Post
Topic
Board Economics
Re: How to thrive with low income in a humble area
by
mk4
on 31/01/2023, 07:20:06 UTC
When people start in personal finance or try to increase their wealth, the first thing they think about is saving. Then when they have some savings they think about investing, and the last step I see is to increase their income, which I would say is the one that gives the most results. When you are used to controlling expenses, saving and investing, finding ways to earn more makes you able to save more, invest more and spend more. Even in my case I introduced regular donations, which has not slowed down my progress, on the contrary.

The point is to get off your ass. If you live in a poor area with low income try to increase your income or even consider moving to another place where there are more opportunities.

But don't forget that nowadays with the internet you can earn a lot of money no matter where you live.

I'd say go for finding an alternative way of earning first, before investing. The former you have a lot more control of and has higher potential of earning faster and sooner, while the latter will be mostly be really really slow. Early on, more risks should be taken.