What are the Ways to Escape Poverty and Achieve Financial Prosperity in 2020?

Looking for proven ways to escape poverty in 2020? Say “poverty,” and an image of starving children in third world countries comes to mind. That kind of absolute poverty is heartbreaking, of course, and the world cannot do enough to finally eradicate it. However, you may have some basic necessities like food, clothing, and shelter, and still be poor. This is because poverty exists in different forms and categories. And as against popular opinion, poverty is fast becoming a big menace in the U.S. 

In 2017, as reported by the U.S. Census Bureau, 12.3% of the U.S. population equaling 39.7 million Americans live in poverty.  Basically, if your income cannot meet your needs, newsflash, you may well be poor.

Ways to Escape Poverty: Wrong Decisions Bring About Grave Consequences

Unlike some folks who were born poor, others were thrust into this world on the laps of luxury and still ended up impoverished as a consequence of mismanaged finances. The credit culture in America makes it so easy for many to live above their means. Many people cannot satisfy their present needs with current incomes and so slide into debt. Extreme paucity can lead to depression, suicidal thoughts, and making dangerous decisions.

When you recognize poverty in your life, don’t hesitate to take proper remedial action. When you’re not able to eliminate poverty from your life, you are likely to experience the following:

  1. Poverty reduces your self-esteem: It’s difficult to be the most confident person in the room when you are wallowing in poverty. You are likely to always feel unimportant due to your precarious financial position. You will lack confidence in yourself to make any impact within your environment, or grab opportunities like others.
  2.  Poverty can lead to humiliation: Individuals experiencing financial difficulty are liable to suffer humiliations from friends, peer groups, and even family members. 
  3. Poverty promotes ill thoughts: Poverty can lead you into emotional stress, making you susceptible to ill thoughts like suicide and criminal activity.
Phoo Credi: Artem Beliaikin (Unsplash)

Following these proven ways to escape poverty can make a huge difference for those facing such a challenge.

You must realize that a source of income does not guarantee a poverty-free life. In 2020, if your expenses are already rising steadily higher than your income, poverty could be at the door. To avoid bankruptcy and escape poverty under these circumstances, a radical reorganization of your financial plan may be all you need to enjoy a life of sufficiency and financial freedom. To be a stranger to lack this year, follow these sure tips:

  1. Develop yourself: Self-improvement is, first of all, a realization of your failings, and then a conscious effort to turn those minuses to pluses through development or training. Illiteracy is one of the leading causes of poverty. So you need to cover the basics of education and get at least a high school diploma. If you’ve covered this aspect, then you need to proceed to skill acquisition. Learning a new profitable skill can be demanding but is well worth it in the future. Bear in mind that more skills will attract more opportunities. Follow these steps while planning on a profitable skill to acquire financial freedom:
    • Develop yourself based on your passions. To select a skill that matches your passion, do an inner inventory to lock down any hidden, undiscovered proficiencies.
    • After this introspection, make a list of all the possible skills related to your passion.  
    • Focus your energy and finances on only affordable and gainful skills.
    • Remove every negative thought and be positive about the chosen skills.
    • Build a good relationship with your trainers; this will enable them to devote more time and energy in training you. 
    • One of the best ways to escape poverty is by using the DIY strategy. Practice often to master the selected skill perfectly. 
  1. Seek opportunities: After developing yourself to the best standard, look for an opening that matches your profile. You can apply for part-time, contract, or full-time work, depending on your career choice. To get the right opportunity, you’ve to channel your efforts towards organizations that offer a service you can render. Also, apply for jobs that match your profile. If your resume is rich enough, and your effort is channeled to the right source, you are likely to secure a job in a short time. Don’t be discouraged if your first application or your seventeenth do not work out.
  2.  Don’t be desperate while sealing job deals: Before you accept a given job, run background checks on the given role and firm. Even modern jobs can be a form of modern slavery. Learning more about the organizations and the assigned position will build your confidence that the job is the right one. Learn to walk away if the requirements for the job are not a good fit.
  3.  Avoid unfavorable loan options: Starting a project is a great way to eradicate poverty, so far as you know what you are doing.  Getting the right financial backing may be discouraging at first. You can seek a term loan to finance your small business. Obtaining loans with unfavorable conditions can make the situation even worse. Play it safe by seeking out lenders with flexible and affordable loan policies. 
  4. Limit your expenses: Extravagant spending is a fast route to poverty. Most times, people spend on material items that are not part of their basic needs. Controlling your expenses per day will enable you to save even when you are using credit cards.
  5. Change your thinking about money: Regardless of the steps you are planning to take, your personal views about money matters a lot. That is why you need to create a unique mindset towards money as your low income does not determine your true capacity. You can improve your financial background the moment you start to ask yourself the right questions. Everyone that wishes to improve financially should develop the habit of addressing themselves with concise questions. Some of these questions include:
    • How can I overcome my present dire financial challenges?
    • How can I grow my low income? 
    • What are the unnecessary expenses that drain my income?
    • What investment should I channel my resources into? 
    • How can I handle some of my financial challenges? 
    • Am I ready to enroll into the wealthy class? 
Photo Credit: Alexander Mils (Unsplash)
  1. Get other sources of income: One of the fail-safe tips to escape poverty is constantly looking for other sources of income. Limiting yourself to one source of income might chain you perpetually to the level of low-income earners. To escape this low class, you need as many sources of income as possible.

Poverty is one of the biggest challenges ever in the history of mankind. Hopefully, these ways to escape poverty will help on your way to living rich and free in 2020.

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