6 Strong Reasons Why People Remain Poor

You must win the war against poverty

I want to believe you read my previous post on the mystery of money, if you have not, try to read it. Financial education is one of the main themes of this blog, and I will try as much as possible to write on topics that will guide you on how you can turn your financial life around.

You will agree with me that some persons due to their background or setback in business or career have unconsciously chosen to remain poor. The life of this category people remains static and unchanging. In the deepest part of their heart, it is never their desire to remain poor, but most often their problem lies in the fact that they are ignorant of the things that are holding them back financially. Therefore the object of this article is to expose those factors that have the likelihood of keeping one bound in poverty. It is a popular belief that a problem identified is 50% solved,
 so by knowing why people remain poor, you will be able to position yourself in the right way so that you won’t be a victim or reposition yourself in case you are victim already, in way that will set you free from the factors that are limiting you.

After thorough investigation and research, I discovered that some of the reasons why people remain poor include the following:

1. Solely relying on only one stream of income: To get out of poverty very fast, one source of income can never be enough. If you observe the life of rich people, you will observe that none of them rely on one source of income. One of the reasons you are still poor is because you only depend on one source of income. The average poor man is a self-employed professional, or an employee, who earns a meagre salary, and keeps doing what he does for a living without improving or thinking of other means of generating money. When he becomes broke, he blames God, devil or the government for his financial predicament. Even after many years of whining, he still remains at the same spot financially.

 If you must get out of poverty, you must have a burning desire to acquire wealth, and be willing to learn all that you need to know on how money works, and apply what you have learned by taking the right action.

 L. Ron Hubbard said, “I never count on any one source. I always plan to get the total sum of the money I need from each one of three or four ways or sources. The mistake people often make is that once they get a steady source of come and become comfortable, they naively think they have arrived. However, as their financial problem increases, or experience a set back in business, they regrettably find out how poor they are. Once you have a steady source of income, try to create another and yet another until you have enough streams that will put you where you desire to be financially.

2. Not looking for opportunity to make money: When it comes to making money, you don’t wait for opportunity to find you, it is your sole responsibility to seek or create opportunity to make money. The truth is that with your skills and the environment you are right now, there are numerous opportunities to make more money, the only reason you can’t see them is because you are not making conscious effort to see them, or you are probably blind in the mind. In Hellen Keller’s word, “the only thing worse than being blind is having sight but no vision.” You are not poor because you lack capital, you are poor because you are blind in the mind.
You are still poor because you have ignorantly conditioned your mind that money can only come from your current skill. If you are teacher, a technician, a bricklayer, a programmer, a writer as the case maybe, you only focus on what you do as a means of solving your financial problems, even when you are suffering financially. You never thought that there are other things you can do to make money. It has never occured to you that you can learn anything you need to learn to achieve your financial goals.

 To make more money, you must make a deliberate effort to think and seek for other opportunities to make money in your environment. The opportunity out there is unlimited.

3. Unwillingness to start small: I have discovered that one reason people remain poor is because they are unwilling to start small. They want to wait until they have enough to set up a conglomerate because they can start. Most often people like this end up doing nothing, and die in poverty. If you must be rich, you must be willing to start small. You don’t climb the ladder of financial success from the top to the bottom. You must climb from the bottom to the top, and climb it one rung at a time.

 Most people who are wealthy in our society today, started with little or nothing, they remain focused and steady. They despised the shame of humble beginning and gradually carried their cross until they become the envy of those around them. Bishop David Oyedepo said, “if you despise the days of little beginning, you will never see great days.” He wrote in his book, exploiting the secrets of success that “what you need to succeed is insight, not capital, and the insight you need demands your humility.” No matter how little you have right now, start that  business you have been thinking about. Your business environment may not make sense now but overtime it will. Someone once said, "I may start radarada(anyhow) but I will end daradara(well)."
4. Self-limiting belief- One of the main factors that keep people in poverty is self-limiting belief. Until you overcome your self-limiting beliefs, you will never have any incredible result in life. Brian Tracy, the author of no excuses defines self-limiting belief  “as an idea you have that you are limited in some way in terms of time, talents, intelligence, ability and opportunity.” One thing you have failed to realize is that the same obstacle that is holding you back has been on the path of other successful people at one time in their life journey. The difference between you and them is that instead of complaining, giving excuses and whining, they become determined, and caused their obstacle to be their stepping stone to success. When you allow unpleasant circumstances to condition your mind to believe that poverty is your lot in life and that there is no way you can beat the odds that are standing between you and a life of financial abundance, then you are suffering from self-limiting belief. If you must attain financial freedom, you must purge your thinking of limiting beliefs. The antidote to limiting belief is truth. When you know the truth about your real potential as a human being, the truth shall set you free.

5. Thinking it is too late to be rich: Sometimes people remain poor because they thought it is too late for them to become successful financially. But the truth is that people in this category are wrong. There are so many wealthy people that started late in life and still achieve their dream of becomin rich before they die. One sign which shows that you have given up on ever becoming rich is the resolve that you will give your children the best of education so that the height you didn’t attain financially, they can attain it. It is a laudable ambition to train your kids, but giving up on your own chances of becoming somebody financially is suicidal. It is never too late to begin. The thought that you are already old is a limiting belief.

6. Discouragement: one of the reasons one may remain poor in life is discouragement. I was privileged to learn lately that we overlearn from experience. I once read the story of a cat that sat on a hot stove and had to jump down from the stove because of its hot temperature. There was another time that the stove was actually cold, the cat needed to sit on it to be comfortable, but because it got  burnt by the stove the last time it sat on the stove, the cat didn’t make any attempt to sit, because the cat naively assumed it would get burnt by the stove again. The moral of this story is that we overlearn from experience. It is possible you have made certain efforts in the past, but because your effort yielded no positive result, you have allowed the past failure to make you depressed, frustrated and hopeless. No wonder you are no more willing to try. The truth is that, the fact that you failed in the past does not mean you will fail again. Succeeding financially is not something that takes place overnight; it requires time, dedication and persistence. You must be willing to fail over and over again until you succeed.

Also read: 8 Causes of Your Underachievement

Over to you
Do you have additional idea on why people remain poor? Please do share your thought in the comment section below. 


  1. Well said.
    Your points are making sense!

  2. Do not despise you little beginning, even the Bible said that. many want to start big, and as a result, may never start at. all. I see that as pride,, most people that are proud never go far in life. ( thanks for all the articles of yours, they are real Road map to greatness.

  3. Do not despise you little beginning, even the Bible said that. many want to start big, and as a result, may never start at. all. I see that as pride,, most people that are proud never go far in life. ( thanks for all the articles of yours, they are real Road map to greatness.

  4. Hi Dan,
    Thanks for contributing to this post.

  5. Hi Mercy,
    I am glad you found this post inspiring. Thanks for posting your comment here.

  6. Hello mr Taiwo,
    What a great and nice piece from you, your point number 3 is that major thing that's still keeping many people away from becoming financial free, waiting for the perfect time to start or refusing to start small, some people want a time when no one will find no fault in what they are doing, forgetting that there's no such time as perfect because the perfect time is always to start small

  7. Hi Ben,
    Thanks for your contribution to this post.

  8. Nice writeup. More ink to your pen sir.

  9. Hi Abel,
    Thanks for your encouragement.

  10. Good Day MR TAIWO, nice post every contact I sent it to is a hit from top to bottom #Back2Back.. Happy to finally comment and commend!!

  11. Hi Mr James,
    Thanks for appreciating my work. I really commend your effort to ensure your comment appear on this page.