Low wage income earners are everywhere scrambling for their share of the economy. They sometimes work hard and get peanuts as pay.
In most cases, low wage could be as a result of many factors such as lack of experience, low-level education, inadequate skills, and others.
In as much as the economy of most developing nations is bad, the truth is that amble experience, real skill set, and education should be able to catapult your income level.
If you are a low wage income earner and you are determined to change the narrative, you will have to do a few things.
According to James Rolle, Financial Market expert, regardless of your income, the most important element is regular saving.
“Every time you get paid, you should put aside some money in some account – whether a savings account or a brokerage account.
It could be $5 per paycheck; the amount doesn’t matter as much as the process and discipline of saving.
At some point, you will have enough to invest – perhaps in a CD, perhaps in something else.”
Interestingly, the internet has been a source of skill tool for a lot of people. People who have the discipline and zeal to learn are leveraging the internet to upgrade their skill.
There are websites where some demanding skills could be learned and Phua Weii, Equity Researcher, believers that investment in upgrading skills is a sine qua non to getting a higher wage paying job.
“Invest in acquiring skills and education (the correct way of thinking about reality. Not necessarily formal education, which can be expensive not so useful)”
In some cases, people take advantage of the exchange rate. For instance, the exchange rate of Dollar to the currency of developing nation is usually huge. This is the reason African’s get so desperate to travel to developed nations.
An Indian, Dev Gandhi, who is also an expert in tax matters advised that investing in countries where you get a good exchange rate is a sure way of driving your income level higher.
“For example- I’m an Indian and 15K dollars is roughly Rs 900,000. People who earn that sort of money in India are considered rich.
He said low-income earners who are bent on increasing their income level should find a money manager in India, remit funds on a monthly basis to them and ask them to invest on your behalf.
“Take advantage of currency exchange rates. You could look up other countries where you get a good exchange rate. As of today, 1 dollar = Rs 62(approx)”