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Do you often feel like no matter how hard you work or what goals you set, poverty is a never-ending cycle for your family?
You’re not alone. Millions of Americans are stuck in the same boat.
But there is hope! With some knowledge and commitment to change, it’s possible to move past the cycle of poverty and create better lives for you and your loved ones.
In this article, we will explore 13 actionable strategies that can help break free from financial struggle and put families on a path towards greater success.
So if you’re ready to take charge of your financial future, buckle up. These tips could be just what you need!
#1. Going Into a Lucrative Industry Like Tech
If you’re not averse to working in any industry and can pick things up quickly, sometimes the best plan of action is to follow where the money is.
Do what others have done and look at which industries are the most lucrative right now.
Just keep in mind other barriers like education and education-related costs, the amount of time it will take you to get a job, how saturated the job market is, and other similar factors.
#2. Learning a Trade
There’s a major shortage of tradespeople that is hitting right now and will affect us in the coming years.
Because of the major cultural emphasis on college, many people completely avoided trades, and the people who previously went into them are quickly retiring.
If you don’t mind physical labor and are willing to put in the time to get a job later that will offer a generous salary and good benefits, look into trades.
#3. Developing a Real Plan of Action
Many people dream of getting out of poverty but never actually apply themselves to get out of it.
No matter where you are, one of the most important things to do is to develop a real action plan.
Figure out what resources and skills you currently have, and determine what opportunities you can take advantage of to boost your income.
Then, create actionable, measurable goals that help you work toward your ideal lifestyle and income.
#4. Living Below Your Means
It doesn’t matter how much you make if lifestyle creep eradicates any additional money you bring in.
Always aim to live below your means so that you can save and invest the extra cash you have.
#5. Asking for Help From Friends and Family
Support systems are crucial when you’re living in poverty.
Beyond some of the other strategies listed here, many describe how they were able to rely on family and friends for support in some form (housing, rides, etc.) while they were struggling.
If you don’t currently have one, now’s the time to focus on building a support system for yourself.
#6. Marrying Your Way Out of It
While you don’t want to marry solely for money, some people have managed to get out of poverty via their marriage.
This has been life-changing and has given them the opportunities they need to improve their lives further.
#7. Relocating to Somewhere With More Opportunity
Most people aren’t going to find success living in the same small town that they grew up in.
There are tons of people previously living in poverty who moved elsewhere to find the opportunities they wanted.
If possible, consider moving elsewhere to make more money than you would be if you stayed where you were.
#8. Finding New Friends
This won’t apply to everyone, but it’s worth remembering.
Some have recounted how they left their friend group because they held them back.
Instead, they focused on improving themselves and looked for new friends that aligned with their goals and could provide them with opportunities their other friends would never be able to.
#9. Running Your Own Business or Side Hustle
Do you have extra time and a skill that others will pay you for?
If so, running your own business or side hustle is a great idea to work toward escaping poverty.
Businesses and side hustles consume a lot of time and may require an upfront investment, but they can be quite lucrative if you can get them off the ground and maintain them alongside full-time or part-time jobs.
#10. Working Multiple Jobs While Scrimping and Saving
Many people living in poverty have to work multiple jobs to survive, let alone work toward a better future.
Some people advise you to find several jobs you can easily juggle, scrimp, and save, and keep at it until you can reach the next level in your life plan.
#11. Going Back to School
There are many things wrong with the current education system, but that doesn’t mean that the value of a degree has dropped completely.
Knowing what you want to do and how to leverage your degree can open up many doors that can help you work out of poverty with greater success.
#12. Going to Grad School
Going to grad school is always a good route if you have an undergraduate degree and want to make more.
Many careers, like teaching, allow you to increase your salary by returning to get additional schooling.
Consider a Ph.D. or doctorate if you could make more money by getting it.
And if grad school isn’t for you, consider get certified in an area you work, so you can demand higher pay.
#13. Working Hard While Using Labor-Ready
Labor-ready is a program where you’re picked up for a day’s worth of labor, generally construction.
One person describes how they used labor-ready to show off their dedication and were able to get hired in a well-paying position.
I Need Money Now
Do you every say to yourself, ‘I need money now?’
Whether it is for bills or unexpected expenses, here is how to get cash fast.
In many cases, you can have cash in your hands the same day.
Free Budget Templates
It can be difficult to start budgeting from scratch.
While there are apps out there, some people like their privacy. This is where a spreadsheet budget comes into place.
But who wants to build one? Luckily there are some great free budget templates to use.
Here are the best ones.
How To Get Free Food With No Money
If you are short on cash, not eating doesn’t have to be a reality.
There are options out there that allow you to get free food, even if you don’t have any cash. Here is what you need to do.
How To Get Free Food With No Money
How to Get Out of Debt
If being in debt wasn’t bad enough, trying to dig yourself is worse.
Combine the setbacks you face and the time it takes, it’s no wonder many people feel trapped.
But there is hope.
Here is how to get yourself out of debt once and for all.
How Much is $20 an Hour Annually
If you make $20 an hour, you probably want to know what your annual salary is for budgeting reasons or if you are looking for a new job.
While it sounds easy enough to to figure out this number, there are some variables that come into play.
Things like overtime, paid time off, and even how many work days there are in a year.
Here is how to figure out how much you will make if you are paid $20 dollars an hour.
20 DOLLARS AN HOUR IS HOW MUCH A YEAR
This thread inspired this article.
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.