Times are hard, and the way things are going, it probably will get harder. I see a lot of young people struggling with no clue how they can break free from poverty. Some have resorted to begging and borrowing. Others are holding unto betting and gambling. Young women are selling their bodies to make ends meet.
These ways are unsustainable. You have to come up with a plan to get out of the rot. But to do that, you must first humble yourself then execute your plan and with time, you will be in a better place.
So how do you go about breaking free from poverty?
1. Look for a job: Humble yourself and understand that there is dignity in labour. The job doesn’t have to be fancy, the job is to help you stop begging and start earning. You may have to look for multiple jobs at this point.
2. Save to invest: As you begin to make some money, remember that the first person you pay is yourself. Leave tithe right now. Focus on yourself. Your father on earth will understand if you are struggling and not remitting to him. So imagine your father in heaven. He will absolutely understand trust me. Save a minimum of 10% but remember that the goal is to aim for 25%. But at the struggling stage, stick to 10%.
3. Identify your innate skill: Are you good at mathematics? Then you may make a great data analyst or a programmer, you can learn programming at Attueyi coding academy (they offer scholarships). Are you good at writing? you may make a great content writer. Find what interests you or what you are good at and begin to use those savings to pay to develop that skill. Udemy and Coursera (Coursera gives financial aid) are good places to start. YouTube has a lot of free information that you can use to grow. Invest in a skill to improve your earnings. As you begin to do better, you can begin to leave behind those menial jobs so you can focus more on using your brain to make money.
4. Pay off your debts: Now that you are making some money, begin to set aside money to pay off your debt. Start with the ones with the highest interest rates and as you knock them off, channel the additional money to pay off the ones with lesser interest rates. Do you know that money you borrowed from friends and family? You need to pay them off too. It will make people see you in a different light and bring you trust and more cooperation in the future.
5. Emergency funds: You need to start aggressively saving for future emergency. Because an emergency you did not plan for, can set you back to poverty again. Save at least 6 months living expenses. In Nigeria, you pay your rent 1 year in advance so in addition to 6 months living expenses, you should have a year rent saved up in case. Your emergency funds should be dead to you, no matter what. Never tap into it for anything until you lose your job.
6. Invest in Business: You will hardly be wealthy working for someone. At some point, you will need people working for you if you want to attain wealth. So, look to someday start a business or invest in a business.
The Path to Financial Freedom Starts Here
The truth is, most people never break out of the poverty cycle because they don’t take the steps needed to build wealth. But you can break the cycle.
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These things are easier said than done but with hardwork and perseverance, you too can make it.
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