The Poor and Middle Class
The poor and middle class generally have poor spending habits. Money is spent on consumable items that depreciate in value. The poor do not own homes, credit cards, or have debts. They rely on public transportation as they do not own motor vehicles. The poor simply live day to day just for the necessities of life. Many of the middle class do not delay gratification. Rather than living below their means the the middle class live beyond their means.
Being poor or middle class isn't always because of poor chooses. Some do not have the abilites to move beyond the social class because of mental challanges or physical disabilites. Of course there are many other variabilities that can also hinder ones ability to move forward and it is important to knneyow what they are and how to address those obstacles.
Often we think that if we were rich our problems would be solved. Chasing after wealth will not solve problems.
iThe new rich are self-disciplined. Most have gained their wealth by being frugal. They have learned to delay gratification now for better things later. They invest their money that increases their networth until they reach a point that they can buy the items they have always wanted.
Sometimes wealth has nothing to do with being frugal but being born into the right family or having the right connections. The royal family is a good example of old money and being born to the right family.
Being wealthy produces it's own problems of fake friends, fear of lawsuits or the
kidnapping of our chldren.