How To Escape Poverty and Become Financially Stable

A lot of people want to get out of poverty. There are several kinds of poverty. The first is obvious. The second is secret, but still very stressful and damaging. Both are quite destructive and enslaving. We will discuss both kinds of poverty, and how to fix them.

1. Absolute Poverty
Absolute poverty is when a person’s income does not meet their basic needs for food, shelter, clothing, and water in their society. Absolute poverty remains quite common, particularly in the third world. Absolute poverty’s cause includes the inability to meet the job market’s demand for skills and experience. It also is caused by personal character defects such as laziness, addictions, and a criminal record. Absolute poverty is encouraged by the minimum wage, which was supposed to cure it. The minimum wage sets a price level that labor has to meet. If laborers do not meet the minimum price level, the workers are unemployed. Minimum wage encourages unemployment, which encourages poverty. Absolute poverty is eliminated by increasing individual skills, individual character, and jobs available to a population. Escaping poverty is a partnership between the individual and society. You may find the information and resources available at Christian Blind Mission to be very useful.

2. Debt-Induced Poverty
This species of poverty is more common. It is much less obvious because the victim has food, shelter, clothing, and other essentials. What they lack is ownership. They are a slave of their creditors. Currently, Americans are up to their eyeballs in debt-induced poverty. Their income does not match the expenses on their ledgers. What is dangerous about debt is you are no longer the master of your money. Your creditors are. They can take your stuff whenever they want to. Paying off debt can be accomplished easiest using the debt snowball.

3. Basic Wealth Production Tips
Becoming that rare person who is financially independent and a master of their possessions requires learning from the elite few who are. Billionaire Warren Buffett has outlined a contrary strategy that will get you out of the financial mud hole. It can be summarized quickly as buy low and sell high. Buy when other people are extremely scared to do so. Sell whatever people are worshiping as divine. If you do both of these things, you will become quite successful. A good example is the iPhone. Jobs went to Taiwan to get strange foreign labor cheaply manufacturing little phone computers. He then shipped them to the United States and sold them for a huge markup to an entertainment-obsessed market. The rest is history. Apple became one of the world’s largest companies. Identify what your peers are scared to do. If you do not know, think of what you are afraid to do. Things like getting out of debt, working really hard, forgive, focus, take tough subjects in school, and generally suffer more than Average Joe. If you greedily pursue what your friends are afraid to do, you will become wealthy. The choice is up to you.