Poverty is defined as not having enough material possessions or income for a person’s needs. Absolute poverty is the complete lack of the means necessary to meet basic personal needs, such as food, clothing and shelter. The threshold at which absolute poverty is defined is always about the same, independent of the person’s permanent location or era. On the other hand, relative poverty occurs when a person cannot meet a minimum level of living standards, compared to others in the same time and place. Therefore, the threshold at which relative poverty is defined varies from one country to another, or from one society to another.
Causes of poverty is a highly ideologically charged subject, as different causes point to different remedies. If you develop a culture of wasting money, you will die poorer than you ought to be. There are several decisions that we make that waste the cash we could have saved. For those of you who have less money just to meet your bills, you will die poor if you continue doing these seven things below;
1. Aping Others
The people you associate with have varied financial capabilities and priorities. In case you will be tempted to copy them, buy what they have, and generally live their lives, you will die a miserable man. Live your own life guided by your decisions that can only be supported by advice from professionals and trustworthy friends.
2. Spend More Than You Make
This is the easiest way for anyone to become poor. so be careful, It doesn’t matter if you make millions or hundreds each month, the same principle applies.
3. You Never Give to Anyone
It seems counter-intuitive, but keeping everything to yourself only causes you to have less. Proverbs 11:25 says “ The generous man will be prosperous , And he who waters will himself be watered.”
4. Failing to Return Faulty Items
There are times when you buy something but notice that it does not function as expected. If you have not inflected any mechanical damage on it, you should return it regardless of its cost and get your money back or be given a working item. Failing to return it is wasting money.
5. Failing To Compare Prices
You have gone shopping several times and paid more than the actual value of the good or service you received. This results from the failure to compare prices. If you develop the culture of comparing prices, you will increase your savings. Do not shop in expensive stores for purposes of recognition when you don’t really have the money.
6. Lust After What You Don’t Have
Desiring something better is not a bad thing, but lusting after it is. Buying things you can’t afford, because you are not content to wait until you can afford it is a great way to stay poor.
7. You Don’t Pay Attention to Where Your Money Goes
From talking to people about budgeting, most of them say that when they started budgeting it seemed like they had a whole lot more money. The reason being that they didn’t know where it was all going before they were budgeting.