As a college student, I am uniquely aware of the challenges that can transpire when people do not have the money to purchase the things they want and need. With this in mind, I think it is important to empower these individuals with knowledge regarding how to avoid periodic or perpetual poverty. Here are three strategies that can be of benefit to you:
1. Multiple Streams Of Income (MSI).
Although broadly defined, multiple streams of income is basically a term that references having more than one source through which you’re generating revenue. Thus if you have more than one job, you have MSI. Additionally, individuals who work and also have investments in things like CDs which are sure to yield a return have MSI. The benefits of MSI are diverse. One of them is that it decreases the likelihood that you will grow poor quickly in the event that you lose your job or suffer an accident that precludes you from working. Additionally, MSI helps you learn more about money as a result of the fact that it provides you with understanding regarding how to generate revenue from two distinct sources. And as many financial experts know, understanding how money works is one of the primary factors that can put an end to your poverty.
Networking can preclude you from falling into poverty for several reasons. One is that the majority of jobs that people attain result from networking. Thus by developing personal and professional relationships with people, you can increase the likelihood that you will attain a job or be able to find a new one quickly in the event that you are fired. Additionally, networking enables you to develop relationships that give people a track record of your behavior that can help them write a good recommendation letter for you when you put together your resume for a job.
3. Maintaining Immediate Income.
Oftentimes, individuals find themselves thrust into the arms of poverty because they have no immediate source of income. There are several paths you can pursue to maintain immediate income, and one of them is through MSI. This has worked out for me as a freelance writer given that I can write for at least two separate platforms and thereby ensure that I have a continual stream of income coming in. You can also increase the likelihood of maintaining immediate income by leaving jobs in a professional way so that you are able to come back if you get fired or choose to quit a position you hate. When I was fired back in 2011, I was able to return to my former job at a local bookstore and this probably results from the fact that I gave them a two weeks notice when I left and was courteous to customers and fellow employees. (Behaving in this way has other advantages that transcend the realm of making money, so be cognizant of how important being a mannerly and amicable person really is.)
As an individual who has communist sympathies as a result of my view that the free market capitalist system has not been effective in generating perpetual wealth for the majority of the populace, I find myself perpetually wary when the subject of money comes up. At the same time, however, I know that empowering people with knowledge regarding how they can attain and grow their existing wealth will enable them to live more productive and positive lives. By implementing one or all of the strategies I’ve listed above, I think you will find yourself less susceptible to poverty and the negative realities it engenders. Good luck! :)
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