Blog

How to Eliminate the Poverty Mindset

Finance and Money Matters

How to Eliminate the Poverty Mindset

“Poverty is aggravated when money is given to a poor mind”

This statement by Nicky Verd sums up all that is wrong with a perpetually poor person.

When it comes to poverty, the problem usually isn’t lack of money. That’s just the manifestation, or symptom.  The problem is the faulty mindset behind this condition, which finds expression in people’s reality. 

When you are mentally impoverished, wealth will elude you, even if you’re making a lot of money. So, to eradicate poverty, you must first eradicate the poverty mentality. 

Some have remained poor because they believe the wealthy are lucky, and they aren’t. 

They settle with their “ill luck”. Now, even if they luckily win billions in lottery, it is only a matter of time; they would eventually lose all to frivolities because they lack the wealth-building.

The mentally wealthy may lose his fortune at some point, but with time he’d recover it all. History presents many us with examples.

What kind of wealth-related thoughts dominate your mind? If you have been thinking the wrong thoughts, you need to start thinking along the lines of thoughts that I’ll be sharing with you shortly. 

But first, know that the key is long-term, short term. 

This is one rule that encapsulates all the other factors that makes the difference between the poor and the wealthy. 

On that note, here are 4 ways to eradicate poverty mentality. 

  1. Seek relationships first. When you get into a job, a business or a contract, it is expected that you be financially rewarded.  But beyond that, you should also seek relationships. Do not be just about money.
  2. Show empathy.
  3. Offer value. 
  4. Do things beyond what is expected in the books. 

This means in your job, be of help to your colleagues equals beyond your primary job descriptions; related (or maybe unrelated) to your job. Something you’re not to be paid for, but will be well appreciated.  In business, it may be some value adding service, a discount or some extra guidance. Just anything that sets you apart. This is how people receive recommendation that lead to their big break; sometimes where they least expected.

There are people who have offered almost free services just to establish relationships, only to be exposed to a large pool of high paying clients by that means. This is especially important when you are pursuing someone you are hoping that they become your mentor. Over value upfront.

Value is a currency; it is to relationships what money is to business. It speaks of your attitude and is an icing your cake of skills.

Think of money as stone. When you have a stone in your hand, the natural impulse is to throw it right? But here is something else you can do: build with them. Do not be subject to the impulse of spending. Think of how you can invest your money so you can get more from it. The stones you impulsively throw will not throw themselves back to you. But when you build with it, you are sheltering yourself from harsh weather and dangers in the long run. This is how money works too. If you invest substantial amount of  it rather than spending it frivolously, you are building wealth to shelter yourself against future financial uncertainties. 

Drop the thrower’s mindset, think as a builder. Know that it is not how much you have. It’s about your means compared to your expenses. Many people think they will become wealthy and able to acquire all they need when they have made a certain number of millions or billions. It doesn’t work this way. Nobody can buy everything, and nothing is ever really enough. What matters is not where you are, but that you are growing.

Prosperity abounds when you know your means per time and live within its limit. Build gradually. If you don’t accept this, even if you make billions you would still be poor; because you have over years developed the habit of living beyond your means. 

On a final note, the right mindset is your passport to go from mere survival to living in comfort. It is the defining line between endless hustle and lasting legacy. 

Leave your thought here

Your email address will not be published. Required fields are marked *