Today we will be talking on the latter on why people becomes poorer everyday. If you are looking for this first part of the article, click here https://read.cash/@Seersam/why-some-people-keep-getting-poorerpart-one-c7d2e723
Inconsistency in choosing career
Dealers of all trades, master in none. This act won't help someone to accumulate wealth or be rich. Inconsistent people are not always making it right. Some think any business venture or career they ventured in should bring fast profits to them without waiting for long. Credible and popular business which we all see around us are not built to that standard in a day. It took a lot of efforts and time to build that Goodwill.
Do not hasten to change that business because it's not booming as you expect, look for ways to enhance that career or business. If you are always changing careers or business, you can't gather any tangible money as you will be spending your capital regularly on other business.
Inability to Save
Even though human wants are numerous and insatiable, yet the importance of savings cannot be overemphasized. Savings in itself won't make you rich, only the right investment can. It's always important to save that part of your income for investments. There are sometimes that a financial opportunity will present itself right before your eyes. Now if you have enough savings at hand, you can use it to meet that opportunity and your wealth will be increased at the end of the day.
Also many people mistake the concept of savings. You don't save to buy liabilities (things that won't make money for you) later. Savings is always for investment. A wise man once said "A part of all I earned is for me to keep". Keep a proportion out of your income. Savings don't kill you, it even helps to spend judiciously.
Unemployment
It's a known fact that been unemployed is always a determinant factor of poverty. An unemployed person will struggle financially as there are no means to satisfy his basic needs. People must be ready to add value to themselves to enable them to gain employment. People should harness skills that can bring money to them. Certificates don't pay any more as there are more people than jobs available. An unemployed person is a threat to his country since he can do anything illegal to earn a living.
In conclusion, buy assets not liabilities. This is one of the ways to break free from poverty. Buy what will bring money for you again, not what will collect money from you. Shares is an asset because it can give you returns which is much more than your initial capital. Assets such as landed properties, houses can be acquire and use to get money. Sometimes people are happy because they think they have many properties whereas most of the properties are liabilities.
Many boost of their nice clothes, dresses, etc. These are all good but know that all that are liabilities. Don't invest or spend recklessly on liabilities. Take for instance, A cab driver can buy another cab not for show offs but to make more money as an asset. That cab can be driven by another employee of him and it will bring profits for the owner.
Don't spend ostentatiously, inculcate the habits of savings too, all these things are important. Don't be lazy, lazy people don't get anywhere far in life.
Government should also try to help it's citizens. Jobs should be provided so that poverty level will be reduced. Some also have the necessary skills they need to make money but no capital, government can also assist in this aspect. Reduction in Poverty rate will boost a country's economy and makes it haven for investments both small and large.
These are my humble thoughts. Feel free to contribute.
Thanks for reading.
Nice one