The latest World Bank report warns that COVID-19 could send “40 million people into extreme poverty in Africa in 2020.”

That would be erasing at least five years of progress in fighting poverty on the continent, the global body warns.

Even before COVID-19, however, poverty and Africa have been synonymous for a long time. As such, poverty prejudices and ridicule have defined how the rest of the world, especially the West and the Bretton Woods Institutions, relate to the continent.

Although there is a fast-growing middle class on the continent, poverty is a societal problem, one that needs societal solutions.

Fortunately, everyone has the opportunity and ability to break the yoke of poverty and turn their circumstances around for the better.

For you to know if you are on course to break the poverty cycle or not, here are three signs you must watch out for.

The quality of education you receive.

Education, by far, is the single most known effective arsenal to break the back of poverty. It does so by equipping the learners with the necessary skills and competences to solve problems for society and be rewarded for it.

An educated mind can quickly adapt to solving problems by working as an employee or being innovative and starting a business as an entrepreneur.

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And like the American medical specialist turned politician Ben Carson once said “take away everything from a person with the right mindset, drop him onto the street, and he will soon lift himself out of poverty. Give everything to the person with the wrong mindset, and he will work his way right back down to the bottom,” this is what education does.

Education here does not only mean attaining classroom knowledge but also informal learnings, through mentorship and coaching for personal development.

The education we refer to here is one that equips learners with skills, critical thinking, and ideas which translate into wealth creation.

Equally important, education delays some responsibilities such as starting a family which in most cases is an expensive venture, especially when one is still young and unprepared.

Sadly, however, according to a Human Rights Watch report, an estimated 40 per cent of girls marry before 18 years in African depriving them of the opportunity to attain the necessary education to enable them to fight against poverty.

If your loved ones and community members are among the said statistics, then breaking poverty may be a hard call.

It is, therefore, imperative that you strive to equip yourself and those around you not only with quality education but also with adequate financial literacy to avoid the rat race.

Your financial management Skills

How much money have you committed to saving every month? Or are you the type whose motto is to enjoy now and suffer later?

Well, if you hold this motto, the chances are that you could be under a poverty trap sooner than you may have imagined.

The moment you lose your job, which is a possibility anyway in these hard times of COVID-19, poverty is waiting to catch you like a thief because of your poor financial management.

The Uganda Bureau of Statistics, for instance, said in one of its reports that Ugandans spend nearly 50 per cent of their incomes on food, drinks, and tobacco.

Without prudent financial management skills and accepting to live within your means, it will take decades for you to break poverty in your lifetime. But there is also a high possibility that you may never be able to eradicate poverty. And ignore the myth that being financially poor is a good thing. You will never live with dignity if you are always broke.

Life choices and decisions, you make

All factors remaining constant, poverty is mostly a result of the choices we make in life.

Take, for instance, men who decide to father several children without first planning for their wellbeing! No doubt, the expenses of taking care of these children will most likely outweigh your incomes and thus constantly live under stress, debts, and most importantly, poverty.

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Some individuals get stuck to excessive drinking, sleep all day or fail to seek to improve their skills and therefore, get better opportunities.

Indeed, this is a clear sign that poverty is soon a permanent guest in your house or community.

According to Vermeeren, most people claim to understand the importance of goal setting to attain a better life, and yet approximately 80 per cent of people never set goals for themselves. Do not be among these 80 per cent.

Take note of these three signs, work hard, and strive for a better financial future for yourself and the generation to come.