How can I ever break the binding curse of poverty? Would I be better off just spending 5 bucks a day on a lotto ticket? Are the odds of escaping poverty that low?
I hear there are people who leave college and even then they dont find work. Should I leave the country? Is it an issue with America? Has anyone genuinely gotten out of poverty with only assistance from themselves and no help from anyone else?
And if it's my parents fault then why isn't it illegal for people living in poverty to have children? If that was the case wouldn't children just be born into financially secure households rather then raised in desperation?
Or is America just becoming a third world country due to thriving poverty and I should save what little I have and leave?
Get in motion..nobody going to tell you how to get rich. Remember,Dreams won't work unless you do. Make it a good one.
The sooner the better. I started at 18 and I am a 38yrs old millionaire. At this stage of your life, your most valuable asset isn't youthful vigor or a full head of hair. It's time. Because you're decades from retirement, contributions to a 401(k) or other retirement plan will have years to compound and grow. Even a modest contribution now will pack a much greater wallop than a significantly larger contribution when you're in your forties and fifties.
If you start socking away $200 a month in a retirement account from the moment you land your first full-time job at age 21, within ten years you'll have a stash of more than $37,000, assuming your investments grow 8% a year. In 20 years, you'll have more than $122,000, and by the time you reach age 66, your nest egg will be worth $1.2 million. Save more. Get more quickly.
Vanguard Roth IRA
Vanguard Total Stock Market Index
An employer retirement plan(never leave free money on the table)
Best of luck
Instead of saving $5 a day, save 10% of every dollar you make. Look to work for companies that have matching plans for retirement savings. Learn to live on less. Read some books on budgeting and saving. No, you don't have to be poor. By having a college degree you are better off than many others.
Yes, you will be poor forever.
Lotto is a tax for the mathematically impaired. The chance to win a lotto is so small you could just as well burn the money.
Your situation does not get much better by moving to a different country.
With that attitude I guarantee you'll be poor forever.
$1800 in savings in a year is pretty good, actually. For your age. What were you expecting? Time to grow up, and lay off using the credit cards so much. Nothing is magic. You have to work for it, and even then, there are no guarantees. Just do the best you can.
The following are the six steps I took from being deep in debt and well on the way to being a millionaire in less than a decade:
1) Call your creditors. Inform them you intend to make good on the debts. Make any good faith payment you can. Creditors would rather you eventually make good, rather than selling your debt off for a pittance to a debt collector.
2) Play offense - time to get to work, work overtime, work weekends, work a second job, a third job if you have to.
3) Play defense - cut your expenses, you are going to be working so much you won't need cable, or a fancy sports car or a smartphone... get your life back to basics. Then review and find more things to cut.
4) Start paying off your debts. Make the minimum payment on each debt, except one. Focus on getting rid of one debt first... this is a bit of judgment call, practically you want to focus on the highest interest rate one first (or the one closest to default). But if your highest is large, but you have a small one at a lower rate, there can be some argument to getting that one done first... I can't tell you how good it feels to eliminate one debt forever, even if you have others to deal with. Plus with one less payment to deal with you’re starting to build financial flexibility. Repeat focusing on the next debt.
5) OK, once you’re still in debt, but not drowning in it, it’s time to "spreadsheet your life". Start a spreadsheet with your debts and your assets and review them monthly to start. Start budgeting. Keep paying down debt, but it’s time to start a savings fund for emergencies. Sure, you could throw that extra $50 per month at your student debt at 6%, but then when your car's alternator blows, if you don't have any savings, you’re going to have to put it on a high rate credit card because you can't re-borrow on the student loan. On your spreadsheet calculate your Net Worth every month... make a game outta making that Net Worth number grow each month by increasing your assets and reducing your debts.
6) Your debts are winding down, your emergency savings are growing and you still have extra each month. Time to start setting some goals, and start Acquiring Appreciating Assets... or as most people call it Investing. You can use a low cost broker like Scottrade or if you’re dealing with small amounts at first Computershare has access to a number of Direct Stock Purchase Plans with little or no cost, or check out Loyal3.com which lets you invest as little as $10 at no fee in a select list of companies. Invest, regularly and often, embrace market sell offs as long term buying opportunities. Start with a few solid blue chip companies, and add until you have about 10 of these in different industries before trying your hand at anything more speculative. Embrace the compounding power of dividends and dividend growers.
The single biggest statistical determinate of those with wealth is stock ownership, owning a diverse portfolio growing, dividend paying equities, whether individual stocks or through other investment vehicles is what will make you wealthy.
it's not the fact some have everything and you have nothing it's the fact they take the p*** by showing it as much as possible if it wasn't thrown in your face you would know no difference and get on with your life that is the biggest problem with capitalism the arrogant p***ants that think they are gods gift to the planet
I am sure there is something wrong in your projection. first in every job there is bound to be a potential of growth which should see you promoted. second the country where you are will also see better times. US will not be like this all the time.
With the attitude you present, yes you will probably be poorforever
No.
But, I will.
