Capacity is the first goal of streaming income. Similarly, incapacity is an impediment.
Most people are unable to obtain reasonable sums of money. Another possibility is that they have access to large sums of money but are unable to manage them wisely.
For others, the rate of their income directory is proportional to the difficulties they face. As a result, the higher their income, the greater their challenges.
Similarly, the lower their income, the lower their challenges.
Obstacles are fixed when they cannot be eliminated.
Overcoming low income and having the ability to manage a high-income stream are only possible when capacity is built. Wealth is spiritual, and any wealth principle that is not governed by the spiritual system of wealth is merely a theory.
The level of spiritual capacity attained is determined by accumulating higher range income.
Formation – Transformation
Income can sometimes flow like a seasonal stream. Unlike the dry seasons, which dry out all streams. While most seasons are financially forming, a few are financially transformational.
Some seasons have less, others have more, and still others have an abundance.
A transformed mind will always have more, just as a person who draws and stores water from streams during rainy seasons and uses it during dry seasons.
A reproductive mind will always invest their capital during financially prosperous times. A fixed mind, on the other hand, will keep hoping for more in anticipation and reluctantly spending the thriving income, unaware that the inflow is only within the range of a divine season.
Dormancy – Effort
Hard work endures; laziness succumbs. With time, consistent yields income; however, hesitant losses.
To summarize, don’t ever give up, no matter how long you’ve failed. Failure in preparation equals success. Remember that winners never give up.
The unmistakable 7 Ways to Overcome Low Income in Nigeria are listed below.
Low income can be depressing, and it is not easy to overcome. Don’t give up hope if your income is so low that you have to work hard just to make ends meet! You can help bring your income back up and get ahead in the long run by following these seven tips.
1) Practice meditation
Meditation is a cheap and simple way to relieve stress. Learning to meditate will change your life and make you happier throughout the day. Mindfulness can actually help with anxiety, depression, addiction, and even pain management.
It’s difficult to explain how effective meditation is as a tool for improving mental health—and even more difficult to quantify its impact. However, if you want to give it a shot, there are plenty of resources available online that will show you how.
Headspace or Calm are two apps that can help you get started with meditation. Both are excellent options created by experts who know what they’re doing (i.e., not Silicon Valley bros). What’s the best part? They’re completely free!
2) Exercise Gratitude
Researchers discovered that expressing gratitude can have a wide range of benefits, including reduced stress and increased life satisfaction, in a study published in Psychological Science. In fact, people who can be grateful report feeling better.
When you are struggling with a low income, take time each day to reflect on everything you do have, and you will likely feel more at ease with your situation. And, if you’re making small incremental changes to improve your situation, acknowledge how far you’ve come and appreciate how much progress you’ve made.
When times are tough, practicing gratitude for what you have can help lift your spirits. Remember that gratitude is an effective way to overcome a lack of funds!
The benefits of practicing gratitude are not limited to adults; children who learn about gratitude benefit as well. Students were asked to perform weekly acts of kindness and write letters of appreciation in one study conducted by psychologists Sonja Lyubomirsky and Laura King. They compared those students’ overall levels of happiness and physical health to a control group at the end of six weeks.
3) Develop a Side Business
You can also use your low income to make some extra money on the side. Consider taking on part-time work such as Uber, Door-dash, or Amazon Mechanical Turk.
Doing some freelance writing and photography work on sites like Fiverr can help you earn some extra cash from a different perspective.
Consider offering your services through online marketplaces such as Elance or Upwork if you have specialized skills that are in demand. You may have to bid on jobs, but if you win, it may be worthwhile—at the very least, you’ll get your name out there and gain new experience!
4) Make a Budget
Budgeting allows you to keep track of your spending, savings, and borrowing. It’s difficult to know where your money is going without a budget, which means you can’t tell if you’re being financially responsible or not.
Set a reasonable budget that includes groceries, housing, utilities, and other bills, as well as fun expenses such as entertainment or travel. Make sure your monthly bills don’t exceed one-third of your income, but also include savings goals so you’re prepared for a rainy day.
If necessary, consult with a financial advisor about creating an effective budget plan. It may appear difficult at first, but once you get into a routine, keeping track of your finances will become easier.
5) Reduce Expenses
There are simple ways to save money in some cases. You can change or upgrade your cable package, for example, by calling your provider and negotiating a better deal.
You can also look for lower-cost internet service or long-distance and cellphone providers. While you’re at it, examine all of your expenses, including restaurant meals and coffee runs, to see where you can cut back to save even more money. It’s always worth looking into deals or incentives that can help offset the costs of living on an income that’s just slightly above the poverty line. That way, when you do have extra money, it will go toward debt reduction and savings rather than covering basic needs.
6) Rise and Shine
It’s surprising how many low-income people continue to sleep past sunrise. Set your alarm at least an hour before you need to get out of bed and force yourself out of bed.
You will feel better if you wake up before everyone else (and you may even save money by avoiding costly morning commutes). Furthermore, waking up earlier allows you to work more hours, which means more money.
7) Begin Saving Money
Saving money is one of the best ways to overcome a low income. And, despite our hectic schedules, it’s simpler than you might think. You don’t have to wait until your next paycheck to start saving money; you can start now by changing your daily habits and becoming more aware of what you spend and why. Begin small: Small savings add up over time, so make a list of changes that won’t significantly alter your lifestyle but will ultimately increase your cash flow.
Purchase store-brand staples instead of name brands, pack a lunch for work, or walk instead of driving—even if the distance is short. These small savings quickly add up! Consider how much more accessible that vacation will be once you break those bad habits.
Even if you prefer to drive, consider taking public transportation on occasion. It can help you avoid making impulse purchases (you’ll be glad you did). Or, instead of going out for late-night meals with friends, cook at home.
Whatever your financial objectives are, write them down and use them as motivation throughout the day. Remember why you started working toward these goals in the first place when things get tough (and they will).
This way, you’ll never lose sight of where you’re going or the steps required to get there. Always keep in mind that every step counts! Whatever your contribution appears to be at any given time, any amount saved is better than none at all!