Poverty has been seen to be growing since 2019, when the rising rate was 8.4 percent. As of 9/30/2022, it has shot up to the global extreme poverty rate of 9.3 percent, which was the steepest increase in the cost of living since the pandemic. These have so far shown a difference in equality for the first time in a decade in human society.  


The low-budget societies experience significant losses in health and education, which, if ignored by policy action, will have long-term effects on their prospects for lifetime income. As a result, many people are living hand in hand. These show that by the end of 2023, there will still be more than 685 million people living in extreme poverty. 


We do have factors that lead people to adopt a certain manner of behavior that contributes to the mentality and low thinking of living a life of growth but ends up passing it on to their descendants. instead of saving in order to align society. 


1. People in poverty don’t think of investing.


 Many people living in poverty don’t think or see the importance of investing, not just because they lack education or knowledge; there is no financial literacy among people.  Our educational systems primarily focus on teaching people how to be good employees or servants, rather than how to critically analyze and solve problems in daily life. One who learns how to save, such as through retirement funds or brokerage, will definitely build wealth and stay out of poverty, thus risking being among the majority but reducing the numbers as well.


2. They rack up substantial excess debt.


 Everyone lives in debt; many countries are governed with borrowed funds to help maintain and smoothly run their economies. So debts are not bad if they are for developing and proper uses, but mostly people intend to borrow just to buy clothes, pay rent, and finance their daily lifestyles, which are mostly just liabilities, forgetting that the returns are at a fee, tax, interest, or charge. Thus, one goes into depression since his/her income doesn’t finance their needs. Debts are good if they are for assets, in which you use the borrowed money to make more money, which many don’t consider much because they lack knowledge or are too ignorant. 


3. Upgrading to the latest gadgets and electronic devices


 Many electronics companies are releasing new gadgets twice in the same year or every year, just because of market competition. These ideas of having new stuff have led to many people wanting the new versions of any new product that has come out, even if it’s the same type as the one they purchased last year. People with poor mentality will go to sleepless nights as much as they will borrow just to get the new device just because it has a little different version from the one they used to have. There are no advantages to having extra things.


4. Not budgeting their income


  A poor minded person, whenever they get their earnings, doesn’t think about budgeting based on what they need or what their income is equivalent to to sustain the lifestyle they live. These results in them purchasing sudden expenditures, exceeding their budgets, and eventually depleting their bank balances.  Many who remain poor cry out by narrating that what they earn is what they’re capable of spending, forgetting that earnings that are not budgeted usually end up as unplanned expenses.


5. Thinking of work-balance rather than working


    A lot of the time, you will hear many complaining about their 8 or 9-5 jobs, thinking of quitting and going on to employ themselves. Living with the mentality that if they can have a work-balance then they will be working less. A poor person forgets that once you’re working, it’s for your own earnings, not for others, but you get paid for your work, thus ending up not focusing. These become life goals of ignorance, and you end up not quitting but living to complain. Instead of working better, they intend to look for work-balance.


6. Relying on others to help them achieve their goals


  This mindset is common among those who live in poverty since it encourages feeling drained. Despite their thinking, idle people are often poor. Many end up thinking of having a short-cut by being helped by relatives and friends or the communities, thus forgetting how they should keep on pushing for their own sweat and to be seen as capable. They concentrate on the reasons they can’t have it for less rather than on increasing their income or exerting more effort to obtain it. 

The problem is that poor individuals frequently act without justification and with a higher level of entitlement.


7. Excuses for why they are not where they are supposed to be or wish to


   People who are successful don’t have excuses for why they aren’t wealthy yet simply because they are working toward it, even if it’s at someone else’s business. A poor mindset will end up complaining and blaming relatives, diseases, employers, or even a lack of education, only to get one to empathize with them with their laziness.

It’s possible to become successful while working for others, but not by doing nothing and having plenty of excuses.


8. Not focusing on how great they can be but on what they can buy 


    For most poor people, when they start a paying job or business, the very first thing that crosses their mind is buying liabilities instead of doing what can keep them at their best. Fantasy living ends up accumulating their ability to greatness to succumb to beliefs that owning expensive things like cars, houses, or looking rich is the life goal to greatness. 

Being the best at what you do can lead to financial success, not the other way around. For instance, becoming the best car salesman or opening the city’s top restaurant are examples.



This Post Has 2 Comments

  1. Carson Anekeya

    Inspiring article, thanks for sharing.

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