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Whether you’re financially “rich” or poor, no one has it all. Here we shed light on some of the many experiences poor people face that the rich wouldn’t. Poor people must endure a lot, from having little to no luxuries to no emergency funds.
However, it’s not all bad. Let’s explore the social differences to understand both sides of the financial coin and use this to your advantage.
Tapping Into Free Resources
Someone commented, “They have books! That are free to read! And you usually don’t even need to have a card to just sit and read a book! Any book! And sometimes they also have movies and books on tape/cd that you can borrow too! And sometimes comics and manga!”
There’s no shame in using free resources available. While most “rich” people won’t use the free resources, we all should. If you’re strapped for cash, head to your local library and start reading. The next book you read may spark ideas to build wealth.
Food Insecurity
A user said, “I do many jobs. I have one full time job, then I sell home made [sic] pickles. Also sell kombucha on the side. My issue is I have a big appetite. I eat a lot and I can’t control my cravings. Literally I eat twice as much food as a normal person but I’m really thin, guess it’s a metabolism thing.
“So i [sic] blow through my paycheck eating expensive food instead of managing my money and end up starving during the month’s end.”
No Luxury
Being poor doesn’t always mean carrying debt. While many people desire to buy a little extra, many can’t afford to splurge.
“Some poor people don’t have any debt at all. They just also can’t afford a new car or many nice things as they spend most of their income on housing and food,” another user remarked.
Poor Health
A user commented, “High cortisol levels, untreated medical conditions, debt, inadequate housing, close proximity to traffic exhaust, and repaired glasses.”
Having poorly managed health conditions due to factors outside your control is disheartening. And while cynics might roll their eyes and say, “Just move,” it’s important to realize that some people don’t have that option.
Viewing Glass Half-Full
“Those with less wealth often possess a heightened awareness of money’s value, stronger community bonds due to mutual support, a resilience born from adversity, and an appreciation for simplicity that comes from living with less,” one user said.
Life’s struggles can make many folks crumble while others get stronger in adversity. Some adapt to appreciate the simplicity of life and have better relationships due to their financial situation.
Entrepreneurial Mindset
Another user commented, “Creative solutions on a budget.”
While living on a budget may seem like a far cry from being a Silicon Valley entrepreneur, access to limited resources binds these two groups together. Whether you’re struggling to buy groceries or trying to grow a new business with little money to spare, being creative is essential for survival.
Reusing Products
Someone mentioned, “how long ‘disposable’ products can be recycled or used again.”
Most people who can afford it will throw paper plates away after one use. Those who can’t afford to waste them will wash and reuse them a few more times.
Untreated Medical Conditions
Many in the middle class complain about high medical bills. While this is a valid argument, imagine not even having enough money to seek treatment for your medical condition.
Genuine Relationships
“Friends who aren’t just around for the free lunch.”
Not being “rich” isn’t all bad. Generally speaking, you can rest assured that the people around you aren’t around because you have money.
How did this make it onto this list? Although everyone wants genuine relationships, most rich people wouldn’t give up their wealth to have genuine relationships.
No Emergency Fund
“No real safety net.”
Living paycheck to paycheck isn’t fun. Even if you’re only able to save $1, doing this consistently will get you into the habit of saving money. Once you can, start cutting unnecessary expenses, read books on personal finance, and watch your financial situation change.
Paying Bills Late
How long does it take your electric company to cut off your lights because you’re late on payments? It’s best not to find out.
Low Credit Score
Rich people depend on good credit to take out large loans to fund their investments. However, the poor tend to carry debt or lack the good credit score required to take out a small personal loan.
Survival Skills
There’s a vast difference between being rich and being wealthy. The good news is that most poor people have survival skills—it’s not about building a fire from scratch but maintaining a hunger to learn new skills that will get them out of poverty.
According to The Millionaire Next Door by Thomas J. Stanley and William D. Danko, most wealthy people start off with little money. This means we all have a chance—some more than others—to build wealth.
Forced Budgeting
Most people don’t want up wanting to budget their money. However, when you have little to no money to spare, you must budget for priority items.
“We have much bigger appreciation and respect for money. By buying “smarter” we spend a lot less on stuff like groceries. Which leads to my biggest irk with people who have money.”
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