we living in the streets where you make or earn below the minimum wage, and trying to survive is at the top of the list. Majority of the people around my community earn below threshold, what can I say I write what I know and experienced. The bank were trying or willing to assist by giving loans, maybe to start a business,as some of the people who earn below the minimum wages majority lack of adequate skills, some are graduate but still earn below due to the lack of information required by real life situation. In other cases companies don’t follow labor laws, workers have no say or have the fear to speak out because they afraid they might lose the little peanuts they earn, as for the illiterate Even if they are giving a sum of money they still can not make effective decisions in using the little they earn. Investment is the key to success.
Okay, no bank will offer loans to people earning below the minimum wage, even if you already know the use of the money you borrowing. Opportunities are very slim for such people. Lets take they are giving the opportunity through local brokers to lend you money, you will still pay more and this is really a big issue for everyone not paid above the minimum wage, specially for anyone who has no proper knowledge on how to use and manage that moola.
Living under this circumstance of debts really take one’s life 5 steps backwards, it is even worse when you are illiterate to distinguish between asserts and liabilities. It is why the illiterate attack debts in a different manor than a person who is literate. Do you know people who earn a lot, however due to debts after earning,so many accounts are to be paid, leaving that individual broke on the first week of getting paid.
food prices are increasing rapidly like never before, Doctors want people to eat healthy food always, if not most of the time, only to find that the healthy food are way costing than the junk, putting people in the corner to settle for less all the time they purchase an item. Remember not every one prefer to settle for less in terms of the food they eat, the clothes they wear. Further more, take away’s are one of the things that really get people broke. They buy from the shops at a high price to get a once-off meal.
Now days travelling is part of our survival to find better pastures, if you cannot afford to pay the transport from point A to Point B you will struggle in finding the great things in life. one reasoning people from developing countries hitch hike just to save on transport, while on the other hand, other prefer not to travel, instead they remain local in the street however they do take walks maybe to the next hood. I Remember when I was suppose to go for an interview few miles away my place, I couldn’t make it there as I tried hard to make debts that I will need to pay more than I applied for, It is how this brokers work.
It is great in many times that you avoid brokers to lend you money as their interest are very high, unless you have somebody assisting you in calculating the amount you will pay to get the debt covered and cleared. Talking about upcoming events that can develop your skills or knowledge, then you can take risk in attending such conferences rather than pleasure time.
Build a house
Years are adding up to your age and you start thinking of building a house but you are stack on that rat race, that you cannot afford to buy the land to build your house. Maybe this is where people should be using the information on their advantage, where the government build houses for people earning below the minimum wage, you should be aware that this don’t apply to every state or country. you can find out more at your department of housing and settling for all the requirements.
At some point we all want to entertain our selves from time to time. when you earn below the minimum wage it should be viewed critical what, how, who you spend money with, on what. this part is where a lot of people fall in the trap of sales people or advertisement. no wonder you cannot survive the trap, until you know what you need, not what you want. Being financial free is one of the reasoning we keep chasing dreams and goals but every few understand the journey to financial freedom.
I am sorry, but money can truly affect your relationships, as you find it hard to provide for your loved ones. It could be kids, spouse, friends and etc, Remember they say “when days are dark friends are few”. However in this case, when you are financially not stable. When you are broke, relationships start to challenge you. I am aware that money and happiness have a very small relation together but we most times think if we had all the money, life would be pretty easy. If you can have a personal conversation with a multi-billionaire you will discover that money does not really make or change much in a relationship. However it does truly have effects in relationships specially when you earn below minimum wage.
I have seen people , even my self when I struggle to provide for my family it result to stress, maybe in some instance have anger towards your employer and employees. Watch out before the the stress go chronic, as it can take your life slowly but showly. Every time you think of the time you spend working for less, hits you hard that even your chores became disturbed, you get angry when kids ask for a pocket money, and the truth you shouldn’t be angry, rather you say I will make a plan.
Invest your money and time
The advice I can give it is to try and invest on the little things, things that you need to learn that can generate money for you in a long run, sometimes in a short run. When you know you earn below or you might be earning large it is always wise to use money wise. If it requires you to avoid other habits then you should reduce as it will be hard to avoid them at all at first. create a security system that will hold your money to a certain period and you should know what your are saving for or investing on.
I have red many articles and books from people who are multi-millionaires, always emphasize that you should not depend on one source of income, try to generate more ways to make money rather than looking up to your minimum wage which cannot sustain your minimum needs. Education and knowledge of people who being in this road before can also be a source of gaining knowledge and also learn from them from a distance if you cannot make it close.
Earning below minimum wages should not stop you from growing, thinking and connecting. Love your kids, spouse, friends and also use them to be your source of generating money to all.