There is a difference between being broke and being poor
Being broke has everything to do with the amount of assets you own versus the amount of money you owe (debt). You can do something about that: Spend less than you make and eliminate your debts, and when you start to have more money than debt you are no longer classified as “broke”.
Being poor is more about your perception of life as it pertains to money, or the lack thereof. When I used to think like a poor person I didn’t see the balance statement of my own finances, I saw what others had and thought of how it effected my life. The funny thing is that someone else’s job, car, or even their tax bracket didn’t have anything to do with me being broke. I thought like a poor person.
Top 10 Things Poor People Say
- Easy payments
- Holds its value
- Good debt
- Someday…
- I wish they would…
- Fair Share
- Give Back
- TGIF
- When I hit the lottery…
- Where’s my bailout?
What are you going to do about it?
A “poor me” attitude will cause you to go broke and looking for ways to get something for nothing or using “Other People’s Money” will keep you there. And here is what is really cool: If you were to stop borrowing money today, at some point you will have paid off all your debts and become debt free – automatically! You already have a debt free date, so being broke is temporary.
Do what it takes to stop being broke and you will stop saying things poor people say.
Want to hear my remix of Dave Ramsey reading “10 Things We Say That Keep Us Broke”? Click on picture below.
Warning: This is self-serving and self-promoting, but it is kinda fun!
Steve – great blog post.
No one bailed me out when the housing bubble burst! Was I bitter – absolutely, but I’m not going to dwell on it. It is what it is and a lesson was learned. Like you stated – it’s all about perspective
– Jackie
Thanks Jackie. I’ve been noticing a lot of this “talk” around, more than usual. I had been holding on to this post for a while (could only come up with 9 good ones) but it had to be said.
We are a spoiled culture of having anything we want today without the ramifications for about 30 days (credit) or longer (loans).
I am not immune. I know I am spoiled and so are many of the “Poor Me” people around us. Compared to other countries we are RICH!
I believe we all have to be tested in order for us to grow. And failing the test should only push us harder to do better the next time. That is true for finances, relationships, and physical health as well.
Good man!
1 Timothy 5:8 “Anyone who does not provide for their relatives, and especially for their own household, has denied the faith and is worse than an unbeliever.”
Glad to hear from you again. We’ll have to Skype again soon.
I don’t think anyone would claim that the car companies and banks that said “Where’s my bailout?” were poor, because they were able to convince the government to give them what they wanted. However, when the 99% club want their own ‘bailout’ they are described as ‘poor’. So, basically, if you are broke and not politically connected and ask for a bailout you are ‘poor’. If you are broke and politically connected and ask for a bailout you are celebrated.
Remember the first ‘bailout’ was the first time home buyers credit that was given to the real estate industry, because they were broke and politically connected.
If you claim that the words “Where’s my bailout?” are a description of ‘poor’ then we should apply that description to not only to the 99% club, but to everyone that went begging.
–Eric
I believe being broke and being poor are two different things. Being poor is a state of mind, looking to others for answers, handouts, and blaming them for their own problems. I like to think I can help them change their paradigm and move them from poor to broke. At least you have hope when you are broke and can really turn things around!
I liked your comment about “politically connected”. Interesting way to look at it.
I have heard this as well. But the masses..mostly the poor…have been trained by society and only do as they have been conditioned to do over time. Nice post though.