There are so many over simplified issues in this that i just have to respond
🗝️🗝️ Rich people make money work for them. Instead of just working and relying on income, a rich person would take a proportion of their income and invest it but the poor people are said to work for money. A poor person sees $1000 as just $1000. A poor person works paycheque to paycheque for the rest of their life. They neither save nor invest any part of their income. 🗝️🗝️
This is just not true, i know several people that i consider relatively poor and they have their savings on stocks etc. This is just rich peoples idea of a poor people.
🗝️🗝️ Rich people spend on necessities and what is needed not what is desired. A rich person with a perfectly functioning phone would not need to spend money on a new one. A truly rich person does not care about trends, they care about net worth. Poor people spend on both necessities and desires. A poor person spends beyond their means. They care about the latest trends, not about net worth. 🗝️🗝️
Oversimplifying. Obviously you are not going to spend all of your money if you are going to save it, but it isn't as simple as this. Everyone who has been poor knows that poor people wear what they can afford to wear because they can't afford to buy over their budget, and use only what they need. Some of them are depressed and see no point in saving but that isn't a mindset you can easily change.
🗝️🗝️ Rich people think of a long-term goals but poor people set at best short-term goals or none. They do not see the necessity of long-term goals such as money for future living. 🗝️🗝️
Lot's of poor people plan for the future and for their children's future, so this is false claim.
🗝️🗝️ Rich people tend to be risk takers but poor person is more likely to be risk averse. For example, when given an opportunity to invest in a startup, poor people are more likely to immediately turn this down. They do not see this as a chance to increase wealth. They see this as a reduction of their disposable income. 🗝️🗝️
I know many poor risk takers, that's why they are poor now.
🗝️🗝️ Rich people are eager to learn but the poor people are not eager to learn. Most millionaires in the United States were not born millionaires, they learnt how to build wealth. The more they learn, the more they understand the world. 🗝️🗝️
I would like to see a study that how many of these people were born in first world countries with a safety net only rich countries can provide, because i am thinking if it's not 100% it's still going to be pretty high.