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4 Ways Low-Income Families Can Change Their Financial Fortunes

Low income is truly a sign of the modern times. While the wealthy seem to be able to leverage massive capital reserves to get richer, the vast majority of poor and lower-middle-class families seem to be stuck in a never-ending trend of financial decline. Low income families often look for ways to increase their income to break free of this vicious trend. The following are four ways that low income families can begin to achieve this goal.

Tighten the Belt

While it may seem like a difficult task to live well within budget, the truth is that wealth is more about saving money than it is about earning more money. It does no good to achieve a greater rate of income only to burn through this money faster than you can earn it. By tightening the belt around your home to produce cuts in spending, the financial sacrifices you make today will spell greater financial reserves for the future.

Education

Part of breaking free from the poverty mold arises as a function of education itself. According to the NY Times, a family of two college graduates out-earns a family of two high school graduates by an average of about $30,000 annually.

This sure makes researching master of science in nursing online programs sound like a plan for finally moving to a higher financial rung on the economic ladder as it will open up a vast field of opportunities in areas like advanced patient care, administrative medical positions and playing a role in helping to shape policy across the medical industry.

Investing

Since multiple streams of income creates more income potential than merely working a job, low income families should learn everything possible about the latest ideas on how to invest their money to generate more income.

Putting even small amounts of money to work in investments can create a means to generate multiple continuous streams of income for years to come. But, the real key with investing is to do your homework before investing to ensure you are clear on how an investment works to actually make your financial situation improve.

Open a Business

When a job is unable to give you the financial security you deserve, it might be time to consider opening a business of your own. It is generally easier to be a top earner in a company by owning your own company than to struggle your way up someone else’s corporate ladder.

Even if a low income family does not have the capital necessary to open its own business, nothing prevents that family from bringing other interested entrepreneurs on board in an attempt to finance the venture. In doing so, low income families can work together synergistically to help each other to improve their overall financial situation.

Money may be difficult to find in today’s economy, but that does not mean that low income families are completely without options. Sometimes the best money making idea is right under their noses. At other times, generating more income requires multiple low income earners to pool their resources and work together to ensure an overall improvement to each earner’s financial situation.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.

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