I use to wonder how owning a home can reduce poverty, but after close observations and the testimony of landlords, I can conclusively say that one sure way of ending the cycle of poverty is by living in your own house.
Property rights reduce poverty by empowering the disadvantaged with valuable assets. Land is a critical asset; it provides a means of livelihood. Those without property rights generally lack the incentive or even the authority to make investments in the land that can lead to higher returns. In many cases, a property can be used as collateral for other investments. A home can also be an income-generating investment. The landless are excluded from these opportunities, which is why they are often among the poorest.
If you still live in a rented apartment, all you are doing is enriching your landlord. You may not realize this early enough until your source of income dries up due to economic meltdown, health issues, old age, natural disaster, unfavorable government policy, new technology etc. thereby making it difficult to continue paying your house rent.
I have once read the story of a security personnel in an organization that was able to build a house in a less developed part of a town from his meagre salary while a top official who was given accommodation and big salary by the organization couldn’t build his own house because he thought it wasn’t quite necessary, he had all he wanted at the moment. After some couple of years, they had to leave the organization because the organization was no longer in business and move to other things in life. The security personnel was still leaving in his own house while the top official who couldn’t build a house from his salary was in need of accommodation and was taken to a landlord who had a 2 bedroom to let and that landlord turned out to be the security personnel.
From the story, you can learn that your income is not a barrier to owning a home in the following ways:
1. PAY ALL DEBTS, LIVE WITHIN YOUR MEANS.
From the story, we can deduce that the Security Personnel did not live an extravagant life. He was able to manage the little he had even while investing in his future. It is therefore important to live within your means, do not try to impress people with what you cannot really afford. Also note that debt kills saving culture, it is therefore important to settle all debts.
2. CULTIVATE A SAVING HABIT.
This is the second step. It is only after we are able to settle all debt that we can cultivate a saving habit. It is important to cultivate the habit of saving no matter how little. The Security Personnel was able to save from his little income; he was also able to make the right investment decision no matter how little. We also can learn from that, no matter the income, we can start something with that little savings.
3. DON’T DESPISE THE DAYS OF LITTLE BEGINNING.
The top official might have thought it’s not really necessary to own a home at the moment because he was comfortable where he was or because he felt he couldn’t afford where he wanted his dream house to be yet. We should understand that even if we are unable to acquire our perfect location at the moment, we can still invest in another income generating location. The income acquired from that investment might help at the long run to acquire your desired home.
This story tells us that there is no better time to get a land of yours and start developing that land than now. Start putting that little money in it and see your house grow. You have to be focused, be disciplined enough to follow through just like any other worthwhile endeavor.
We can help make your dreams come true at Destiny Christal Engr Ltd, simply take that bold step today.

.

If you fail to plan, you will plan to fail........

...