Many children are still in poverty,–en your parents who are working at their usual jobs. Working at these businesses enables you to have some money in your pocket, orn on your table. However; they intentionally waste money on cable subscriptions, random items, and services that aren’t necessary. I remembered when my mother has spent money on unecessary goods and services. For this instance; mass cable subscriptions, buying random items that can be easilly wasted, and even gambling! This is why you and your family are still in poverty!
Gambling
If your parents are gambling, and try to receive winnings, your parents are not paying attention to these machines offered by gambling facilities that are licensed to run in your town. Slot machines, and other machines are intended for strategic gambling. Most responsible gamblers take responsibility seriously! Whether if you only gamble for an occasion. But we’re talking about parents who were NOT taking financial responsibility when gambling.
With my experience when my mother used my SSI fund for gambling on a casino boat… I was shocked because, she didn’t disclose her usage of my SSI funds, causing me to miss out these following financial services:
- Banking – this is a service what I can’t live without! I use this service to keep my money safe as I experiment saving some dollars. Since I’m still stuck in a loop of my mother’s habit of spending. If I already have a banking account; I may end up having less money as I try to save up. I didn’t have a bank account back in these days.
- Credit cards – I didn’t have a credit card at this time. This is an important piece of an instrument what I need to use for emergencies. Since I’m relying on a credit-building account… I must take time as I build credit. Missing out on credit cards is a common problem.
And speaking about banking and credit cards; you can be end up in debt as you gamble further. Gambling takes risk, and responsibility. Since debt can hurt your financial health… you can miss out on owning a house, or owning cars,–or my new favorite… owning stocks and bonds.
If your parents are end up in debt… after gambling for some time. They can end up lose the following:
- Food to feed children – If you have children; you must feed them on a regular basis. Your children can’t live without food to eat. Offering PBJ each day to save money is not suitable because, your children must eat food like other people do. If your freezer goes empty, and you were out of food… your children can be left without any food to eat. This is common when you were in serious debt. All of that gambling has caused you to be so addictive to it, and you have no money available in your bank to support yourself.
- Electricity – If your electric bill goes higher than your average spending amount, your bill may be sold to collections of any kind. That happened to me when my mother has failed to pay my electric bill. That can also hurt your credit score, and your credit profile,–causing you to be end up in debt. This is known as a utility debt.
- Gas service – If you rely on gas as a way to cook food; and heat your home during the cold days,–or warm water for your upcoming shower… your gas bill is important to stay warm, or cook on a gas range. If your gas bill is so high; you can lose your gas service, causing you to be end up without heat, or warm water. Like most gamblers who were addictive to gambling, they experience these issues like this.
- Your home – You can lose your house because, your rent or morgage hasn’t been paid recently! Debt from gambling can be a factor when you don’t take responsibility when you use your money.
My thoughts of parents who were gambling their money without responsibility is like taking a 1-way trip to poverty!
unnecessary Cable Subscriptions
That applies to cable TV!
Did your cable service went out as a child? Your parent has NOT paid these bills. Cable TV isn’t free! Typically, the poor spends over thousands of dollars worth of cable subscriptions everyday,–each second. If you were a cable subscriber, how much money you’re are spending? If you were watching TV on the internet; you can just cancel your cable TV subscriptions and use the internet. Cord-cutters are the known people who killed off cable TV as a way to save money. And that’s what some people don’t understand! Some children now use tablets to watch TV,–without needing to have an account. Plute TV is a known service that you don’t need an account! Just go to pluto.tv, choose a channel and that’s it! No account needed. And that can save you some dollars each day.
If you are poor, and you are relying on cable subscriptions to watch TV, you are also supporting corporate greed. Your money is being used incorrectly. That how the poor gets deeper in poverty.
Not Investing Your Money
This is the another reason why you are still in poverty! Investing your money strategically is a simple way to get out of poverty via small steps. Although; Investing for a long haul, or a short term takes time. In my opinion, not even 1 person in poverty invested a single dollar via a stock market. People in poverty waste money costantly. They don’t want to risk investing their money, but it takes courage to invest your money and buy stocks. If your parent didn’t invest his/her money… you and your family are stuck in poverty. However; I broke out of this habit by owning my first whole stock, AT&T; and I currently holding 1 share of this company! However; I’ll keep holding it for a long period of time,–until it grows larger.
Now these days, you can own partial shares of these companies by buying stocks. That makes it easier for people in poverty to own stocks, and become investors. Well, I’ve already took courage as I invest some of my money. I wait for my stocks to grow, and check if I can receive dividens.
Unnecessary Memberships
This is the another reason why you are end up broke, memberships to these services can go up overtime, but you have to manage these services on a regular basis. Typically, these services what you rely on can cause your money to fly out the door. All of the money being wasted by your parents caused you as a child to experience these difficulties as you grow up. If you can manage saving your money for later, and you wanted to have a backup… you can save up your coins, and your bills in your own jar.
If you suspected your parents received a bill from a service, and it was sold to collections… that’s when debt goes through.
Overdrawn bank accounts ring up, and even rising credit card debts!
Constant Buying Of Random Goods
This is one common habit what many people in poverty are doing! If you were wasting money on these goods at your local store, and you assume you will have enough food to eat; you are actually wrong. Food does expire. And you are wasting precious money on these items. If you were buying these goods randomly; you are putting all of these eggs on just 1 basket. You must diversify your items from your children’s output. This is necessary to reduce unnecessary items. But no child has made an input to their parents, or blocked with these controversial rules in families.
Each month; a parent goes shopping, and buys items to feed children. Many of these families in poverty are wasting money like being in a casino.
When families are done shopping, they’re only left with a few dollars,–struggling to save money. Most wasted food in trash cans come from families in poverty!
Random buying of items is a known factor of waste around the USA and other countries.
Prevention:
Take the following steps to prevent this habit from being transmitted to you.
- Think before gambling
- Open a savings account with your local bank
- Open an investment account
- Encourage your kids to save money
- Diversify your shopping trip with your children, and enable input from your children
- Eliminate supporting corporate greed by cord-cutting
- Explore ways to get out of poverty
Think Before Gambling
Before you start gambling, give yourself time to understand the risks of gambling. Don’t start using your money for gambling yet. These following factors like bills to pay, and children to feed. Relying on 1 bank account is not recommended for storing your winnings for your money being used for gambling. Setting up a dedicated savings account, and checking account for your gambling funds is necessary to prevent your other funds from being mixed up with other uses. For this instance, a secondary bank account for depositing your lottery winnings via a lump sum of money. If money is set aside via your savings account; your regular account can be used for other functions,–that applies to a dedicated bank account for gambling.
If you were planning on gambling, follow these steps:
- Open a banking account dedicated for gambling – be sure to research this bank,–if gambling is supported. When opening an account; periodically fund your account; that can range from loose change, unused cash, and saved money in saves.
- If you have a debit card for this account; place it in a safe to prevent abuse, and fraud when not in use
- Make periodic purchases to build up account activity at your local casino what you are visiting as you research gambling machines. But don’t gamble just yet!
- Plan what you want to do. If you don’t have enough money yet… keep saving up,–until you have a managable amount of either $200,000; or higher. It may take some time,–if you were still working at your job.
- Practice saving your money.
- Keep saving your money,–until you have a financial cushion to prevent overdrafting your account
- If you were ready to gamble, treat is like playing games in your local arcade. Save your winnings,–after you are done for a day,–no winnings received… save your money for a later date.
- Contact your cable TV provider.
- Request canceling of your cable TV service, but keep your internet and phone.
- Have the cable company remove the cable box from your TV.
- Explore other alternatives to cable TV, there are many to choose from.
- Review your bill to confirm if your balance is low enough to save money.
- If you have a bank account, enroll for direct deposit. Direct deposet enables you to save on trips to your bank. Most pre-paid debit card providers offer this feature. This is useful to save money on trees, and fuel costs. You can build up your earnings seamlessly. If you managed to save your money after bills being paid, and you have a savings account, use it!
- Work up to 8 hours.
- Keep your job.
- Even more money in your bank account can be a good thing. If you have SSI, either notify the Social Security Administration immediately.
Always speak with your financial advisor,–if you want to keep gambling at a managable level.
If you were trying to be a professional gambler, take your time, you won’t get out of poverty in 1 shot.
There are many people who have gambling problems. If you were this kind of a person, you need to seek help,–if you have trouble modarating your gambling activity.
Always keep a limit of your money for gambling like a $50 cap.
Open a savings account with your local bank
If you already have a checking account; ask your bank teller to enable a savings account to save your money aside.
At minimum, add at least $250 to your savings account on a regular basis. Your savings can grow overtime. However; value can be lost overtime,–due to inflation.
Saving enough money can help you get out of poverty for a big, if you save more, and save up your money each time; your savings can be used for paying bills, buying a house, car repairs, better food, better lifestyles, etc.
If your savings starts to loose value, you may need to open an investment account soon!
Open an investment account
An investment account enables you to let your money work for you as you choose stocks to invest, or choose bonds to invest. Being an invester can enable you to get out of poverty slowly, and set money aside to be invested, and let your investments grow as you keep your job, or if you were trying to keep yourself at float. There are many investment apps, and brokerages available to invist your money. Taking courage to invest your money can enable you to invest wisely.
Now these days, you can buy fractional shares of these stocks, ETFs, and bonds. Investing in donds is a safe way to start. It’s strongly recommended to invest on bonds because, that’s the place where you can start. Since bonds are safer; invest on these first!
If you receive dividends; reinvest them or keep them.
If you managed to keep holding your investments… keep holding them,–until you’re ready to either sell them, or gather all of your dividends to reinvest.
If you were a parent, invest all of your unused money, and choose to invest on bonds,–if you chose to invest on government bonds. Then choose your desired stocks.
Keep saving your dividens, and keep hold of your saved funds in your bank account.
Encourage your kids to save money
Getting your children to save money is a necessary way to prevent your kids from wasting money on items that aren’t necessary. Try to encourage them to save up, and reach a goal. This is usful is you want to build wealth, and get out of financial stress. If your kids has already saved money, this is a sign that you’re still repeating a loop of staying in poverty.
If your kids don’t save up; they can still repeat a loop, and use your habits.
Diversify your shopping trip with your kids, and enable output from your children
By the next time you go on a shopping trip; ask your kids what they want from a store. That reduces your unused items in your kitchen. This strategy is necessary to help reduce all of that waste what we’re generating everyday. For this instance, a trip to a grocery store, or a larger store in a city. However; buying random items can still lead to having less money in your bank account.
Eliminate corporate greed by cord-cutting
If you already watch TV on the internet, be sure to remove your cable TV subscription from your bundle, and upgrade to a higer speed for your internet. This is necessary to help you save some money, and offset costs of getting entertainment for your home. You can also go to your local library to choose movies to watch at home, or read books as an alternative. Going to the library is also useful to reduce costs of renting movies.
Instructions for cord-cutting:
If you already cut the cord, you are already saving money.
You can also revert back to an antenna TV as a free alternative to cable, but you must have a converter box to do it.
Explore wasy to get out of poverty
There are various ways to eliminate poverty. You can find a job that is right for you, or you can start a business,–or other ways to get yourself out of this financial stress. Writing and publishing books, and other activities that enable you to make some money to spend is common. Leaving poverty and choosing to go to the next level is important way to have enough money in your bank account. Choose to save more money over having a $2,000 limit account imposed by HUD and SSI. Together, we can all save money, and get out of poverty!
Recovery
Staying in poverty is NOT a good idea, if you want to recover from this habit, speak with your financial advisor.
Saving money when working is necessary to have some money to spend. If you were planning on saving over $10,000 in your bank account; keep saving up on a regular basis. This slow recovery process can take months, or years,–depending on how much you earn.
If you were just working on a part-time job; saving some money to get out of poverty can be difficult. To accomplish a recovery route, follow these steps:
SSI is intended to stay in a world of poverty, if you were choosing to work for long hours, working at your local job,–chosen by you works the best to dodge poverty.
If your parents don’t have a job, but rely on programs to cope with poverty… encourage your parents to save money, and choose to own a business, develop new talents, or other ways to get out of poverty.