In the following article Tom Corley explains how to stop being poor and how the thought of poverty kills our success.
After many years of studying wealth and poverty, I have come to the conclusion that poverty, in adulthood, is a state of mind. I like to refer to him as “poverty thought“.
Poverty is the by-product of absent parenting or of poverty thought, transmitted by parents. Both are the main causes of poverty.
The absent parenting it is the result of parents not being able to raise their children, for various reasons: imprisonment, drug addiction, health problems, disability, death, or abandonment. In these homes, children become dependent on society, other family members, or adoptive parents.
Unfortunately, the poverty thought it is the result of parents teaching their children certain ideologies and/or beliefs that contribute to poverty. Although in many cases they do not do it on purpose, children learn and imitate the behaviors of their parents.
That is why I have decided to write this article to understand how to stop being poor and more specifically how to avoid the thought of poverty.
Also read: This is the most powerful habit that exists. (Destroy poverty)
How to stop being poor: Avoid these thoughts that do not let out of poverty
Find out below those thoughts that do not let you out of poverty. These thoughts are transmitted by parents and applied by children in adulthood.
victim mentality.
It is when a person believes that their financial circumstances are dictated by forces beyond their control: Wall Street, people with money trying to keep you poor, government policies, the economy, poor education, growing up in a bad neighborhood, bad luck, etc.
Closed mind.
This thought is that of those people who are not willing to accept new ideas, new thoughts or opinions that differ from their own. One of the hallmarks of millionaires in my study of the habits of the rich was their ability to keep their minds open to new ideas, new insights, and new ways of thinking.
ideological restrictions.
I am referring to those individuals who cling to ideologies that prevent them from escaping poverty, for example:
- Thinking that the rich are bad.
- Money is the root of all evil.
- The poor cannot escape poverty.
- If I don’t go to university I won’t be able to get out of poverty.
- Etc.
Putting aside ideological limitations allows you to expand your thinking, grow and evolve.
low self confidence.
This is the belief that you are not smart enough to grow and learn something new. We are all born with the ability to learn; to acquire knowledge or skills.
What prevents a poor person from learning new knowledge or skills is the belief that they do not have the intelligence to overcome their financial circumstances in life. We can all learn and improve ourselves no matter the circumstances.
luck creates wealth.
The belief that wealth is a byproduct of luck. This is one of the reasons why the largest demographic that plays the lottery happens to be poor people.
Getting out of poverty and creating wealth takes time. How long depends on the path to wealth you decide to follow. And usually it will take you a long time.
If you want to know how to stop being poor, you must start by avoiding these thoughts.
According to my study, there are four paths to wealth:
Savings-investor route: Building your way to wealth requires saving 20% or more of your take-home pay and investing it wisely. This path takes an average of 32 years.
Big Business Climber Trail: Climb the ladder within a large company. This path takes an average of 21 years.
The path of the virtuous: These are the best experts within an industry. This path takes an average of 20 years.
Entrepreneur: Taking risks in pursuit of a dream. This path takes an average of 12 years. The best or most viable paths to wealth are the path of the investor-saving or the path of the entrepreneur.
Regardless of your situation, you need to save a percentage of your income, at least 10% of your net income. If it is impossible at this time you must find other sources of income.
Also read: 85 easy-to-start profitable businesses.
For the entrepreneurs, all you need is a dream that you are passionate about. While working capital eventually becomes a factor, spending your time pursuing a dream is the way most entrepreneurs climb out of poverty or the middle class.
The climbers of large companies are often required to obtain, at a minimum, a university degree. For a poor person to follow this path, he may have to go into debt to pay for college.
For the virtuousthis often requires one of two things:
Advanced titles: Doctorates, medical degrees, law degrees, master’s degrees, etc. or some crazy skill that if you don’t have money you probably have to go into major debt to get these advanced degrees.
Exceptional Skills: Possessing some innate talent and then devoting your life to maintaining and growing your talent or skills. This often requires a significant investment of time and, in many cases, the need for mentoring or coaching; which can cost money.
You will learn how to stop being poor when you understand that poverty is simply a state of mind. If you feel that you are poor now, it does not mean that you will be forever. Look for options, dream, work hard. But don’t blame others or circumstances for your current situation or you won’t be able to get out of it.
And remember, if you are really interested in creating your own business, you can read our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
This article was originally published on richhabits.net. Its translation and publication in ModoEmprendedor has been authorized directly by the author and cannot be reproduced by any other means.
