5 Reasons Why Hard Working Individuals Are Still Poor

5 reasons why hard working individuals are still poor

5 Reasons Why Hard Working Individuals Are Still Poor




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Even in countries where there are opportunities. The unemployment rate is lower, and the economy is for the most part, economically stable, so many people are working hard every day without seeing the benefits. The economy itself naturally puts poorer individuals at a disadvantage due to them having to pay more to commute to work, find transportation, even pay for childcare with small children while they work their long shifts. With lower paying jobs, there is no room in their careers to have paid leave or sick days. Being able to afford simple things that others take for granted like being able to pay for hot water or even having the money to wash their clothes. Of course, there’s other factors in people’s lifestyles that can counteract their hard working behaviors. Here are 5 Reasons Why Hard Working Individuals Are Still Poor.

There's No Desire to Reach Higher
The average person grows up thinking that they will grow up like every other person and that hard work will only land them enough money to feed the family and pay the bills. That mindset society has put into place with the rich remaining at the top and that those below them will always stay in that social hierarchy.

Poor families will often send their children to work long shifts at grocery stores or your basic retail department, earning minimum wage instead of studying to become something better. The family can sometimes be the cause for their child to grow up sticking with the belief that their hard work is only worth it to stay alive. Those who don't take advantage of their education may not be able to afford a fancy college, but even an Associate's Degree community college will give them a better chance at success in the industry.

You're not Budgeting Properly
Most people are keeping track of their hours, the amount of jobs they're taking on, most importantly, the amount of income they're making. On the other hand, too few people will plan how much they're spending, a planning effort called budgeting. Having goals and expectations for how much money you spend in each category: from gas, to groceries, to clothes and entertainment, should all be split up with the bare necessities receiving the most money out of your paycheck.

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The majority of overspending comes from eating out too much, impulsive buying when the material object isn't really needed, or just from spending to promote bad habits like smoking, drinking, or other harmful chemicals.

Another component similar to budgeting is investing. Many people fear the thought of investing as it can seem intimidating to invest in stocks. The market has the ability to do wonders with even small increments of money being paid. Knowing what companies and industries can be learned from simple research or even conversation from other individuals.

Not Planning for Emergencies
Unfortunately in this game of life, there's no foreseeing when the next disastrous emergency will strike next. Like retirement, not enough are saving up for the future events. The mindset of thinking "I'll have enough saved when the time comes," is not enough preparation. Disaster strikes at a moments notice when it comes to health, job conditions, and other "stable" components in ones hardworking life.

Hardworking but not Smart Working

5 reasons why hard working individuals are still poor
5 reasons why hard working individuals are still poor

People can work long, hard hours but only get feelings of tiredness and anxiety from it. Hardworking is different than smart working. Managing time more effectively or taking on jobs that will pay more for less time spent is a way to work smarter but not harder.

Some say they work hard at their 9 to 5 job but spend the rest of their working hours scrolling through social media or lying around the house on the couch instead. Take advantage of days off, any free time available and invest in looking for new opportunities to earn money. Get creative and use personal talents to do odd jobs or even find a way to monetize them.

READ MORE: Online Jobs To Do From Home

Doing What Everyone Else is Doing
There's the virtuous truth that that reveals that the people in which you hang around with or the conditions you place yourself in, can be a factor alone that holds you back from succeeding.  Similar to the concept of believing less in yourself and putting yourself into the category of never making it out is restrictive and an example of just following along with what everyone else is doing.

Thanks to the help of technology and the increase at which even lower-income individuals are able to use these affects the chances at which money can be made. Setting goals and planning out these long term projects can make or break the divide.

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Conclusion
People have foolishly correlated the amount of work they put into their jobs as the way to success and a prosperous lifestyle. This has proven to be not so, as economists have discovered it has to do more with one's grit to do better and dream outside their restrictive box.

 

FAQ About 5 Reasons Why Hard Working Individuals Are Still Poor

Why are hardworking people still poor?

There are many reasons why some hardworking people are still poor. Some believe simply working hard will make them more money. The most successful people on earth today are not necessarily the most hardworking. We all need to strike the balance between working hard and working smart.

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