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My distinction is that, for many, being poor isn't starting from the bottom, but rather being in the hole. While they both have nothing to lose, someone startin
by nostalgk 7y ago
My distinction is that, for many, being poor isn't starting from the bottom, but rather being in the hole. While they both have nothing to lose, someone starting from the bottom has a lot more to gain given they aren't paying into the trap of debt, and debt is very prolific given that student loan debt has been on the rise.
- JohnFen 7y ago> someone starting from the bottom has a lot more to gain given they aren't paying into the trap of debt It's very hard to find a poor person who isn't saddled with debt, whether they have student loans or not. Being poor is very expensive, after all. That said, I don't think a person's monetary wealth can be measured by their income alone. It has to be measured in net terms: assets (including income) minus overhead and debts owed. A lot of people who consider themselves wealthy are actually poor and living on borrowed (i.e., somebody else's) wealth.