In many ways it's more expensive to be poor

[Fedorgasm]

I don't know why I was thinking about this, but it's pretty damn expensive to be poor.

Back when I was a young man I was very poor and felt the impact of all these scenarios.

1. If you're really poor you can only afford to buy a small amount of groceries. Whereas if you have a little more cash you can go to places like Costco and buy in bulk which saves you money on the long run.

2. If you're really poor, chances are you're sometimes late with payments, which means you can't get good interest rates. People with higher income tend to only miss payments if they forget, not because they didn't have the money. So they can set up auto pay and things like that that help keep their credit score high so they can get lower interest rates.

3. Moving is expensive and many times poor people can't afford to do it. So they get stuck trying to survive in expensive areas. Where the middle class can leave an area when it becomes too expensive to live there.

4. Middle class people can do all kinds of things to their homes to save money, like adding solar panels, replacing single pane windows with double pane, replacing appliances with more energy efficient ones...

5. Middle class people can get the best vehicle for their needs. For instance, if they commute they can get something very fuel-efficient. Where a poor person's grandfather left them a Chevy pickup when he died, and that's your vehicle. You keep it alive forever and live with whatever gas mileage it gets. No matter how far your job is.

 

[jeff7b9]

I always found it oddly ironic that if you are broke you get charges, fees and fines for having no money but if you are rich you get given more money (interest) for having money.

 

[TribalDrumz]

In California you can be a homeless bum and get free Medi Cal insurance and an Obama phone

 

[Bacco]

Of course rent home can be short temporary situation but

If you have the money to start buy home at least here your monthly mortage is much lower than some guy paying his monthly rent for same size apartment

And in former case home owner end up with a property that through years usually even raise as value

 

[chrisdiaz]

In California you can be a homeless bum and get free Medi Cal insurance and an Obama phone

Even better, now you dont even need to be a US citizen.

 

[king hippo]

for sure. doesn't just cost them more relative to their income, everything becomes harder to get.

 

[Kowboy On Sherdog]

I'm so poor I can't even pay attention..


I'll see me way out

 

[Osculater]

You can get free food if it's under $950.00

 

[jx820]

A middle class laborer can buy a $100-ish pair of workboots that will last 3 or 4 years, but a $50 knock off pair from walmart will need to be replaced every few months. Same with tools, coats, some appliances almost any wear and tear item.

The prosperous have basically every market option available to poor, but the same is obviously not true in reverse so some excellent opportunities are going to be out of reach.

 

[humperdoo]

You can get free food if it's under $950.00

Seem like they release them after a few hours. Free again.

 

[Osculater]

Seem like they release them after a few hours. Free again.

Free bail is awesome!

 

[KeepingItReal]

I don't know why I was thinking about this, but it's pretty damn expensive to be poor.

Back when I was a young man I was very poor and felt the impact of all these scenarios.

1. If you're really poor you can only afford to buy a small amount of groceries. Whereas if you have a little more cash you can go to places like Costco and buy in bulk which saves you money on the long run.

2. If you're really poor, chances are you're sometimes late with payments, which means you can't get good interest rates. People with higher income tend to only miss payments if they forget, not because they didn't have the money. So they can set up auto pay and things like that that help keep their credit score high so they can get lower interest rates.

3. Moving is expensive and many times poor people can't afford to do it. So they get stuck trying to survive in expensive areas. Where the middle class can leave an area when it becomes too expensive to live there.

4. Middle class people can do all kinds of things to their homes to save money, like adding solar panels, replacing single pane windows with double pane, replacing appliances with more energy efficient ones...

5. Middle class people can get the best vehicle for their needs. For instance, if they commute they can get something very fuel-efficient. Where a poor person's grandfather left them a Chevy pickup when he died, and that's your vehicle. You keep it alive forever and live with whatever gas mileage it gets. No matter how far your job is.

It's a good thing you figured out how to best sell your ass for the highest price, now you don't have to worry about these poor people things.

 

[humperdoo]

The more expensive it is for the poor when stores are not accepting cash and coins anymore despite them being legal tender. It's been happening actually.

 

[Streeter]

Of course it is going to be. When your poor you need to borrow to pay for many things hence interest.

 

[Two Crows]

I always found it oddly ironic that if you are broke you get charges, fees and fines for having no money but if you are rich you get given more money (interest) for having money.

You only get/pay interest/fees for letting other people use your money/using other peoples money.

If you keep it under the bed, for example, you get nothing, rich or poor.

 

[ChickenBrother]

It's a vicious or virtuous cycle. Yes, starting from nothing is tough but the folks who tend to stay there long term tend to make poor budgeting and lifestyle decisions. Of course you'll have to skimp, save and sacrifice to get to middle class but once you're there, your lifestyle should be self-sustaining as long as you continue to live below your means and don't fuck up too badly.

 

[jeff7b9]

You only get/pay interest/fees for letting other people use your money/using other peoples money.

If you keep it under the bed, for example, you get nothing, rich or poor.

Currently even if you keep it under the bed the government is stealing a portion of the value of your money thru inflation.

 

[Two Crows]

Currently even if you keep it under the bed the government is stealing a portion of the value of your money thru inflation.

Inflation is a natural market phenomenon.

Which government do suspect (the city, the FCC, etc.), and why on earth would inflation benefit them?

 

[Brofessor]

There is a term for this. "Economics of the poor" or something like that.

Also, add this one to your list:

6. Too poor to pay off credit card, credit card debt gets bigger and ends up being more expensive.

 

[Boomb]

There's a saying that goes something like:"I'm not rich enough to be able to afford cheap things"