Photo: KoolShooters

Why the poor stay poor and the rich stay rich?

In a simple explanation: The Rich operates in Abundance mode, while the Poor operates in scarcity mode. Abundance – You give more because you are already in a better position, which in return attracts more returns. And the Rich habit effect is passed on.

linkedin.com - Why The Rich Stay Rich, The Poor Stays Poor - LinkedIn

What is the richest crypto wallet?

2. Richest Partial Bitcoin Wallets # Wallet Balance 1 16ftSEQ4ctQFDtVZiUBusQUjRrGhM3JYwe 168,791 BTC 2 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r 144,467...

Last updated Dec 17, 2021

How do I increase my withdrawal limit?

Request an Increase As soon as you know you need extra cash, call your bank or credit union and ask it to raise your ATM limit. Its answer may...

Last updated Jul 7, 2019

Make Your Bookie Cry And Pull The Hair By Generating $23,187

Promotion

I believe a lot of us might have this question in our mind, but do not know where or how to find the answer. Here my take on this topic. My answer to this question is not definite, but it should shed some light on all of us.

But first, we need to define what is Rich and Poor.

The Rich here is that we do not have to worry about money. Day to day life is almost been covered. Can enjoy some or many luxuries in life. Using leverage or wealth assets to generate more wealth. The Poor is those that need to worry about money occasionally. If there is any disruption to income source, life will fell into hardship. Using time and physical to earn a living. No extra money to enjoy luxury, and occasionally concern about having not enough money.

Why both statuses will most probably stay the same status quo?

Reason No.1: Environment

Financial Knowledge can be taught. But financial habits we inherited from our parents and person close to us. The Rich will work for themselves, the poor will work for other people. The Rich focus on opportunities, doing things that give value and rewards. The Poor focus more on obstacles and risk. The Rich make things happen, the poor wait for things to happen.

In a simple explanation:

The Rich operates in Abundance mode, while the Poor operates in scarcity mode. Abundance – You give more because you are already in a better position, which in return attracts more returns. And the Rich habit effect is passed on. Scarcity - You won’t give unless you are enough, but there won’t be more if you are not giving. Hence the cycle this goes on from generation to generation. To counter this, it is crucial to have an environment that is supportive of financial success. We can join many clubs or associations to connect with like-minded people.

Reason No.2: Education

Our education system never taught about money in school. Hence we lack the opportunity to have the financial knowledge to counter the bad money habits the poor copy from the parents or their environment. We are taught in schools to have hard skills to strive in the modern world. But due to the environment, the Poor tend

What happens if I win a bet?

If you lose the bet, you lose whatever amount you risked on the game. If you win the bet, your payout is determined by the price of the odds....

Last updated Sep 15, 2022

Does the US government own Bitcoin?

The US government now holds more than 214,000 bitcoin (BTC), making up over 1% of the total capped bitcoin supply. Nov 9, 2022

Last updated May 15, 2020

Promotion

The Rich go to a better school that taught better-thinking skills. While the Poor sometimes not even manage to attend school As basic life needs are taken care of, the Rich will have the privilege to spend more time learning about finance. Hence they are well equipped to make a sound financial decision that will give a better return in the long term. Whereas the Poor, worrying day to day needs do not have the resource to learn more about money and finance. As they will have to use their time earning income to cover for day to day expenses. This in return will make the Poor make a short-term financial decision that will not be in favor of them. To counter this, we can start to learn some basics accountings. As it is one of the fundamentals of all things related to money. This includes personal money too.

Reason No.3: Facing the Reality

When it comes to the subject of Money, the Rich talk about it. But the Poor does not talk about it and sometimes even avoiding it.

If we want to solve a problem, the best and direct way is to talk about it. The Rich talk about opportunities, talk about how to grow more money, etc. But the Poor avoid talking about it. If we do not talk about it, how do we get input on how to better manage our money?

To counter this, we start talking. Talk to your partner, spouse, and family on how to improve the money positions. In Summary, The Rich Stay Rich, The Poor Stays Poor is because of Environment, Education and Facing the Reality.

If it is about the Rich and Poor, how about the Middle ones? We come from a poor or lower-income family before, but now in the middle position?

Stay tuned for my next article about the Middle Income Group. The ones that successfully make out of Poor but have yet to become Rich.

linkedin.com - Why The Rich Stay Rich, The Poor Stays Poor - LinkedIn

What is a 61 bubble top?

For the model years 1959 to 1962, the full size Chevrolet line-up included what has become to be known as the “Bubble Top” hardtop. This “Bubble...

Last updated Apr 15, 2021

How do you use FanDuel in Florida?

As for the FanDuel Sportsbook app, this is not legal in Florida. You can download the app and sign up while living in Florida, but you can't bet on...

Last updated Jul 1, 2022

Promotion

What is the maximum winning on Betking?

40 Million NGN If you are looking out for a betting platform with one of the best odds out there, then Betking is your best shot. It would also...

Last updated May 22, 2020

Promotion

What states can you online bet?

How many states have legal online casinos? Online gambling is legal in six US states: Connecticut, Delaware, Michigan, New Jersey, Pennsylvania,...

Last updated Dec 19, 2019