5 Things Keeping You Poor in 2023
Being poor is largely a product of the things you do. These things are reasons why despite the advancement in technology and globalization, poverty remains a major issue for millions of people around the world.
While there are other factors that contribute to poverty, your personal choices and behaviours can also keep you trapped in a cycle of financial struggle.
From ignoring the opportunities available in AI to failing to expand your knowledge of investment opportunities, these habits could be the barricade limiting your financial advancement. However, identifying these things will help you break up with poverty in 2023. Let’s get started.
Ignoring the advancements in AI
Artificial Intelligence (AI) is the new deal. It is rapidly transforming the job market, with many traditional jobs becoming automated or replaced by AI-powered tools and technologies. AI is increasingly been used to streamline operations, reduce costs and improve efficiency by businesses.
If you fail to take advantage of the opportunities in AI, you may find yourself left behind in the job market, struggling to find employment that pays a living wage. You may also be missing out on valuable opportunities that will improve your finances and help you build wealth over time. From creating content with AI, providing 24/7 support and assistance to customers with chatbots, building predictive models with AI, and using AI techniques and technologies to enhance and optimize various aspects of the e-commerce experience for both businesses and consumers, AI can be creatively utilised to generate a passive income that will set you free from the chains of poverty.
Refusing to Upskill
Your refusal to upskill is another thing that can keep you glued to poverty. This is because as industries evolve and new technologies emerge, the skills that are in demand are likely to change. Refusing to keep up with these changes, will make you outdated and less valuable in the job market. Once this happens, you will find it difficult to find employment or earn a living wage.
Also refusing to upskill limits your potential for career growth and advancement which automatically impacts your earning potential and financial stability. But upskilling makes you competitive in the job market. It opens doors to multiple income streams and helps you build resilience and adaptability in the face of economic uncertainty. Graphic and web design, Data Analytics, Content writing, Website Development, Social Media Marketing, Search Engine Marketing(SEM), and Mobile App Development are digital skills to learn that can help keep poverty away from you.
Saving the bulk of your money in the bank
Saving your money in the bank is another habit that will keep you poor in 2023. Before you ask why or how? Look at this. Banks typically offer very low-interest rates on savings accounts. What this means is that the value of your savings is unlikely to keep pace with inflation. That is, the buying power of your money may decrease over time, rather than increase.
While saving money in the bank may look secure, it will not provide the returns needed to build long-term wealth. So the question now is, what do I do? The answer is simple, invest your money in higher-risk, higher-reward investments like stocks or real estate. Rather than save your money in the bank, you could start an online business or invest in a rental property that can generate significant returns over time.
Ignoring businesses with a low barrier to entry
Ignoring low-barrier businesses can keep you poor in 2023. This is because you will be missing out on valuable chances to start building your own income streams and generating wealth over time. It can also limit your potential for growth and success in the long run.
Businesses with low barriers to entry, such as professional blogging, online teaching and social media marketing generally provide opportunities to start generating income with minimal investment. For example, you might start a freelance writing or web design business from your own computer with your skills and a website. They are easier to begin and operate. They can also help you garner entrepreneurial experience and develop business skills that can be advantageous to you in the future.
However, when you ignore these opportunities you will be missing out on valuable chances to build your own income streams and generate wealth over time.
Failing to expand your knowledge of Investments
One of the reasons why people remain poor is that they don’t know how to grow their wealth. Earning without a comprehensive knowledge of investments, including Real Estate Investment Trusts (REITs), will make your financial status static. REITs can provide a stable source of passive income through dividends paid by the trusts. They are companies that own, operate, or finance income-generating real estate. They make it possible for you to earn dividends from real estate investments—without having to buy, manage, or finance any properties themselves. Some of the REITs in Nigeria include UPDC REITs, Skye Shelter Fund REITs, and Union Homes REITs.
Expanding your knowledge about these opportunities will help you know when to invest, how to diversify your investments, minimise high investment risk, identify the potential for compounding returns, and generally help you make informed decisions.
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