5 Ways to Pull Yourself Out of Poverty

Although most of us may be born into poverty, you do not have to live the rest of your life that way. If you feel that you are in poverty do not worry. Because today, you will learn how to pull yourself out of poverty. To pull yourself out of poverty, you must simply learn how money works most effectively, as opposed to thinking you need a good job to get rich. 

1. Learn How Money Works Effectively

The first thing you need to do to get out of poverty and gain wealth is, learn how money works. You do not get rich by getting a college degree and landing a good job. That is a receipt to become average and have some stability in life. But by no means will it likely be a formula for creating wealth. However, it can be a good starting point. Although having stability in life could mean you are not in poverty, you may as well learn how wealth is built and how to have stability then, choose your desired option. 

New Source of Income

To learn more about why the rich are getting richer and the poor are getting poorer, read this post. You must either take the money you have or the time you have and invest it into creating a new source of income. Only then, will you start to gain wealth. The reason why this is the primary course of action is because you start to free up your time thus, allowing you to create more sources of income.

2. Invest Time into Assets

When you are in poverty, and you’ve gained the knowledge of how money works, the next best thing you can do is to start investing more time. Since you may not have a lot of extra cash on hand, your next most value wealth creating tool is time.

Time Investments

At cloud of wisdom, we like to suggest spending time on things that create assets. This works best with something that you are passionate about. For example, if you like writing, you can write books or blogs, if you like photography, you could create a catalog to sell, or if you like teaching, you can create a course. The possibilities are almost endless here but what’s most important is you spend time creating value for others. 

After Your Time Investments

Once you’ve invest your time to create value. You must simply learn to monetize your product or service. A music artists can sell their music through Spotify. A teacher can sell their course on Udemy.com. And an artists can sell or lease their photographs through their own website. No matter what you create, learn how to make it available to the public so you can start creating wealth. If you are looking for a way to get started with ideas similar to these, check out our recommended tools here.

You Will Always Be Learning

Although creating assets will be a great use of your time. We also want you to remember that you will always be learning and you should invest your time to learn. Along with time, your mind will be your greatest asset because the more you learn, the better you can apply those lessons or what we might call WISDOM.

3. Change Who You Hang Around

This might be a hidden anchor for keeping you in a poverty mindset up until now. Unfortunately, not only are some of us born in poverty, we are then surrounded by it. Your friends and family can be some of the worst influences on your behavior especially for your financial well being.

Poor Friends or Family

For example, you friend may think you can never get rich or wealthy. When every you are trying to do something productive, they frown upon it or say negative things about your goal. As if building wealth were not hard enough, those who surround you may not be supportive.

Like Minded Friends and Family

Instead of being around the naysayers, it would benefit you more to be around people who can understand your goals and support your decisions. Moreover, if you had more people who had a similar mindset, they could likely share their wisdom and help you succeed faster. This is just like being here with us a Cloud of Wisdom. To get tips on reaching your goals emailed to you daily, join our email list here. Following this further, you could also help your friends and family become aware of how to defeat poverty. Just beware, they may not be as motivated and serious as you but, you can at least say you tried to help them.

4. Get Better Spending Habits

Bad spending habits is another poverty setback. There is nothing wrong with shiny objects but typically those who have a poverty mindset, go to far with buying things they do not need. If you can limit useless spending this will get you one step closer to overcoming poverty.

Spending Bad Example

For example, instead of getting the most expensive car you can qualify for, get a vehicle that will just take you from A to B. Better yet, if you do not need a car yet, don’t be too ashamed to ride a bike or using some other means of transportation. It’s not about looking the best but, being in the best position to reach your goal.

Careful with the Loans and Credit

It goes without saying, if you buy lavish things, you waste more money and they can easily take years to pay for. Things like furniture, vehicles, houses, or any other thing that requires a big loans or credit to acquire. If you must have it, be careful to not go big. Early on, you can do much more productive things with your money than try to look good when you are still trying to get ahead.

5. Take Ownership of Your Life

Lastly, now that you understand how wealth is built and how to escape poverty, it is important that you take full responsibility for your life’s success moving forward. There are too many people who want to blame their families, friends, or significant others for their shortcomings.

Past Setbacks

Although people can set you back, they can not stop you from achieving your goal. All you can do is realize who is really around you to support your plan and who is not. Avoid those who can not cooperate with you and work with those who will.

You are in Control

Moreover, do not depend on someone or something else to make your dreams a reality. You have the ability and power to make it happen and this is not being said just for motivation. Know that you have what it takes since you have the knowledge and put the action in place to make things your reality. If you’re still blaming someone else for being in poverty, you have a poor mindset and must overcome placing blame on others. Take full responsibility and control for where you are, and where you want to be in life.