Things Poor people Do That the Rich Never Do
It may seem like the only way to get by when money is tight is to buy the cheapest option. However, this tactic tends to cost you more money over time.
When finances are stretched, budgets, investments, or savings plans can be overwhelming to talk about. But, by skipping financial education, you put yourself at a disadvantage. Only 50% of Americans have financial literacy, according to a survey.
When money is tight, it’s easy to put off doctor visits or forgo preventive care. However, health issues that have not been dealt with tend to become snowballing problems, physically and financially.
Lotteries, scratch offs, “get rich quick” schemes all sound like a way to get out of the financial trouble, but they rarely work. According to research by the National Endowment for Financial Education, 70 percent of lottery winners go broke in a few years
In many homes, money is a taboo subject and it’s surrounded by secrecy and shame. Due to this lack of transparency, families can’t learn from each other or make clear financial goals
When you’re struggling to make ends meet, you’re often too focused on today’s bills, and not tomorrow’s possibilities. But not saving or investing, or at least not investing in small amounts, has a snowballing effect of scarcity
Car repair, medical bills, or an unexpected job loss are all emergencies that are unavoidable. These situations are financially devastating without savings. A number of Americans would have a hard time covering an unexpected $400 expense.