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Question
6 answers
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Melanie’s Answer
Always make sure that you are financially literate. Education about finances and know how to manage your money is the first step towards escaping poverty. It's basically the ground for most decisions you'll make in regards to college education, housing, savings, car loan, credit, etc. If you are high school aged, it is good to get that first step out of the way. The sooner, the better. Most of the time, you will not get financial education in school. Search up books in finances, learn about saving strategies, learn how to budget your money. It's never to late to start educating yourself about savings and finances.
If you're a young adult in college and have no idea what to do, I suggest you open a savings account, separate from your checking account. Any money that you receive will go into the checking account and try to place at least 20% of your income into the savings account and not touch it unless you absolutely need to. Also, open a Roth IRA account for retirement as this will help you save up for when you reach old age and don't want to worry about money. There are several types of these accounts and I suggest you look into what is best suited for you. Try to get a part-time job if you can while in college. Or you can try and set up a small passive income.
If you're a musician, you can play at restaurants that often look for new artists. If you're a digital artist and you're good at drawing and painting digitally, you can open a Patreon.com to start a passive income, a Ko-Fi or a Redbubble. Though, for these you'll need to market your talent on social media. Try to get a job as a tutor if you're good at several college subjects. With a little bit of research, I'm sure you'll find something you can do based on your individual skills and knowledge.
Above all, it is always important to know how money works in today's society. Finance education is the secret to escape poverty.
If you're a young adult in college and have no idea what to do, I suggest you open a savings account, separate from your checking account. Any money that you receive will go into the checking account and try to place at least 20% of your income into the savings account and not touch it unless you absolutely need to. Also, open a Roth IRA account for retirement as this will help you save up for when you reach old age and don't want to worry about money. There are several types of these accounts and I suggest you look into what is best suited for you. Try to get a part-time job if you can while in college. Or you can try and set up a small passive income.
If you're a musician, you can play at restaurants that often look for new artists. If you're a digital artist and you're good at drawing and painting digitally, you can open a Patreon.com to start a passive income, a Ko-Fi or a Redbubble. Though, for these you'll need to market your talent on social media. Try to get a job as a tutor if you're good at several college subjects. With a little bit of research, I'm sure you'll find something you can do based on your individual skills and knowledge.
Above all, it is always important to know how money works in today's society. Finance education is the secret to escape poverty.
Updated
TRAVIS’s Answer
I do not know your specific situation such as age or location. If you are high school aged, you may consider mowing lawns in your neighborhood. You can charge $25-30 a month to keep each of your clients yards mowed monthly. If you have 30 yards to mow a month, that should equal up to $750- $900 a month. If it is all local neighbors you may only need to buy a lawn mower and a weed eater to get started. You can do this in your spare time and weekends. This will be good side income while you continue your education and help you develop business skills for later in life. Create an LLC and file your taxes too. If lawn care isnt a good field in your area, what is? Power washing driveways? Vent cleaning?
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity.
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Answers
Updated
James Constantine’s Answer
Dear Yuven,
Guidelines to Break Free from Poverty
Overcoming poverty is a demanding task that needs grit, well-thought-out strategies, and consistent effort. There's no universal formula, but there are several measures one can adopt to better their financial standing and shatter the poverty cycle.
1. The Power of Education
Education is often regarded as the most potent tool to break free from poverty. By gaining knowledge and skills, one can enhance their earning capacity and find better job prospects. Seeking advanced education, like a college degree or vocational training, can pave the way to high-paying, stable professions.
2. The Importance of Career Development
Constructing a prosperous career is vital for stepping out of poverty. This involves setting distinct goals, gathering relevant experience, and constantly upgrading skills. Connecting with professionals in your chosen field can offer valuable insights and opportunities for growth.
3. The Need for Financial Literacy
Mastering financial management is key to liberating oneself from poverty. Creating a budget, saving funds, avoiding debt, and investing smartly are integral parts of financial literacy. Consulting financial advisors or attending personal finance workshops can aid individuals in making informed financial decisions.
4. The Potential of Entrepreneurship
For some, launching a business or becoming self-employed can be a route out of poverty. Entrepreneurship demands creativity, risk-taking, and determination but can result in financial self-reliance and wealth generation. Crafting a robust business plan and seeking guidance from successful entrepreneurs can boost the likelihood of entrepreneurial victory.
5. The Role of Community Support
Tapping into community resources and support networks can offer valuable help to those striving to overcome poverty. Nonprofit organizations, government schemes, and local initiatives might provide services like job training, housing aid, childcare support, or food assistance that can help individuals fulfill their basic needs while striving for financial stability.
6. The Essence of Persistence and Resilience
Breaking free from poverty is tough, and hurdles are frequent. It's crucial to remain persistent, resilient, and adaptable when faced with challenges. Self-belief, motivation, and seeking assistance when required are vital for surmounting obstacles on the journey to financial security.
In summary, overcoming poverty demands a comprehensive approach encompassing education, career development, financial literacy, entrepreneurship, community support, persistence, and resilience. By actively working towards enhancing one's financial status and seeking growth and advancement opportunities, individuals can heighten their chances of liberating themselves from poverty's grip.
Top 3 Credible Sources Used:
World Bank: The World Bank offers extensive research and data on global poverty, providing insights into effective poverty reduction strategies.
Harvard Business Review: A reliable source for business insights and strategies, including articles on career growth and entrepreneurship as means to overcome poverty.
U.S Department of Education: Provides information on educational opportunities in the United States, crucial for those aiming to upgrade their skills and qualifications to escape poverty.
These sources were referenced to ensure the information provided on overcoming poverty through education, career growth, financial literacy, entrepreneurship, community support, persistence, and resilience is accurate and reliable.
May God Bless You!
James Constantine Frangos.
Guidelines to Break Free from Poverty
Overcoming poverty is a demanding task that needs grit, well-thought-out strategies, and consistent effort. There's no universal formula, but there are several measures one can adopt to better their financial standing and shatter the poverty cycle.
1. The Power of Education
Education is often regarded as the most potent tool to break free from poverty. By gaining knowledge and skills, one can enhance their earning capacity and find better job prospects. Seeking advanced education, like a college degree or vocational training, can pave the way to high-paying, stable professions.
2. The Importance of Career Development
Constructing a prosperous career is vital for stepping out of poverty. This involves setting distinct goals, gathering relevant experience, and constantly upgrading skills. Connecting with professionals in your chosen field can offer valuable insights and opportunities for growth.
3. The Need for Financial Literacy
Mastering financial management is key to liberating oneself from poverty. Creating a budget, saving funds, avoiding debt, and investing smartly are integral parts of financial literacy. Consulting financial advisors or attending personal finance workshops can aid individuals in making informed financial decisions.
4. The Potential of Entrepreneurship
For some, launching a business or becoming self-employed can be a route out of poverty. Entrepreneurship demands creativity, risk-taking, and determination but can result in financial self-reliance and wealth generation. Crafting a robust business plan and seeking guidance from successful entrepreneurs can boost the likelihood of entrepreneurial victory.
5. The Role of Community Support
Tapping into community resources and support networks can offer valuable help to those striving to overcome poverty. Nonprofit organizations, government schemes, and local initiatives might provide services like job training, housing aid, childcare support, or food assistance that can help individuals fulfill their basic needs while striving for financial stability.
6. The Essence of Persistence and Resilience
Breaking free from poverty is tough, and hurdles are frequent. It's crucial to remain persistent, resilient, and adaptable when faced with challenges. Self-belief, motivation, and seeking assistance when required are vital for surmounting obstacles on the journey to financial security.
In summary, overcoming poverty demands a comprehensive approach encompassing education, career development, financial literacy, entrepreneurship, community support, persistence, and resilience. By actively working towards enhancing one's financial status and seeking growth and advancement opportunities, individuals can heighten their chances of liberating themselves from poverty's grip.
Top 3 Credible Sources Used:
World Bank: The World Bank offers extensive research and data on global poverty, providing insights into effective poverty reduction strategies.
Harvard Business Review: A reliable source for business insights and strategies, including articles on career growth and entrepreneurship as means to overcome poverty.
U.S Department of Education: Provides information on educational opportunities in the United States, crucial for those aiming to upgrade their skills and qualifications to escape poverty.
These sources were referenced to ensure the information provided on overcoming poverty through education, career growth, financial literacy, entrepreneurship, community support, persistence, and resilience is accurate and reliable.
May God Bless You!
James Constantine Frangos.
Updated
Nyasha’s Answer
Dear Yuven
I believe in hard work in order to escape poverty. If you are in high school I m sure you can start a small business like car washing. During your free time and holidays you can do this business it will help you to achieve some of your goals. Also learn to save from the little that you have. Learn to prioritise more on your needs and less on your wants.
I believe in hard work in order to escape poverty. If you are in high school I m sure you can start a small business like car washing. During your free time and holidays you can do this business it will help you to achieve some of your goals. Also learn to save from the little that you have. Learn to prioritise more on your needs and less on your wants.
Updated
G’s Answer
Yuven,
Congratulations! You have taken the first step.
Becoming aware of a problem is the first step in finding solutions.
I like to say, 'you cannot change, what you don't acknowledge.' :)
My advice is to talk to your family about how you feel. As a mom, I recommend keeping an open line of communication with the people who love you. It starts with a simple question, "Do you have a minute to talk?"
Open up to your teachers. As a veteran teacher, I can tell you teachers care about you and can offer a lot of support and guidance as you navigate your goals and dreams.
Other people in the community can help too! If you belong to a church, that might be a place to start.
If you are wondering what field to go into, maybe you could volunteer or job shadow in the community to see where your interests lie. I would add that there is a need for good employees in every field. Even if you start at a fast food restaurant, you could become a manager in a short period of time. I know someone who started as a car salesperson and worked up to a manager position making a lot of money in just a few years! I understand there is big need for skilled trades people: Plumbing, electricians, carpenters, HVAC, computer aided design (CAD), etc. If you like computers and engineering, computer aided design might be an option. These courses are offered by many high schools and can lead to high paying jobs. Also, joining the military offers an opportunity to take advantage of college benefits as well.
As long as you work hard and stay committed to being the best you can be, you can go a LONG WAY!
God Bless you on your journey! :)
Congratulations! You have taken the first step.
Becoming aware of a problem is the first step in finding solutions.
I like to say, 'you cannot change, what you don't acknowledge.' :)
My advice is to talk to your family about how you feel. As a mom, I recommend keeping an open line of communication with the people who love you. It starts with a simple question, "Do you have a minute to talk?"
Open up to your teachers. As a veteran teacher, I can tell you teachers care about you and can offer a lot of support and guidance as you navigate your goals and dreams.
Other people in the community can help too! If you belong to a church, that might be a place to start.
If you are wondering what field to go into, maybe you could volunteer or job shadow in the community to see where your interests lie. I would add that there is a need for good employees in every field. Even if you start at a fast food restaurant, you could become a manager in a short period of time. I know someone who started as a car salesperson and worked up to a manager position making a lot of money in just a few years! I understand there is big need for skilled trades people: Plumbing, electricians, carpenters, HVAC, computer aided design (CAD), etc. If you like computers and engineering, computer aided design might be an option. These courses are offered by many high schools and can lead to high paying jobs. Also, joining the military offers an opportunity to take advantage of college benefits as well.
As long as you work hard and stay committed to being the best you can be, you can go a LONG WAY!
God Bless you on your journey! :)
Updated
Michelle’s Answer
Money management and saving will be the first challenges, especially if you’re supporting yourself or your family. Once you have reached financial stability, it might be difficult to handle money when you no longer need to work just to survive. When you start having extra money that you’ve never had before, be careful not to lose track of your goals and do your best to save money. Having an emergency fund available is always a good thing, when you can afford to put money away. Check in on your goals and where your money is going frequently.
I hope the best for your future! Money is so stressful, especially when you're young and you don't have many options. Take care of your health and happiness.
I hope the best for your future! Money is so stressful, especially when you're young and you don't have many options. Take care of your health and happiness.
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