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I'll bet a lot of people have money elsewhere. However, I have a lot of friends who are poor (by that I mean that they qualify for food stamps), and it's amazin

I'll bet a lot of people have money elsewhere. However, I have a lot of friends who are poor (by that I mean that they qualify for food stamps), and it's amazing to see the way they spend money. When I was poor I bought the very cheapest shampoo ($1) and bought generic everything. The poor people I know now buy name-brand products and buy a ton of Christmas and birthday presents. My husband and I have savings but we don't do any of these things!

realquick81 11y ago
Indeed, much of the poor are poor because they have low IQs.
sleazebreeze 11y ago
My partner's family lives in government subsidized housing and they get the full array of benefits including disability and food stamps. His mother buys new luxury items like purses from Coach regularly with cash from under the table jobs. They have more TVs, newer smartphones and iPads and lots of other expensive goods, and yet they have zero savings. I don't understand the thinking there. I just hope their retirement plan isn't to live with my partner and I.
- cfontes 11y ago
  You can bet your ass that the line of thinking is "They will support us"
- exhilaration 11y ago
  At least in the U.S., putting that cash into savings would make it visible, putting their government benefits at risk. They probably don't make enough to survive -- those TV's and smartphones might only add up to a month or two of rent alone -- so they're trapped.
- eimai134 11y ago
  I've known three women in the past year who receive benefits and do work under the table for cash. One told me a story about how bad it was when she started making more money and lost the benefits and how it "wasn't worth it." Another has two kids, is unmarried to get more benefits, and even though she job training said that she is never going to get a job that pays a lot because she wants to remain on food stamps. The other has an unreported side business that brings in about $1500 cash that she doesn't report. Might be worth it for you to have a small place so there is literally "no room" for your partner's family...
nemo44x 11y ago
Think about it. If you've got nothing and few prospects to ever have anything then why even care? You might as well get some bit of happiness from something since everything else is awful. People want to feel good. Were you poor or just broke while you were young? Poverty is far different from being in college and not making much. Poverty is much different than being short on cash. Poverty includes having limited options ahead of you and the prospect of always being poor.
- eimai134 11y ago
  I had the prospect ahead of me of always being poor. I decided to forego some immediate pleasures like having cable TV, expensive Internet, eating out, seeing lots of movies, new clothes/shoes, name-brand products, etc. so I could save up, go to school, and get my life in order. What you mention may well be their line of thinking. Nothing wrong with people thinking whatever they want. I simply did not want the kind of future that such a lifestyle would bring me (i.e., remaining poor).
rokhayakebe 11y ago
Now think about the time you were poor and the time you had money, and try to see whether you are where you are today because you were saving money. Saving money, and leaving cheaply when poor will help you develop a habit for when you are financially in a better place. However saving 20% of your salary when you make, say $2,000 per month in NYC/SF/LA, is not going to be possible. Not only that, but it would take 4 - 5 years to get to $20,000. My thinking is there is a minimum people need to make before they can save meaningfully. Below that point, saving is just an exercise to get ready for a better financial position/earning.

realquick81 11y ago

Indeed, much of the poor are poor because they have low IQs.

sleazebreeze 11y ago

My partner's family lives in government subsidized housing and they get the full array of benefits including disability and food stamps. His mother buys new luxury items like purses from Coach regularly with cash from under the table jobs. They have more TVs, newer smartphones and iPads and lots of other expensive goods, and yet they have zero savings. I don't understand the thinking there. I just hope their retirement plan isn't to live with my partner and I.

cfontes 11y ago
You can bet your ass that the line of thinking is "They will support us"
exhilaration 11y ago
At least in the U.S., putting that cash into savings would make it visible, putting their government benefits at risk. They probably don't make enough to survive -- those TV's and smartphones might only add up to a month or two of rent alone -- so they're trapped.
eimai134 11y ago
I've known three women in the past year who receive benefits and do work under the table for cash. One told me a story about how bad it was when she started making more money and lost the benefits and how it "wasn't worth it." Another has two kids, is unmarried to get more benefits, and even though she job training said that she is never going to get a job that pays a lot because she wants to remain on food stamps. The other has an unreported side business that brings in about $1500 cash that she doesn't report. Might be worth it for you to have a small place so there is literally "no room" for your partner's family...

nemo44x 11y ago

Think about it. If you've got nothing and few prospects to ever have anything then why even care? You might as well get some bit of happiness from something since everything else is awful. People want to feel good. Were you poor or just broke while you were young? Poverty is far different from being in college and not making much. Poverty is much different than being short on cash. Poverty includes having limited options ahead of you and the prospect of always being poor.

eimai134 11y ago
I had the prospect ahead of me of always being poor. I decided to forego some immediate pleasures like having cable TV, expensive Internet, eating out, seeing lots of movies, new clothes/shoes, name-brand products, etc. so I could save up, go to school, and get my life in order. What you mention may well be their line of thinking. Nothing wrong with people thinking whatever they want. I simply did not want the kind of future that such a lifestyle would bring me (i.e., remaining poor).

rokhayakebe 11y ago

Now think about the time you were poor and the time you had money, and try to see whether you are where you are today because you were saving money. Saving money, and leaving cheaply when poor will help you develop a habit for when you are financially in a better place. However saving 20% of your salary when you make, say $2,000 per month in NYC/SF/LA, is not going to be possible. Not only that, but it would take 4 - 5 years to get to $20,000. My thinking is there is a minimum people need to make before they can save meaningfully. Below that point, saving is just an exercise to get ready for a better financial position/earning.