Reply to What money habits keep you poor?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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.[/quote]

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).[/quote]

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

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.[/quote]

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.[/quote]

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