Things To Do Now If You Don’t Want To Be Poor

We live in a material world and there are certain factors that make it possible for some people to do better than others in the quest for a better standard of living.

Let’s look at three of such factors…

1. Inability to save money consistently

Some spend money based on their own perceptions, forgetting that things may change in the future.

Make a personal commitment to putting aside a percentage of your daily, weekly, or monthly earnings.

You may require a tiny amount of cash to get by at any time. As a result, cultivate self-discipline by putting money aside, on a consistent basis.

2. Failure to take care of yourself first

“The No. 1 reason people become impoverished is that they don’t ‘pay themselves first,’” according to personal finance expert Barbara Friedberg. Paying yourself first entails depositing a portion of each paycheck into a savings account before dividing the remainder among your bills.

3. Prioritize current happiness over your future financial needs

According to Luke Landes, a personal finance writer, poverty is frequently generational. You may be poor simply because your family has always been poor, “which is one of the most difficult situations for advancement,” according to Landes.

“People who should be in good financial position may not be, mostly because their actions aren’t linked with their future financial demands.”

Yes, “making deliberate selections that require some forethought about the future isn’t as pleasant at the moment as choosing something you think would have an immediate beneficial influence on happiness,” but you must discipline yourself to do the needful at the right time.

It’s ok to want to live in luxury now but you are not sure of what tomorrow would bring. Live moderately and plan your future until you’re able to build a business or skill that can take care of you and your loved ones even if you’re ‘down’ and can’t do any work or are forced by health issues into a long vacation.