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5 Habits That Make People Stay In Poverty For Life - Education - Nairaland

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5 Habits That Make People Stay In Poverty For Life by uprof(m): 7:29am On Feb 18
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.wordpress.com/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
this is informative and challenging
Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 9:00am On Feb 18
facenglish:
this is informative and challenging

Thanks
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 8:08am On Feb 22
uprof:

Thanks
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
facenglish:
any way I have questions on this one

Go ahead and ask your question
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 6:58pm On Feb 22
uprof:

Go ahead and ask your question
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
facenglish:


why should we stop saving money in the bank?

Because savers are loosers
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 10:29pm On Feb 22
uprof:

Because savers are loosers
.why?
Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 6:17am On Feb 23
facenglish:

.why?
first is inflation
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 7:41am On Feb 23
uprof:
first is inflation
how does that affect me
Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 8:38am On Feb 23
facenglish:
how does that affect me

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
uprof:

You want to know I will tell you
I'm listening
Re: 5 Habits That Make People Stay In Poverty For Life by facenglish: 6:35am On Feb 24
facenglish:

I'm listening
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
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
facenglish:

I'm listening
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
Distinct123:
how does inflation affect my salary

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
uprof:


you buy small quantity of Goods with inflated amount
everybody buys inflated quantities of goods!
Re: 5 Habits That Make People Stay In Poverty For Life by Distinct123: 12:41pm On Feb 27
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
Distinct123:
can mr FacEnglish attend to my questions?
yes I can answer your questions
Re: 5 Habits That Make People Stay In Poverty For Life by Distinct123: 6:56pm On Feb 28
facenglish:

yes I can answer your questions
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
Distinct123:
good why shouldn't I live below my means? I don't think that is a very good advice

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
Distinct123:
everybody buys inflated quantities of goods!


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
Jackossky:



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?

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
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
facenglish:


because it is doing more harm than good!
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
Distinct123:
how does it do more harm than good?
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
uprof:
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

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
facenglish:

because it is doing more harm than good!
I hope that is clear!
Re: 5 Habits That Make People Stay In Poverty For Life by Distinct123: 6:54am On Mar 01
facenglish:


because it is doing more harm than good!
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
Distinct123:
why live below your means is doing more harm than good!
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
Do you want to get a skill in web development and WordPress? Or Adobe illustrator?
I can give you access to these courses for 2000naira on udemy. Check my signature for contact
Re: 5 Habits That Make People Stay In Poverty For Life by uprof(m): 8:54am On Mar 02
crowniran:
Do you want to get a skill in web development and WordPress? Or Adobe illustrator?
I can give you access to these courses for 2000naira on udemy. Check my signature for contact
well done mr marketer

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