9 Key Moves You Can’t Ignore If You Want to Escape Poverty
CindyPoverty is tough, but it isn't impossible to get out of it. In an online discussion, several people share their experiences with poverty and how they improved their lives. The following are nine real-life experiences of overcoming poverty.
1. Living Below Your Means
“Finished grad school, got a decent paying job, but continued to largely live as if I was broke,” someone said. Everyone wants to enjoy the money they've worked hard for. Still, you can save money and build wealth over time by cutting back on unnecessary expenses and being frugal.
2. Know the Right People
They say it's not what you know but who you know, and that's certainly true when it comes to getting ahead in life. “Being at the right place, at the right time, talking to the right people. You can be the most talented person in the world, but if you don't know how to play the social game and have a lot of luck, it sadly isn't going to happen,” an anonymous person said.
3. Learned a Second Language
Learning a second language opens up new job opportunities and industries and broadens your horizons. “Taught myself a second language between the ages of 16 and 17, impressed some Rotarians, and they whisked me away from the horrors of the trailer park and made me an exchange student. So then, instead of being a trash man or, at best, a truck driver, I became a linguist,” one man said.
4. Gave Up Alcohol
“Quit drinking. Turns out it's tough to get out of crippling debt and the cycle of homelessness if you're slowly killing yourself with alcohol. I was suddenly able to hold down a job and be a reliable, dependable, contributing member of society,” one man said. Alcohol is expensive and can lead to poor financial decision-making. By cutting it out of your life, you can save money.
5. Divorce
“I divorced my ex-wife. Sadly, I'm not kidding. She was horrible with money (to the point of us declaring bankruptcy). When our divorce went through, my credit score jumped up 40-50 points,” one man said. Being married to someone who doesn't know how to manage their finances can also ruin your financial standing.
6. Joined the Military
“Military. You can get a great jump start most people won't have. Especially If you deploy, you can make a little nest egg for when you get out. If done right, you'll have set yourself up for a good future,” one man said. The military provides job training, educational opportunities, and a steady paycheck.
7. Got Into a Relationship
A supportive partner can provide the emotional and financial support you need to propel you to success. “Met my partner. She gave me support and a roof over my head. Allowed me to slowly get out of debt and not bounce around shared houses. Amazing how stability can have a big impact on finances,” one man commented.
8. Inheritance
The death of a loved one can provide a windfall that changes your life overnight. Depending on the value of the inheritance, this one-time gift could turn into a lifetime of security. “My dad died, and there was a substantial investment account, cash on hand, and assets. Well, it's substantial for me, at least. We live pretty simply, and everything he had was paid off, so it feels like a ton of wealth to us. So yeah, I made my money the old-fashioned way, inheritance,” one man shared.
9. Investing
“Made about $30k in the GameStop stock bonanza, then proceeded to spend it all on a master's degree,” one man said. By making smart investing decisions, your investments could generate passive income and provide a cushion against financial hardship.
This post was inspired by this thread.
She started her blog, The Money Dreamer, when she realized the 9-5 job was not the lifestyle she wanted anymore. After designing for a while, she wanted a more meaningful life, which was freedom, so she decided to venture out. She took action so that she can live her dream life and decided to help people to live theirs by helping them how to save, budget, and invest.
Marianne Paluso
