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I encountered a very angry friend this week who I thought couldn’t easily loose his cool. I inquired what actually made him that mad and I was perplexed with his answer. He told me that he have been working for the last twelve years earning very good income and his contract was coming to an end without notice. The poor guy had nothing substantial in his account that could sustain him for the next few days leave alone a business venture lift off.  

 I had to seek answers from several financial advisors and mentors who gave me important ideas and advise. The most important lesson I learnt is that, poverty or richness is a state of mind. We all have 24 hours a day, so before you start saying that you don’t have the resources and money, check out the dos and don’ts of eliminating poverty.  Knowingly or not, you might be allowing poverty crawl in your life under your watch.

1. Turn your social media and internet addiction into a cash cow

`` Watch what you are doing on those internet browsers, make them bring value to your financial life but not guzzle internet bills with no returns. ``

Social media on its own can be compared to money. It is not bad at all, it all depends with the kind of people who are using it and how. Of course it feels good to inbox a cute girl a ‘hi’, or reply to a handsome guy`s message on social medias. There is no problem when you log into your account read, write, like and comment on some posts. However the question is, how much do you spend on that, and how are you using it? Are you using it to socialize with people relevant to your financial networks, or having explicit chats with people, risking marriages, lives and relationships?

I really love seeing what my friends have in their mind through their posts. However if I keep scrolling down and down reading posts for the entire day or even ¾ of it, I will go to bed hungry and wake up without breakfast.  With this trend I will end up the poorest guy because of the social media.

However, on the flip side, I can make use of that time to make a financial connection with likeminded people. With that, I will end up with a dollar or two at the end of the day or a business deal. Maybe with this trend in the next couple of years to come I will end up a rich guy through social media. Therefore the hard fact is, don’t let social media drag you down to hell. Watch what you are doing on those internet browsers, make them bring value to your financial life but not guzzle internet bills with no returns.

2. Red or the blue pill

What happens to your income immediately it hits your account? Do you grab sunglasses and suit case and get away to a beach vacation then save the rest? Or, do you check in to your savings account, give some tithe and spend the rest? Take going for vacation before saving as red pill and saving before spending as the blue pill. Of course most people go for the red pill but on whose expense? My mentor used to tell me,’ the warmer the present, the colder the future.’ Don’t get too comfortable yet you don’t have a plan. To be successful and eliminate poverty levels you should always learn to save and then spend the rest.

3. Fixed and savings account

`` The trick is making sure your savings account makes you money and it’s not just a classy piggy bank. ``

This sounds cliché to established business people and entrepreneurs. Funny enough, it is a cliché too to low income earners who are struggling to make ends meet. The difference between the two clichés is that, the rich guy have got used to it. He or she has been saving money into these accounts from the day he or she was worth almost nothing. With these little savings the person was able to establish him or herself to where he is now. However, for the poor guy, it is a cliché since, he or she have heard about it, done nothing about it until he or she doesn’t want to hear about savings accounts anymore.

It doesn’t matter how much you earn, if you want to get rich and eliminate poverty, a savings account should be among your basic needs like food or shelter. Despite of how much you trust yourself with money, you have to open a bank account. This will avoid the event of dipping your hand into savings and flushing all your efforts down the drain. The trick is making sure your savings account makes you money and it’s not just a classy piggy bank. If you deposit 100k in a savings account ensure you get back way more as interest.


4. Make good use of mentor leverage

``The life you are living and the challenges you are facing now are not new to everyone as they are to you. ``

 Probably you have just started a business and find hard time marketing your products and finding clients. Why keep struggling and yet there is a person just across the block who have been there and made it easily. Maybe you would suggest finding your own way of doing things. It is well and good to be creative. However it wouldn’t harm if you went for that “magic portion” and use it to solve your problems. The life you are living and the challenges you are facing now are not new to everyone as they are to you.You can then use the rest of the time solving other new issues instead of dwelling with already solved puzzles.

Parting shot

Don’t lose focus, keep your eyes on the prize you will be a king or queen some day.