Ways to Avoid Poverty During These Hard-Economic Times
Many Kenyans have proven clearly during this covid-19 pandemic that they are not experts at managing their finances. We face countless financial burdens, from high costs of living, healthcare expenses to taxes on everything and high education expenses. The cycle of overspending leaves most Kenyans poor, can make it seem like they will always be poor, or at least poor by their standards.
What is your definition of poor? Many people, especially in Kenya, usually attribute their status in life to the circumstances of their births and the inability of their parents to leave any wealth for them. They are quick to blame their parents, family background, witches and wizards and everything except themselves for their poverty.
What is the No. 1 reason people end up poor or in financial hardship? Read on to find out what problem are keeping you broke, as well as what you should do to improve your situation.
Being financially disciplined is one of the surest ways of getting rich. Being disciplined financially has nothing to do with how much you make as your income but being able to manage what you make and still put some aside, no matter how small.
You should be able to save some parts of your salaries and income and discipline yourself on your spending.
Jim Rohn, is famous for his statement that a person is the average of the five people they spend the most time with. This means that if you spend time with five wrong people, you will become the sixth person.
But if you spend time with five right people, you become the sixth. What this simply means is that if you want to become rich, you should spend less time with people who are negative, lazy, and those who do not share the same dreams with you.
“When you’re poor, it’s easy to get stuck in a debt trap because you’re desperate,” said Kristin Wong of personal finance website Brokepedia. “Whether it’s a payday loan, debt settlement scam, or even just using a credit card for an emergency, it’s easy to make rash decisions when you’re stressed, and these decisions usually keep people broke.”
When you’re poor or in the middle of a financial hardship, it can make you feel powerless to do anything to change it. But giving in to those feelings of helplessness will only hurt you, said AJ Smith, vice president of content strategy and managing editor of Smart Asset.
“By getting accurate, unbiased knowledge and advice, people can feel empowered and confident in their personal finance decisions,” Smith said. “They can then take steps to make a better financial future.”
Too many people are looking for the quick and easy way out of poverty and are trying to get rich quick, said Jon Dulin, founder of Money Smart Guides. Whether it be a hot stock, a job or business idea, too many of us chase the idea that we can come into extraordinary wealth overnight.
Sadly, it doesn’t work this way. You have to put in the hard work to become rich. We see the rich now, thinking they got lucky or made it without much work. But we don’t see behind the scenes at just how much work they put in to get where they are.
Nick Loper, founder of Side Hustle Nation, said the root cause of being broke is nearly always the same: People “spend more than they make.”
“As far as I know, that’s the only cause of bankruptcy,” Loper said. “The good news is you can tackle this from both sides of the equation,” he said. “Spend less to live within your means and work to earn more so you have more financial breathing room.”
Don’t we all love comfort zones and stay in bed all day long and procrastinate about life? Well, all these things are keeping you away from being a success and get things done. Neale Donald Walsch stated “Life begins at the end of your comfort zone” and it sure is true. If you love comfort zones you will be living in a dark box looking for sunshine. Get yourself out of the comfort zones and you will be leaping mountains.
Most people end up blaming everything around them for their problems. The heap blames on the government, bosses, family, friends, society, evil spirits, and just about everything but themselves.
But in the end, know it that your personal economy is ultimately the outcome of your own actions and your grit to succeed is a major factor in achieving wealth.
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