Low-income earners may only get to the top for a few reasons. Have you ever wondered why people who could be better spend much money on junk and mismanage their funds? They still lack ambition, and you wonder why they are like this despite their poor status.
The world’s population is estimated to be over 7 billion, but less than 1% are wealthy. The wealthy ones happen to owe about 48% of the world’s wealth, and you still wonder why.
Also, statistics have shown that the top 80 wealthiest people in the world control about $1.9 trillion of the world’s resources, equivalent to the amount controlled by 3.5 billion people.
Why is it difficult for low-income earners to reach the top, let’s get started!.
Here is the Perception
Often, the poor population has the mentality that the 1% wealthiest ones create the unequal economy’s rules which shut the door to their future.
Is this true? Do we regard ourselves as victims? Or do we all demand handouts from wealthy people because we are too scared to accumulate them ourselves?
Only 11 of the 80 wealthiest people in the world inherited their wealth, despite the desire of many of us to think otherwise. Some of them work hard to get to the top, which is different from what most of us believe.
Do you think those with low income should be given money just because they are not as successful as others? The assumption is that it is not possible.
You’d assume the world would be saturated in wealth with such a large population of wealthy people. Money will be too much in circulation and lose its value. Instead, we should emulate the rich’s behavior by researching what they do instead of fantasizing about how they will help us.
While the situation is unknown to many, people who live in poverty work lengthy hours, and you might have wondered if it should be a sufficient excuse for them to be so wealthy. However, you should note that hard effort isn’t the only factor in success and prosperity. There are several factors to put in place which will make you successful. These are principles you should master as they’ll help you if you want to be successful.
To make up for the struggles and sorrows they’ve experienced, one would assume that all impoverished people should become wealthy or pass away wealthy. Unfortunately, this is frequently not the case. Poor individuals are still dying in poverty, and the rich are getting richer.
Only the successful follow the principles of becoming wealthy, and money now works for them. The poor work hard and still need to learn the secret to wealth discovered by the rich.
Looking at this point on the surface, there is truth, but when you look closely, you’ll see that it is false.
The next part of this article will detail why low-income earners don’t reach the top.
Why Low-Income Earners Don’t Reach The Top
1. Perseverance
Perseverance is your persistence in doing something, even if there’s difficulty or delay in achieving success. Your ability to remain persistent is also a factor that can contribute significantly to your growth.
The 1% wealthiest people have a regular inflow of income just because they don’t give up. Successful people sometimes try things and fail but never give up.
Thomas Edison, for example, is still relevant today because he invented the electric bulb. From history, we read that he tried 99 times before he successfully invented the electric bulb. If he had given up, who would still remember him up to date?
Many become tired halfway through or because what they have tried out didn’t work out well. They say words like ‘I can’t kill myself’ and’ You only live once just to hide their laziness.
Remember that things will only happen independently once you do something about it, and even if you fail, keep trying.
2. Ignorance
A large number of people suffer from a lack of knowledge. Ignorance is an enemy even to its owner. At the same time, knowledge is a friend even to its hater, and it is even a painful thing that people suffering from ignorance don’t even realize how drastic it can be.
The first step in solving a problem is to acknowledge that there is a problem. How can a poor man solve a problem when he doesn’t even know there’s a problem?
The lack of knowledge and the unwillingness to re-learn ideas that a man thinks he already knows are the causes of his backwardness in life. Sometimes you need to sit down, learn from people ahead, and not assume you know everything.
For instance, how can you enter the catering business if you need to learn what catering is? No way, right?
3. Self Actualization
The most fundamental need that people have is to become themselves fully. Self-actualization is when someone reaches the peak of their potential and starts living according to their deepest wishes. They know who they are and are happy about it.
Today’s 1% wealthy population understood their strengths and weaknesses and worked to strengthen them to get the desired results.
You must first recognize your talents and weaknesses if you want to succeed. People experiencing poverty are always ashamed of their vulnerability because they think it is something to hide and ignore. If you do not confront your fears, you may leave your doorways open to the suffering that will come next, so do the needful now!
If you were born into a low-income family, you have nothing to be embarrassed about. It is when you’ve become glued to it without having a strategy to improve your situation that it becomes shameful.
4. Knowledge
Knowledge is the ability to gather the required information. Knowledge is power, so when you need more knowledge on a particular thing, constantly endeavor to do so!
You must have the correct information to be great in life, and this can be possible if you seek to gain knowledge.
In today’s world, it is very significant that you have access to accurate and helpful information. Data is needed, and the key to correct and valuable information is what shows you know. Access to accurate information is made more accessible in this modern era through the use of data which allows you to access the internet for anything needed.
Having the necessary knowledge will give you superior advantage over any issues you have. People achieve success in their emotional, social, financial, and social lives due to the right and accurate information they have.
The problem is that the poor need access to practical knowledge about escaping poverty. The fact is that some individuals give less thought to their problems, and failure to do this will make them ignorant of what their problem is; hence they will not bother to seek the knowledge needed to solve the problem.
One of the most effective methods to bless a man is through enlightenment. This has a long-lasting value and is intrinsic.
If you want to help a poor, hungry man, don’t bother to feed him or give him cash. One of the things that stays with him for life is enlightenment. You open his eyes to many things he has failed to see and give him the knowledge to sail successfully through life. By doing so, you have illuminated his path and given him the key he needs to succeed in life.
5. Wisdom
Wisdom is the appropriate application of knowledge. Wisdom, knowledge, and understanding are interwoven; the inability to possess these is why some low-income earners won’t get to the top.
After you understand something, the next thing is for you to put it into practice, and failure to do so is pointless.
If you want to make progress, you must be disciplined and dedicated to the principles of life and see how you have gone by doing this.
6. Pride
Humility is one of the most important attributes you should possess to be successful. A proud person will not even find helpful knowledge. It will be useless because he now thinks he knows everything and no one can know it better.
Don’t be the one who thinks he knows more than others. It’s hazardous and one of the reasons poor people don’t get to the top.
You must be willing and ready to learn from people above you, whether they are 10, 15, or 20 years old. No matter how young the person may be to you, get the information from them.
A lot of people are arrogant, and they don’t even know. Those who have no argument in mind but have come to seek knowledge by opening their mind to learning are said to be humble.
7. Financial Discipline
Financial Discipline is another attribute that the 1% wealthy population has which cannot be found in the poor ones. Some people lack self-control when it comes to money and squander it on things they don’t need.
They need to learn how to spend money wisely or how to save money at. They think that only the wealthy and elderly should pay. As a result, they disregard entirely lessons learned about the financial market and give insurance no thought.
The wealthy now amass more money and travel farther because they save and invest more than they spend. They engage in things that will increase their wealth and purchase home insurance.
You can now see that the poor and the wealthy are the complete opposite. Do you want to find your way to the top of life? Then be disciplined about your finances.
8. Discipline
Discipline is regulating one’s behavior and activities to fulfill a purpose or uphold a certain standard of conduct. It involves conditioning oneself to carry out the right actions and avoiding the wrong ones.
Thomas C. Corey conducted several studies on the rich and the poor to ascertain what distinguishes and divides them. He noticed that people experiencing poverty don’t care about their situation and eventually accept their destiny. Their days are spent viewing TV and doing other unimportant things.
Without a strategy for the day after tomorrow, let alone the next five years, they sway with the wind. They while away lots of time by doing things that don’t even have value to their life.
He asserts that the rich watch no more than an hour of television daily because they are dedicated to their routine and health.
They have their schedule for each day and will only spend some of their doing unimportant things but rather condition themselves to their daily schedule and only spend their reading time, for example, on something that will add value to them.
They always need more from how things are, are always searching for ways to improve things, and are adamant about finding answers to global problems.
You should know that you can only succeed if you practice enlightenment and knowledge. Knowledge without practice is just a waste, so take that hold step now!
9. How you view things
Your perception is your view or opinion about things. A man thinks the way he is, so when your mind tells you that you’re beautiful, you’re. You see yourself doing things beautiful people should do. If your mind tells you you’re terrific, you’ll also see yourself doing fantastic.
What goes on in your mind has a direct impact on your action. Don’t tell yourself that you are not the best or will fail. Instead, fill your mind with beautiful and life-fulfilling things.
10. Understanding
Understanding is one of the critical low-income earners can emulate if they want to get to the top. It deals with ‘How to make things work .’ It is your understanding of things that determines the way you address them. It would help if you made things work right now that you know you’re a low-income earner.
Successful people don’t get to the top by mere accidental luck, but their deliberate actions make them who they are today.
The adage ‘in all your getting, get understanding’ remains true. Your understanding of things determines the effort and how much you value things.
People who possess the knowledge and don’t even understand it and those who do not have it fall under the same category. When you don’t understand things, you will not value them; from there, abuse of it will be inevitable.
It is not sufficient to have access to knowledge that can change you, but you must understand the dynamics of the command. Knowing when to apply what you’ve learned and how to make it beneficial to you and others enables you to do so what understanding will allow you to do.
The ability is only helpful if the mechanisms that activate knowledge are understood. Note that whatever you don’t understand, you can’t reproduce or bring it into action.
Final Thoughts
One of the common attitudes today is ‘I too know’ behavior, and they ignore the value of understanding. People are prone to choosing the easy way out, avoiding challenges, and learning how to handle them.
They don’t want things that will stress them but will take the easiest route instead.
The life of a rich person is tough, but the life of a poor person is even more complicated. You feel insecure in your present situation and rarely have the money you need to make ends meet.
You must learn every detail of the process to handle this. If you want to attempt new things, read many books and attend training sessions and workshops to get the desired results.
You can also follow the ten reasons why low income doesn’t get to the top in this article and watch out for how far you have gone.