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Nairaland Forum / Nairaland / General / Education / 5 Habits That Make People Stay In Poverty For Life (19271 Views)
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5 Habits That Make People Stay In Poverty For Life by uprof(m): 7:29am On Feb 18, 2020 |
Often time I ask myself" why do very few people rich and majority stay poor?" In my quest to find answers to this question,I realized that the rich and the poor differ in what they think about and what they do In this video I'm going to tell you 5 habits that make people stay in poverty for life. 1. They live below their means!. The habit of live below your means is doing more harms than good. With a view to living below their means, they cut down important cost on things that can make them go forward in life. Instead of living below your means why not focus on increasing your means. If you will be realistic cutting down cost is like cutting down things that can make you happy. Psychologically most things we buy increase our happiness and self esteem. In this short video I gave out suitable illustrations and reasons why people stay in poverty for life. If you don't have data to watch, you can read the blog https://moneyaffairsonline./2020/02/16/5-habits-that-make-people-stay-in-poverty-for-life/ In this age,information is an asset https://www.youtube.com/watch?v=D17HBY5Li_Q For more update on money affairs click on subscribe through this link https://m.youtube.com/channel/UCbSYV2lKewQ796zsZQbSg_A 2 Likes |
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 8:01am On Feb 18, 2020 |
this is informative and challenging |
Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 9:00am On Feb 18, 2020 |
facenglish: Thanks |
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 8:08am On Feb 22, 2020 |
uprof:any way I have questions on this one |
Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 8:41am On Feb 22, 2020 |
facenglish: Go ahead and ask your question |
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 6:58pm On Feb 22, 2020 |
uprof:why should we stop saving money in the bank? |
Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 7:59pm On Feb 22, 2020 |
facenglish: Because savers are loosers |
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 10:29pm On Feb 22, 2020 |
uprof:.why? |
Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 6:17am On Feb 23, 2020 |
facenglish:first is inflation |
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 7:41am On Feb 23, 2020 |
uprof:how does that affect me |
Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 8:38am On Feb 23, 2020 |
facenglish: You want to know I will tell you |
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 2:34pm On Feb 23, 2020 |
uprof:I'm listening |
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 6:35am On Feb 24, 2020 |
facenglish:I need answer to this question |
Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 7:46am On Feb 25, 2020 |
You buy with low quantity of goods with inflated amount |
Re: 5 Habits That Make People Stay In Poverty For Life by Distinct123: 3:03pm On Feb 25, 2020 |
facenglish:how does inflation affect my salary |
Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 7:21am On Feb 26, 2020 |
Distinct123: you buy small quantity of Goods with inflated amount |
Re: 5 Habits That Make People Stay In Poverty For Life by Distinct123: 7:49am On Feb 26, 2020 |
uprof:everybody buys inflated quantities of goods! |
Re: 5 Habits That Make People Stay In Poverty For Life by Distinct123: 12:41pm On Feb 27, 2020 |
can mr FacEnglish attend to my questions? |
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 4:19pm On Feb 28, 2020 |
Distinct123:yes I can answer your questions |
Re: 5 Habits That Make People Stay In Poverty For Life by Distinct123: 6:56pm On Feb 28, 2020 |
facenglish:good why shouldn't I live below my means? I don't think that is a very good advice |
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 9:53pm On Feb 28, 2020 |
Distinct123: because it is doing more harm than good! |
Re: 5 Habits That Make People Stay In Poverty For Life by Jackossky(m): 11:21pm On Feb 28, 2020 |
Distinct123: Smiles. He is not an economist, so, he seem unable to explain the concept well. One way banks make their money is through giving out loans; a credit system. They lend money to their customers and collect it later with interest. Let's say when someone borrows #1000 from bank with an additional interest of 30%, he/she pays back #1300 thereby, the bank profits #300. Where does the bank get that money from? The primary source is depositors (you and I), assuming with a savings account, bank decides that every month, 5% would be alloted to you, so it means that after every month, you get an additional #50 to your deposited #1000. Now, let's do a rundown, bank makes #300 after every month while you make #50, What if you had use that money for other profitable venture, it's genial for you to recoup more that #50. So, you benefit more using your money for investment than letting it lie dormant in your savings account. That's why we say savers lose. 2 With the passage of time, prices of goods and services tend to slope upward, this means that with time, prices increase. Some decades back, a beetle is sold for #30000 (assumption), but now in the 22nd century, it's worth millions. In the same vein, if someone sold his beetle and saved his #30000 in a bank, 20 years later, he would receive back his 30k, would that money be able to buy him/her a beetle 20 years later? So, he lose by saving that 30k in the bank because what 30k can buy in year 2000 differs from what it can buy in 2020. This is what we mean by inflation, because that man saved his 30k in 2000 and collected it back in 2020, he lose. Though the nominal value is the same but the purchasing power has declined. Smiles... Don't want to use economics terms but I hope you get what I'm trying to insinuate? 5 Likes |
Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 6:33am On Feb 29, 2020 |
Jackossky:the content creator is also a student of economics if you want to add to the point add and live. The writer understand the time value of money. So contribute and don't criticise. There is a reason for make in short and brief |
Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 6:36am On Feb 29, 2020 |
Actually you expand more on the inflation side. Which will be a consistent discussion on our Chanel, considering the consumer price index |
Re: 5 Habits That Make People Stay In Poverty For Life by Distinct123: 7:07am On Feb 29, 2020 |
facenglish:how does it do more harm than good? |
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 8:45am On Feb 29, 2020 |
Distinct123:because living below your means does not make you think smart |
Re: 5 Habits That Make People Stay In Poverty For Life by Jackossky(m): 10:43am On Feb 29, 2020 |
uprof: Ahhh, had a hard time reading this, but no P. There's much for 'we' to learn anyway. Oh, I didn't criticise what the op said, I only buttressed it and elaborated what he meant by inflation. If you feel contrary, then your comprehension skill might be a little ******** Adiós |
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 2:48pm On Feb 29, 2020 |
facenglish:I hope that is clear! |
Re: 5 Habits That Make People Stay In Poverty For Life by Distinct123: 6:54am On Mar 01, 2020 |
facenglish:why live below your means is doing more harm than good! |
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 8:18am On Mar 02, 2020 |
Distinct123:it can make you poor because of |
Re: 5 Habits That Make People Stay In Poverty For Life by crowniran(m): 8:48am On Mar 02, 2020 |
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Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 8:54am On Mar 02, 2020 |
crowniran:well done mr marketer |
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