You were born poor, but if you die
poor you have yourself to blame.
Before you finish reading this
article, at least 8 out of 10 people
will have done something that
contributes to their future poverty.
Only 2 out of 10 will have done
what is required to remain
prosperous in the future. The
question you need to ask yourself
today is, “I’m I among the lucky 2
or the not-so-lucky 8?”
Here are 6 habits that could easily
draw your route-map to a life of
perpetual poverty.
1.You focus on linear income instead
of passive income
Most people focus on linear income
in the name of salary, allowances
and one-off payments. Wise men
on the other hand focus on passive
income in the name of royalties,
interest rates, value addition and
profit.
Relying on linear income is similar
to using buckets to fetch water
from the river. With time, you’ll get
too old and too tired to transport
them to and fro and that means
you’ll have to starve for as long as
you don’t go to the river.
Relying on passive income on the
other hand is similar to building a
pipeline. It may require a lot of
work at the beginning but with
time, you’ll no longer have to go to
the river to get water – the river
will come to you and you’ll not
starve.
This is the most fundamental
principal of wealth creation that
most (including you) are oblivious
about.
2.You’re still waiting to start your
journey of success
Everyone wants to succeed but very
few people are willing to step into
the cold waters. Do you see the
problem here? In the history of the
world, no marathon race has ever
been won (or even finished) by
someone who never left the starting
line.
As you’re stuck saying that you
have no enough capital to start,
someone else is busy making good
use of whatever little they have.
As you’re busy lamenting that there
are no business ideas, someone else
is busy sharpening his innovation
claws.
When you’re busy complaining
about a problem in your society,
someone else is busy thinking how
to start a business that solves that
problem.
Continue waiting at the starting
line and poverty will soon find you
there to keep you company.
3.When you earn more you spend
more
Consistently raising your
expenditure is a good way to
accumulate debt and to remain
stuck in the echelons of poverty. To
stay out of bad debt, you will either
need to find a way to earn more or
spend less. The first and best option
is to find ways to earn more and
keep your expenditure constant.
As you know this can only be done
by creating multiple streams of
income and lot’s of thinking is
necessary in that case.
The second option is to simply cut
on unnecessary expenses. The
money that is saved from these
budget cuts could be used for
embarking on future investment
programs.
4.You complain instead of committing
“Life is too expensive”; “It’s
hopeless; I’ll never get out of debt”;
“I don’t earn enough money.” Have
you ever uttered any of these
statements before, or perhaps all of
them? Old habits die hard;
however, as long as you do nothing
to change; then you and your
coming generation have a direct
ticket to the land of poverty.
Stop complaining and making lame
excuses. Instead, take responsibility
for your non-productive habits and
focus on changing them – then do
it!
5.You live for today, hoping tomorrow
will care about its worries
In the 1950s a scientist from
Harvard University studied the
reasons for upward socio-economic
mobility. He wanted to know how
comes some generations get
wealthier while others get poorer.
All his research brought him to a
single factor that he concluded was
more accurate than any other thing
in predicting success – he called it
“The Time Pespective”.
Time perspective is basically how
far you project into the future
when you make a decision today.
An example of a long-term
perspective is when a wise family
man buys land or insurance for
their child, even though he or she
will not need it for the next
eighteen years. This is a long-term
approach that involves sacrificing
in the short term to assure better
outcomes in the long-term.
Most people remain poor because
their “time perspective” is focused
on short-term goals such as meeting
basic lifestyle needs, buying luxury
items, paying rent etc…are you one
of them?
6.You just don’t get it!
The problem is that you keep
learning but you don’t get it. You’re
educated but you’ve never
internalized what your teachers
told you. You have knowledge but
you don’t want to think too hard
how to use it. You’re still stuck at
the starting line all along because
you don’t want to start small and
grow bit by bit from there. You’re
still stuck in the lottery mentality
hoping that one day you’ll wake up
and voila! discover “the newest,
incredibly easiest way to get
wealth.”
Most people remain poor, not
because they don’t have the
knowledge. Not because they don’t
read Kuza Biashara and other
business-related articles. But
because they don’t LEARN BY
DOING. They just don’t get it!
Final word
Being wealthy and prosperous
requires more than just physical
ownership. It is a state of
happiness, well-being while
wishing the same for others. So
while you are working to escape
from poverty, remember to be
happy along the way!
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