How to Address Your Money Problem and Come Out of Poverty
Two Ways to Manage Money When You Have Insufficient Money
Have you ever thought that the word “insufficient” is not very true when it comes to owning money? If that was true, why do millionaires feel insufficient and strive to become billionaires, and why do billionaires continue to strive to make more billions? Why are all the world's richest people still striving to make more money? Thoughts about “insufficient money” is just a mindset. If you don’t come out of this mindset you will never have enough money.
Overcome low self-esteem
You might not realize when you feel that you don’t have enough money, you will have low self-esteem. When you have low esteem, in order to make yourself better and show other people that everything is ok with you, you start buying things. When people overspend, in most cases, they are trying to make themselves better and for a while forget that they don’t have sufficient money. If you stop spending your money, your money will start building and you will see you have more money than you actually need.
Address the traumas causing money issues
A lot of people are too concerned with things like job loss, inflation, debt, trouble saving, etc. These issues are aggravated by sickness, deaths, divorce, issues with kids or spouse, etc. If you address all these issues, your problems with money will also be fixed.
How to Address Your Money Problem
You are underemployed (not earning enough to maintain your life).
You are always short on cash or have a cash deficit
You don’t have enough to pay for your necessities.
You have to sacrifice your necessities
If all of these things sound familiar to you, you are obviously battling money problems.
When you have issues with money, you might have depression, anxiety, stress, low self-esteem, etc.
Here are some methods to handle your money problem:
Don’t Repeat Your Mistake: Look at your parent's life, they might have made financial mistakes that have cost them dearly, or even affected your upbringing. Try to understand it and don’t repeat it. Analyze your own life, do you see mistakes you committed that cost you money, don’t repeat those mistakes.
Get Out of FOMO Mindset: FOMO means Fear Of Missing Out. It is related to the feeling of anxiety related to the speculation that one is missing vital information or has a lack of knowledge on something that could have made one’s life better. FOMO is mainly related to insufficiency. You can never come out of this situation when you always feel that you don’t have enough. Instead of what you don’t have, make a list of what you have in life. You will be amazed to find a lot of positive things in your life.
How to Come Out of Poverty
What does poverty mean?
Isn’t that a state of not having money?
How much money do you need so that you are not classified as “poor”?
According to the World Bank definition, if you don’t generate $1.9 per day, you are below the poverty line or are living in extreme poverty. Sadly, a lot of people are extremely poor (about 9.2 percent of the global population). Even though most of the world’s poorest people live in Africa and Asia, the United States also has 10.5 percent of people living in extreme poverty.
In order to get away from poverty, you need to make money, you can make money only when you have knowledge and skills, you can have knowledge and skills only when you get an education. Education does not always mean going to school and college. You can get an education even in the real world.
Lack of education is obviously one of the main causes of poverty, however, lack of good grades is the primary cause of unemployment and poverty in general. If you are a graduate but have poor grades, you find it difficult in getting a job. Not having relevant training is also another major cause. For instance, you might graduate with Accounts as a major subject but if you cannot use Tally software, you might not be hired as an Accountant. You might graduate with marketing as a major subject but you need training in various digital marketing methods to work as a marketer for a company.
If you are already making money, but still living in poverty, you need to try to make more money, save more money, and invest more money.
One key problem I believe everyone needs to sort out when it comes to solving the issue of insufficient capital is understanding the difference between your wants and your needs. Wants and needs are two very different things, which people tend to mixup. Let's say for example I might have a good working smart phone, then along the line I see the latest version of my phone, I might have a desire to buy it but at that point in time, I do not really need a new phone cause the old one is still working perfectly well therefore it can be classified as something I want but not what I need at the moment. Then In a situation where the old phone is faulty and can no longer be used, then I seek out a new phone cause I make use of it for my online earnings, at that moment, it is something I need. People tend to spend too much on what they wantonly to find out they have insufficient capital for the things they need later on.