly, monthly, and annual plan and budget for your expenses. That is, you will be guided and controlled at spending instead of wasting money or spending on what you don’t plan or budget for.
Research shows that the people who end up in penury are those who do not have a financial plan and budget.
Make sure you have a financial plan and budget for everything you want to spend money on. The step will caution your spending daily, weekly, monthly, and annually.
There is the factor of making a choice. Watch it, that man, who appears to be an incurable failure at work may not be lazy, may indeed be zealously hard-working.
His crime may be that he is in the wrong profession; he made a wrong choice. Some men are destined to be engineers, but went into music; some are destined to be teachers and veer into medicine. Once such a man becomes fully trained in a profession, he cannot beat a retreat.
Try to make a choice that will not land you in abject poverty in life.
Priority of savings
Savings are very important if you don’t want to end up in penury. Even if you have a nice paying job and a flourishing business, you have to have savings and reliable investments.
This will stay for a long time and remain for you when you leave the job or when an unexpected thing occurs in your business.
When you get paid, make sure you have savings from your income. Let it be your normal attitude each day and stick to it. If not, you may end up in poverty.
A wise person who wants to remain rich for a very long time must have reliable savings and investments. Have your savings today.
You remain poor because you spend more than your income. Many people sometimes build pots they cannot fill. Before spending, try to consider your income.
If you spend more than your income, you will end up in poverty. For example, spending too much money on rent or a mortgage is the biggest reason people struggle financially, said Andy Josuweit.
Some people who cannot afford a second-hand car put forward to buy the latest car that cannot maintain. With time, if you cannot maintain the assets, they will become liabilities and eventually lead you to penury.
Avoid financial wastage and unwise spending that can land you in poverty in life.
Choice of associates
There is a factor in the choice of associates. This is where the mystery lies, you can make a choice, but cannot know in advance exactly how your choice will treat you.
To choose a devil for a wife is to be sentenced to life-long anguish; the association will color every aspect of one’s life endeavors, from education and social life to business.
And to be yoked with an incurable fraud as a business partner may bring one down for life.
Carefully choose associates who can help you to increase your income and multiply your money, not those who can unwisely ruin and empty your financial purse.
Fear of risks
Of course, being daring is decisive too. To scale the heights demands courage and adventure. One might be highly intelligent and particularly hard-working but without the readiness to take chances, one’s potentialities may never be given expression.
Most of the paupers among us are, in reality, potential successes if only they can be a little more daring in taking advantage of situations around them. For example, if you incur a student loan, several programs can help with payments.
Those who cannot take risks in life cannot experience a financial miracle. Be bold enough to take a business risk.
Putting yourself on the payroll
Barbara Friedberg, a financial expert, said that the no 1 reason people end up poor is that they don’t pay themselves first. To pay yourself is to pay yourself a certain amount from the income of your business.
If you find it difficult to pay yourself the salary from your income. it means you don’t have an extra financial purse with you. Before you know it, you will end up in poverty.
Endeavor to pay yourself a salary every month from your income and create an account for it.
Lack of a good job or lack of job growth
A good job is a human life. If there is no good job or business; human beings will die financially. This is because if there is no good job; there is no financial income.
In many countries, traditional jobs or work such as farming is not provided. It is natural for countries to be poor and the people who cannot work with the governments or companies to be poor. So, there will be the provision of the job for the people of those countries.
You can still find something to do regardless that you don’t have a feasible job. Engage yourself in the legitimate thing that will increase your experience and knowledge.
Phobia of initial failures
Finally, there is willpower. Most men are easily defeated by initial failures. They give up very easily. Lack of willpower is the greatest enemy of success.
Think of a man like Abraham Lincoln for instance. He failed at almost every he tried his hand at law, business, and even politics. Undaunted, he tried the presidency.
Not only did he win, but he’s also among America’s best-known figures today. He is one man who would have remained down there at the bottom of the pit he had given up.
Those who are very rich today have failed once. Don’t let your failures and your past bitter experience draw you back or stop you from moving forward. You can still make it. Keep it up!