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The advice is endless. There are so many traps out there to keep poor people poor it's insane. Mostly targeted at racial minorities but a lot target lower incom
by foxyv 6y ago
The advice is endless. There are so many traps out there to keep poor people poor it's insane. Mostly targeted at racial minorities but a lot target lower income people in general.
1. Avoid lotteries and gambling
2. Avoid fast food and expensive prepared convenience foods.
3. Focus on cheap or zero cost recreation like hiking, running, or cycling. Avoid expensive stuff like Movies, Restaurants, Bars, and Gyms
4. Minimize costs in your life as much as possible.
5. Spend spare time accruing valuable skills (Plumbing, Electrical, Software, Engineering)
6. Invest in index funds
7. Avoid cell phone plans
8. Avoid car ownership
9. Learn to cook low cost meals
10. Balance a budget and keep track of every transaction.
Even then there are tons of traps like addiction, depression, ignorance, and peer pressure.
- MuffinFlavored 6y agofurther down in the thread (other replies to my original post), the consensus seems to be that none of this matters. it basically boils down to "were you born poor or rich? what type of education did you receive growing up?"
- vondro 6y agoDon't fall into that trap of "I cannot do anything about it if I wasn't born rich". The commenter above gave perfectly sensible and practical advice on how to reduce costs (e.g. choose your hobbies according to your income) and how to potentially boost your income (e.g. develop valuable skill such as plumbing or software engineering). You might not become millionaire or billionaire, but you can definitely learn how to live within your means or how to boost your income.
- esel2k 6y agoHow do you come to the conclusion to avoid a car ownership? Is renting cheaper? Why not own a cheap reliable car and learn how to fix it?