What do you think about when you see or hear about extreme poverty? Most people think: that the folks were poor, their kids are now poor and their grandkids will grow up poor.
Just like genetics, families that struggle seem to pass-down struggle & poverty from one generation to the other.
You find that these families are stuck in a cycle of poverty until an external influence can help them escape.
Not very long ago one young Kenyan man known as __wangwe tweeted:
“Nah, it’s wild that some people are born with all the things you’re working hard to get now and you are still led to believe that if you work hard enough y’all will be the same.”
In some sense, he didn’t lie, just as generational poverty is a blocker for many, family money is an elevation for some. Families that are financially stable expose their kids to better education, more resources, more time and success peer pressure.
But if your family is stuck in this poverty loop, how do you escape? How do you break the cycle?
Here are some ways you can salvage the situation even without expecting an external source/influence for help.
Changing your mindset can go a long way. In particular, you'll benefit from viewing money not from the perspective of someone who lacks it and fears that lack, but from the perspective of someone who welcomes money and expects to receive it.
To start changing your mindset towards money, take a moment to assess where you're coming from and where you stand right now with your finances.
Consider asking yourself these questions, for starters:
Financial literacy goes a long way in making such situations better. The best part is you’re in the right place when it comes to that. We got you.
For starters, make sure you understand:
After reading these articles you’ll be in a better position to start your healthy financial journey. Money management skills can take you to great places with your finances especially if you’re trying to escape poverty.
In today's fast-moving world, the demand for various skills rapidly shifts over time. Being knowledgeable in a specific field can be the value you offer in exchange for some chumz.
In a tech startup like ours, programming, data and digital skills carry the day at the moment. The best part is that some of these skills are self-taught and are for free! Youtube has more than a million courses available as well as google itself. Take advantage of these options and learn.
We have discussed this before on here but if you missed it in layman’s terms, black tax is the financial support young black career men/women are expected to extend to their families or beyond. This form of support has been normalized amongst most African cultures.
One thing to have in mind though is that you can support your family and loved ones financially but at some point, it may affect your financial growth. Especially when you’re living in an economy as tough as Kenya right now. You have to be very careful and strategic with your financial decisions.
With that, here are a few ways you can conquer black tax even in this economy because you’re a champ!
It’s very easy for a person running away from poverty to fall into lifestyle inflation. This happens when your spending increases along with your income, sometimes so gradually you don't notice it. While getting a raise or switching to a higher-paying job is positive, not knowing what to do with extra income can end up causing stress and strains in your finances.
But with a little careful planning, you can avoid lifestyle creep and retake control of your budget.
Okay okay, we know you’ve heard this enough times. But if we don’t repeat it then some may miss it.
This tip is the mother hen of all, it carries the back for all the above. If you end up implementing the above, then have a little income you can put aside, don’t store it in the banks where it’s gaining little to no interest. Save with Koa, not only is it easy and seamless but you’ll also enjoy up to 10% compounded interest in your savings. Now sweetie, what’s stopping you?
Ready to escape this poverty and start your healthy financial journey? Let’s grow with you!