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Money Wisdom Series: Escaping Poverty In Africa

Feature Article Money Wisdom Series: Escaping Poverty In Africa
JUN 10, 2020 LISTEN

Covid-19 pandemic has impacted the global economy negatively. Countries have lost foreign direct investments, grants and revenues. This to a large extent has deepened the poverty levels in most developing nations in African, Asia and elsewhere. Ghana is no exception. Most people in these countries are poor and were already struggling to afford three meals a day even before the pandemic.

I must confess that, race, gender, sexual orientation, disability status and other social identity may affect a person’s starting position in the race towards financial and social stability in any part of the world.Interestly, poverty is a complex factor, it is more than not just having money, or material things, it beyond that especially chronic poverty.

Poverty is very severe in the African and Asian regions where people are not just broke but are destitute, not just having an overdrawn bank account temporary but a continue cycle that worsen over time.

For most people, when you are born poor, you are likely to stay poor and grow poor but there is a game changer which can make a difference and that is the Choices and Decisions you make along the path of life.

It is very important that even though we didn’t choose our parents, family and country, we need to understand that we have a responsibility to change our situation for the better and reason is simple that everyone has something unique inside of them and it is your duty to work hard to develop and use it for your benefit and society.

Take Away, You may be poor but don’t let your mind be poor because freedom of the mind is freedom of the physical. Your economic ability is built in your mind.

Escaping from poverty

There is no doubt that economic growth of a country is a catalyst for a necessary poverty reduction. The income mobility of the country would determine the extent to which most people in the country can escape poverty. There is a very significant role the government and private sector needs to play in creating jobs, raising income levels and making goods and services cheaper, affordable and available for the people.

The government should know that there cannot be a wide spread of economic development without dynamic private companies and so the responsibility of poverty reduction first rest with the government and the policies they implement.

Moreover, the business environment is also very critical for private sector and individuals to expand their businesses. Companies that are financially, economically, socially and environmentally sustainable to create jobs need government to set a foundation for their business to do well.

There is a positive correlation between the quality of business environment and long term national economic performance which is solely dependent on the government.

To do list

  1. Start seeing yourself in successful people
  2. Learn a skill and get good at it
  3. Move yourself and your service to professional level
  4. Learn to Market and sell yourself
  5. Build yourself as a brand
  6. Take back control of your mind
  7. Change your mindset towards Money
  8. Leverage community resources
  9. Ask for advice from someone you trust
  10. Don’t be afraid to walk away if it not in your interest
  11. Don’t work under people you are more intelligent and smarter than in the office.

Africa and its people are poor simply because of a mindset problem. The PULL DOWN syndrome “We all die here”.

Little minds mostly don’t encourage each other to work hard so to get above the poverty line but often fond of talking down people who are trying. They mostly will rarely support or patronize what you offer. But they will be very ready to be the first to tell you why this is not going to work and you cannot do it.

As I am a living example, people think I cannot do what I am doing and be the best financial advisor. I say to you that if your strategy in life is to end up pleasing everyone, you will end up miserable; trapped in the same mess as them, so you must train yourself and your mind to ignore crab minded people. Let them keep their opinion while you keep your dream alive.

Freedom of the mind is freedom for opportunity and growth. Just keep hope alive and The Sun Will not go down on you.

©Jerry.J.Afolabi, unlike others is passionate about financial education, independence and financial freedom. He is approachable, provides one on one client engagement and genuinely interested in helping people to take control of their own finances.

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