What money habits keep you poor?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My kid was telling me the other day that the poor kids in school have all got $100 or $200 trainers, while many of the rich kids are wearing $45 sneakers.

Not of course a main reason that poor people stay poor, but poor choices on conspicuous consumption is not always irrelevant either.

When you can never attain the big thing (house, neighborhood, full college tuition) you splurge on the small thing (sneakers, phone, clothes, maybe ever a more expensive car).

+1. Rich, even just MC people can’t fathom what it is like to NOT be able to save for the big things.

I don’t know why so many people have difficulty grasping this. It’s not like if they just bought their kids cheaper shoes they’d have fully funded retirement or buy a house. So they splurge on the “luxuries” they can afford. Maybe they got some overtime shifts and wanted their kids to have the cool new shoes.

I mean I’ll never afford a yacht, villa in Italy, etc. I’m sure some of my splurges seem stupid to the upper class.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My kid was telling me the other day that the poor kids in school have all got $100 or $200 trainers, while many of the rich kids are wearing $45 sneakers.

Not of course a main reason that poor people stay poor, but poor choices on conspicuous consumption is not always irrelevant either.

When you can never attain the big thing (house, neighborhood, full college tuition) you splurge on the small thing (sneakers, phone, clothes, maybe ever a more expensive car).

+1. Rich, even just MC people can’t fathom what it is like to NOT be able to save for the big things.

I don’t know why so many people have difficulty grasping this. It’s not like if they just bought their kids cheaper shoes they’d have fully funded retirement or buy a house. So they splurge on the “luxuries” they can afford. Maybe they got some overtime shifts and wanted their kids to have the cool new shoes.

I mean I’ll never afford a yacht, villa in Italy, etc. I’m sure some of my splurges seem stupid to the upper class.

I think part of it is privilege and part of it is preferring to believe that with hard work and grit we can all bootstrap ourselves to a better place. Hard work and grit is tremendously important but it also matters where you start.

[Anonymous]

- Not tracking expenses
- Lifestyle creep
- Keeping up with the Jones mentality
- Not properly investing

[Anonymous]

Anonymous wrote:My kid was telling me the other day that the poor kids in school have all got $100 or $200 trainers, while many of the rich kids are wearing $45 sneakers.

Not of course a main reason that poor people stay poor, but poor choices on conspicuous consumption is not always irrelevant either.

What a weird post
How does your kid know who is poor?
I was born poor and grew up poor, I had hand me down shoes and never got anything expensive
Rich kids wear ps48 or golden goose

[Anonymous]

-not bringing myself to invest but just saving up cash
-feeling uncomfortable with unusually large (for me) amounts of money

[Anonymous]

Anonymous wrote:

Anonymous wrote:My kid was telling me the other day that the poor kids in school have all got $100 or $200 trainers, while many of the rich kids are wearing $45 sneakers.

Not of course a main reason that poor people stay poor, but poor choices on conspicuous consumption is not always irrelevant either.

When you can never attain the big thing (house, neighborhood, full college tuition) you splurge on the small thing (sneakers, phone, clothes, maybe ever a more expensive car).

Often it’s easier for them not to attain them: low income apartments in good neighborhoods and Pell grants or scholarships for college (or not going to one).

[Anonymous]

Anonymous wrote:-not bringing myself to invest but just saving up cash
-feeling uncomfortable with unusually large (for me) amounts of money

Also lack of earning potential and laziness
Maybe also the hidden appeal of being poor. It’s much simpler and there are ways to get free things and free money

[Anonymous]

Anonymous wrote:

Anonymous wrote:-not bringing myself to invest but just saving up cash
-feeling uncomfortable with unusually large (for me) amounts of money

Also lack of earning potential and laziness
Maybe also the hidden appeal of being poor. It’s much simpler and there are ways to get free things and free money

Have you ever been poor? I don’t think anyone who has been poor would make this statement. It is so stressful. You are constantly thinking about money and how far it will stretch.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My kid was telling me the other day that the poor kids in school have all got $100 or $200 trainers, while many of the rich kids are wearing $45 sneakers.

Not of course a main reason that poor people stay poor, but poor choices on conspicuous consumption is not always irrelevant either.

Tell your kid to MYOB and to stop being a classist prick.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I read this list somewhere. Add yours.

What money habits keep you poor?

1. Lack of spending discipline.
2. Lack of earning power
3. Lack of work discipline.
4. Lack of financial literacy.
5. You are not paying yourself first.
6. Impulsive buying.
7. Broke people are influencing you.
8. Selling your time for money is your only income.

1 and 6 are the same. Yes, unable to control your spending would be no. 1. it's not how much you make, it's how you spend your money.

No, sometimes it’s about what you make. There’s a limit to how much you can reduce fixed costs. If you are a single parent in the dc area making less than 50k you are going to stay poor no matter how financially disciplined you are.

+1 for how much you make being more important than monitoring spending. Sure, there are some people that have no self control and don't save anything, but those are outliers. For most families making more money will move the dial in terms of lifestyle vs pinching pennies.

poor people like to think that. it's your spending and poor life choices

Lol. Poor people like to think that bc it’s true. Hard to save 50k a year on a 45k salary.

You have to start somewhere, and most of us started off with a low salary. My first salary was $41k. My DH was in law school. We made it a goal to only borrow his tuition and not a penny more and I paid all of our living expenses on my $41k. Our other friends in law school lived large and they have the student loan debt to prove it. Then again after he graduated, we lived small to aggressively pay off the loans rather than buy a fancy place and new cars. They are still living larger than we are 20 years later, but will work til they die (according to them) and my DH can walk away whenenever he likes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My kid was telling me the other day that the poor kids in school have all got $100 or $200 trainers, while many of the rich kids are wearing $45 sneakers.

Not of course a main reason that poor people stay poor, but poor choices on conspicuous consumption is not always irrelevant either.

When you can never attain the big thing (house, neighborhood, full college tuition) you splurge on the small thing (sneakers, phone, clothes, maybe ever a more expensive car).

Often it’s easier for them not to attain them: low income apartments in good neighborhoods and Pell grants or scholarships for college (or not going to one).

Yeah so much easier (eyeroll).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I read this list somewhere. Add yours.

What money habits keep you poor?

1. Lack of spending discipline.
2. Lack of earning power
3. Lack of work discipline.
4. Lack of financial literacy.
5. You are not paying yourself first.
6. Impulsive buying.
7. Broke people are influencing you.
8. Selling your time for money is your only income.

1 and 6 are the same. Yes, unable to control your spending would be no. 1. it's not how much you make, it's how you spend your money.

No, sometimes it’s about what you make. There’s a limit to how much you can reduce fixed costs. If you are a single parent in the dc area making less than 50k you are going to stay poor no matter how financially disciplined you are.

+1 for how much you make being more important than monitoring spending. Sure, there are some people that have no self control and don't save anything, but those are outliers. For most families making more money will move the dial in terms of lifestyle vs pinching pennies.

poor people like to think that. it's your spending and poor life choices

Lol. Poor people like to think that bc it’s true. Hard to save 50k a year on a 45k salary.

You have to start somewhere, and most of us started off with a low salary. My first salary was $41k. My DH was in law school. We made it a goal to only borrow his tuition and not a penny more and I paid all of our living expenses on my $41k. Our other friends in law school lived large and they have the student loan debt to prove it. Then again after he graduated, we lived small to aggressively pay off the loans rather than buy a fancy place and new cars. They are still living larger than we are 20 years later, but will work til they die (according to them) and my DH can walk away whenenever he likes.

Omg people who are poor and making $41K aren’t married to young lawyers FFS. Clueless twat.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I read this list somewhere. Add yours.

What money habits keep you poor?

1. Lack of spending discipline.
2. Lack of earning power
3. Lack of work discipline.
4. Lack of financial literacy.
5. You are not paying yourself first.
6. Impulsive buying.
7. Broke people are influencing you.
8. Selling your time for money is your only income.

1 and 6 are the same. Yes, unable to control your spending would be no. 1. it's not how much you make, it's how you spend your money.

No, sometimes it’s about what you make. There’s a limit to how much you can reduce fixed costs. If you are a single parent in the dc area making less than 50k you are going to stay poor no matter how financially disciplined you are.

+1 for how much you make being more important than monitoring spending. Sure, there are some people that have no self control and don't save anything, but those are outliers. For most families making more money will move the dial in terms of lifestyle vs pinching pennies.

poor people like to think that. it's your spending and poor life choices

Lol. Poor people like to think that bc it’s true. Hard to save 50k a year on a 45k salary.

You have to start somewhere, and most of us started off with a low salary. My first salary was $41k. My DH was in law school. We made it a goal to only borrow his tuition and not a penny more and I paid all of our living expenses on my $41k. Our other friends in law school lived large and they have the student loan debt to prove it. Then again after he graduated, we lived small to aggressively pay off the loans rather than buy a fancy place and new cars. They are still living larger than we are 20 years later, but will work til they die (according to them) and my DH can walk away whenenever he likes.

Omg people who are poor and making $41K aren’t married to young lawyers FFS. Clueless twat.

Plenty of entry level teachers (at public or private schools), nonprofit workers & doctoral students make $41K. The starting salary for teachers in the school district I grew up in is only $37k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I read this list somewhere. Add yours.

What money habits keep you poor?

1. Lack of spending discipline.
2. Lack of earning power
3. Lack of work discipline.
4. Lack of financial literacy.
5. You are not paying yourself first.
6. Impulsive buying.
7. Broke people are influencing you.
8. Selling your time for money is your only income.

1 and 6 are the same. Yes, unable to control your spending would be no. 1. it's not how much you make, it's how you spend your money.

No, sometimes it’s about what you make. There’s a limit to how much you can reduce fixed costs. If you are a single parent in the dc area making less than 50k you are going to stay poor no matter how financially disciplined you are.

+1 for how much you make being more important than monitoring spending. Sure, there are some people that have no self control and don't save anything, but those are outliers. For most families making more money will move the dial in terms of lifestyle vs pinching pennies.

poor people like to think that. it's your spending and poor life choices

Lol. Poor people like to think that bc it’s true. Hard to save 50k a year on a 45k salary.

You have to start somewhere, and most of us started off with a low salary. My first salary was $41k. My DH was in law school. We made it a goal to only borrow his tuition and not a penny more and I paid all of our living expenses on my $41k. Our other friends in law school lived large and they have the student loan debt to prove it. Then again after he graduated, we lived small to aggressively pay off the loans rather than buy a fancy place and new cars. They are still living larger than we are 20 years later, but will work til they die (according to them) and my DH can walk away whenenever he likes.

Omg people who are poor and making $41K aren’t married to young lawyers FFS. Clueless twat.

Forgot to add that people working in non-teaching roles at universities, including in HCOL areas, make that. In admissions, financial aid, IT help desk etc.

Also, hill staffers, community organizers, postdocs and museum curators.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:-not bringing myself to invest but just saving up cash
-feeling uncomfortable with unusually large (for me) amounts of money

Also lack of earning potential and laziness
Maybe also the hidden appeal of being poor. It’s much simpler and there are ways to get free things and free money

Have you ever been poor? I don’t think anyone who has been poor would make this statement. It is so stressful. You are constantly thinking about money and how far it will stretch.

Yes I am poor. I am lucky to have well off relatives and friends who will help me if needed, but so far it’s been fine.
I am also luckier than many poor people because I am educated and know how to save and live within my means.
It helped me apply for housing and other benefits, and I bought a car for cash so I have no loans.
I have free medical insurance - it’s a drag to see a doctor and the office is disorganized but I am lucky to not be too sickly.
I work part time so less stressed than many.
My income is around 25k. I could earn 75k but be more stressed and would have to spend more on things from clothes to food.

I do realize there are people who are desperately poor and stressed about it, so it all doesn’t apply to them.