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49. Why Being Poor is Expensive
YouTube Link:
https://youtu.be/KXjE7trpu90
Hello Friends! Being poor is expensive! Not very intuitive, yet so true. In today’s video I show you why that is.
🔔 Subscribe for more tips just like this: https://www.youtube.com/channel/UCcja7IBZ2VZVsCdmGDjZiRw?sub_confirmation=1
-----Contents of this video-----------------------------------
0:00 - Intro
0:16 - Why being poor is very expensive
0:31 - Borrowing Money
1:28 - Buying Food/Groceries
2:21 - Time
3:00 - Demanding Job
3:23 - Personal Example
3:49 - Summary for Being Poor
4:24 - Summary
4:45 - Call To Action
Have you ever been poor? People that have never been poor may think that being poor is easy because the government is giving poor people money. It may not be as easy as it seems. Today, I will show you why being poor is very expensive in all aspects of your life, borrowing money, buying food, time, health and many others.
Borrowing money…
Being poor usually equals having a low or non-existent credit score; therefore, when borrowing money you have to pay a much higher rate.
Having a higher interest also means that your payment is now higher and sometimes you will not be able to pay it on time. This is when the late fees kick in.
Poor People also tend to fall prey to payday lenders. These are the lenders that will lend you money for a short period of time, but the interest rate is astronomical. Their annual interest rate could hit more than 800%.
Buying Food…
Buying groceries could also cost more since poor people usually cannot afford to buy in bulk where it requires more money, but of course will last for a longer time and much more economically in the long term. Instead poor people may choose to buy groceries for a day or two and they may go to their local gas station/ or mini market where the prices are much higher.
Time…
Time is money - the less money you have the more time you have to spend each day on things that add little to no value to your life. At the bus station since you do not have a car, Or if you have a car, now you are spending more time in traffic since you cannot afford to take the toll roads.
Being poor also could = to having a very demanding job that hits very hard on your health.
Whether that be a job in construction where the safety conditions are not the best and maybe you have to work outside in the rain, snow, or extreme heat. It could also be working in a restaurant as a dishwasher or cook in the back where again is not the ideal place to be all day every day.
Being Poor is like being in a corner with little or no option. Usually the options that are left are very bad, for example going to the payday lender and borrowing money at 800% per year.
Today I have talked about why it is very expensive to be poor. If you would like to escape this sad situation, I would recommend watching the rest of my videos which at this point may add up to a couple of hours of content, but will give you so much wisdom will help you get on the financial independence path.
My wife and I wrote the book: “LIFE LESSONS: From A Wiser Me to A Younger Me” In this book, we go into details of what were the biggest lessons we have learned up until now. Our intention for writing the book was for people to learn from it and not repeat the same mistakes we did. Also what we have learned in 10, 20 years, could be compressed in a few days of you reading the book. So there is a lot to gain :)
You could purchase it here: https://www.amazon.com/dp/B09JBHGSRF/ref=cm_sw_em_r_mt_dp_0QE4R3280AE5BMYH1SPK
*None of this content is meant to be interpreted as investment advice. It is for entertainment purposes only. The content in the video is accurate as of the day of the
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By VladimirYouTube Link:
https://youtu.be/KXjE7trpu90
Hello Friends! Being poor is expensive! Not very intuitive, yet so true. In today’s video I show you why that is.
🔔 Subscribe for more tips just like this: https://www.youtube.com/channel/UCcja7IBZ2VZVsCdmGDjZiRw?sub_confirmation=1
-----Contents of this video-----------------------------------
0:00 - Intro
0:16 - Why being poor is very expensive
0:31 - Borrowing Money
1:28 - Buying Food/Groceries
2:21 - Time
3:00 - Demanding Job
3:23 - Personal Example
3:49 - Summary for Being Poor
4:24 - Summary
4:45 - Call To Action
Have you ever been poor? People that have never been poor may think that being poor is easy because the government is giving poor people money. It may not be as easy as it seems. Today, I will show you why being poor is very expensive in all aspects of your life, borrowing money, buying food, time, health and many others.
Borrowing money…
Being poor usually equals having a low or non-existent credit score; therefore, when borrowing money you have to pay a much higher rate.
Having a higher interest also means that your payment is now higher and sometimes you will not be able to pay it on time. This is when the late fees kick in.
Poor People also tend to fall prey to payday lenders. These are the lenders that will lend you money for a short period of time, but the interest rate is astronomical. Their annual interest rate could hit more than 800%.
Buying Food…
Buying groceries could also cost more since poor people usually cannot afford to buy in bulk where it requires more money, but of course will last for a longer time and much more economically in the long term. Instead poor people may choose to buy groceries for a day or two and they may go to their local gas station/ or mini market where the prices are much higher.
Time…
Time is money - the less money you have the more time you have to spend each day on things that add little to no value to your life. At the bus station since you do not have a car, Or if you have a car, now you are spending more time in traffic since you cannot afford to take the toll roads.
Being poor also could = to having a very demanding job that hits very hard on your health.
Whether that be a job in construction where the safety conditions are not the best and maybe you have to work outside in the rain, snow, or extreme heat. It could also be working in a restaurant as a dishwasher or cook in the back where again is not the ideal place to be all day every day.
Being Poor is like being in a corner with little or no option. Usually the options that are left are very bad, for example going to the payday lender and borrowing money at 800% per year.
Today I have talked about why it is very expensive to be poor. If you would like to escape this sad situation, I would recommend watching the rest of my videos which at this point may add up to a couple of hours of content, but will give you so much wisdom will help you get on the financial independence path.
My wife and I wrote the book: “LIFE LESSONS: From A Wiser Me to A Younger Me” In this book, we go into details of what were the biggest lessons we have learned up until now. Our intention for writing the book was for people to learn from it and not repeat the same mistakes we did. Also what we have learned in 10, 20 years, could be compressed in a few days of you reading the book. So there is a lot to gain :)
You could purchase it here: https://www.amazon.com/dp/B09JBHGSRF/ref=cm_sw_em_r_mt_dp_0QE4R3280AE5BMYH1SPK
*None of this content is meant to be interpreted as investment advice. It is for entertainment purposes only. The content in the video is accurate as of the day of the